Our shows this week are being broadcasted on the road from Charlotte and Dallas. I am starting this week by sharing 3 Top Tips for Entrepreneur Success that I have learned from interviewing over 60 global entrepreneurs and working with start-ups for 20 years.
Tip #1. Find a customer need and create a product or service that solves that need. Don’t think there will be a need; you need to be sure there is a customer need. I highly recommend that you test market your product / service before building a company or trying to raise any significant money.
Tip #2. Focus on getting Customers and Not raising money. If you get some customers, it will be much easier to raise money and build the company. Focus on things that create revenue. Its easy to get distracted with all the details of building a company like trademarks, privacy policies, etc..
I am not saying that these things are not important, but very few companies make it far enough to where it matters.
Tip #3. Start a business in something that you Know. Do what you know and know what you do. I see many entrepreneurs starting businesses in industries they don’t know. The success of Facebook, Google and other prominent Internet companies has created many entrepreneurs attempting to replicate this success without the technical skills to execute. Every business should have a web presence, but your core business model should be focused in a business that matches your skill set.
The most successful investors bet on people that have succeeded in their field. Investors bet more on people and less on ideas.
Bonus – Its not about your Idea, its about having the team that can execute the idea. I see too many entrepreneurs wasting time on protecting their idea and not building the team / plan to execute the idea.
If you follow these tips, your chances of success will improve substantially,
John H. Martin