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Startup Principles for Success

Written by: Martin Zwilling

Article Overview: Behind most great entrepreneur success stories is a long list of mistakes! Unfortunately, for every success story you see, there is an even longer list of failure stories with mistakes that you don’t see. But rather than dwell on the failures, I’ve tried to extract a list of principles that embody the successes.

Startup Principles for Success

Behind most great entrepreneur success stories is a long list of mistakes! Unfortunately, for every success story you see, there is an even longer list of failure stories with mistakes that you don’t see. But rather than dwell on the failures, I’ve tried to extract a list of principles that embody the successes.

Every startup mentor has his favorite list of basic principles to avoid pitfalls, and I’m no exception. If my experience and insights can save just one founder from the stress, lost time, and lost money associated with a startup misstep, then I’m a happy man. Consider these half-dozen principles:

• Both Theory and Practice. There is no substitute for experience. No matter how well-educated you are, and how certain you are that you understand all the nuances of a business area, it is a good idea to work in a similar business for a few months to get a feel for the market and observe the way in which that business is run before taking the plunge. The same thing is true for students who dream of being entrepreneurs.

• Time Management. It takes practice and effort to focus on the most important things first. In business, “most important” means time to market, customer service, low cost, and beating your competitors. It also means knowing when to delegate, and time for effective communication with your subordinates.

• Adequate Financing. If you have started your business on a shoestring budget without planning for future funds to run the business, then you could be facing severe cash flow problems within a short period of time. This could hamper your business financially and you mentally; and you could soon lose the motivation you need to run your business successfully.

• Reign in Expenses. It is very important to control your expenses. Not being able to reign them in will result in all your income being washed away, and will result in serious cash flow problems.

• More Marketing and Sales. Every new product needs to fight the urge to declare “If we build it, they will come!” Even word of mouth advertising and viral marketing cost big bucks these days. With a billion businesses fighting for your customer’s attention, it takes leverage, effort and money to remain in the public eye.

• Adapt to the Market. Most startups I know have “refined” their target market several times during their rollout. So be alert and be flexible. Focus on a niche. Watch for customers hell-bent on not letting you earn any profits, or wasting too much of your time.

The most important principle is that you should love what you do - passion and attitude will play a large part in defining your success in business. Apply the principles outlined here, define your own rules and goals, and you will be well on the way to creating a successful and profitable business.

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Article Tags: business area, cash flow problems, effective communication, entrepreneur success, future funds, happy man, important things, lost money, mentor, misstep, nuances, pitfalls, shoestring budget, short period, subordinates, success story, taking the plunge, theory and practice, time management, time to market



Related Forum Posts
Re: Great start, but no finish - Hi Guys, I always, always recommend a starter upper read THe E-Myth by Michael Gerber. Many of those that decide to start something dont realize how much work, and how multifaceted running and building a real company is. This books shows people the ins and outs in a simple and effective way. As far as commitment goes, they have to be willing to become lifelong learners. If they arent willing to do that, I have very little hope in their businesses getting past the 1 year mark. There's alot of self reflection that has to go into starting a business, and recreating your life essentially. I also recommend books and resources like The Success Principles by Jack Canfield. Jude
Online Brainstorming - If any of you have read Jack Canfield's Success Principles or Robert Allen & Mark Victor Hansen, Enlightened Millionaires, you will understand how these great concepts come about. Go back to the original text on Masterminding which is Napolean Hill in Think & Grow Rich. While their are many Mastermind groups out there right now, they arent really true to the original philosophy. In its purest form a mastermind group, or inner circle is a group dedicated to one goal, one cause and they all utilize their personal connections and resources to accomplish it. I think if you really wanted to creat a 'next best thing' you need to find people to join your inner circle. STaff, friends, suppliers, mentors anyone that can dedicate some time to working on it, launching it and reaping the benefits. I think doing one online would be great..who else would be interested?
Re: THE SECRET TO SUCCESS IS ALL IN YOUR HEAD...RIGHT NOW!!! - Success = Thinking (Head) + Heart (Feeling / Interest) + Hand (doing/ action). Success - H3 Robert
Interview Questions - Hi Shri, I have a series of interviews with fast growing entrepreneurs on my website for startup entrepreneurs. It's called If I Were A Startup... I ask each entrepreneur 4 questions: 1) How did the company get started? 2) What advice do you have for new startup entrepreneurs? 3) What mistakes did you make that you would advice others to avoid? 4) If you were starting a new business in a different industry what would it be? These 4 questions tend to generate a lot of discussion and from their responses I'll ask more probing questions. Hope this helps!
Re: Success - I study success intently, and would like to share: Here's two excellent and nearly identical success-formulas from a couple of the world's masters. FIRST FORMULA: 1. Passionate Desire 2. Clear, Definite Purpose 3. Committed Decision 4. Take Action In Faith (Bonus Secret Sauce: 5. Repeat Consistently) I made a video about this, but am not allowed to link it yet. Google "Ryze Success Steps" for it. Oh, and this is Napoleon Hill's (Master Of Success Laws)'s Formula. SECOND FORMULA: 1. Passionate Desire 2. Understand It Is Already Done (Faith) 3. Relax & Allow It To Unfold (Go about your life calmly) This one is courtesy of Abraham-Hicks (inspiration for the movie The Secret). Hope that helps!


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