The part of living and working in the startup field is to learn from mistakes, whether your own mistake or might be other mistakes. Of course, you always have a chance to find out what differentiates companies which are finally success from that fell, with a bit of luck. You are able to see those lessons before you make your own decision. While in your life sometimes the best one is giving others to make their mistakes so that they can learn from them, there is no reason not to share the collective business wisdom. The final goal of this series is avoiding the mistakes which hurt not only the owner but also their livelihoods of those who had chosen to follow them in their effort.
Leadership is more than your vision, so you have to explore more
Being a good leader for your time can start with ideas and directions which become a foundation in your business. However, success is finally depending on the drive. You should give an example for all employees with the work ethic, your attitude and determination as well.
Solving your real problem and fill up the real need with your product
You are able to get the invention or creative product which is exciting and creative, however, the size of the success in the real word is meeting with the real need for a market that you want to serve. The best company is a company which meets the customers need and capable to adapt when the need changes.
Choose the right team in the place
The vision for your final goal might be completely yours, however, you will need help to reach there. In order to reach your final goal in your business, you have to surround yourself with people who understand your vision and come to the culture and mindset inside your company.
Make your culture as the foundation
If there is no direct guidance, the cultural ethos in your company which wins out in confirming the decision and work for those around your company. The culture of your company should state not only who you are, however, who you are aimed for.
Find out the mentor that you need
When you start to develop your business, then you will get the advisory board in order to help to offer advice and guidance to help you navigate the entrepreneurial environment. So, you should not be afraid to ask a person to guide you, sometimes they will be pleased and want to guide others since they ever guided by their mentors as well.
You should protect your self with the business entity
The document might not look too important during your starting days, but running a business without a business entity can bring harm to your private asset. Unless if you want to take any risk that you want to make your business succeed, ensure that you consult with a professional and make your business entity to protect your self and your family from any potential harm.
Do not forget to treat your ideas
This is also a great habit to keep up your ideas as close as you can and does not tell it to all people who will listen. But finally, you have to talk if you expect to fundraise and develop your business. When you talking about your ideas in public, then it is good to get anyone signs the NDA (Non-Disclosure Agreement) in order to protect all your sensitive information.
Once again, the document might look tiring and unnecessary when you are working in your garage, but they can make or even destroy your business. Each agreement should have been formalized with a signed contract in order to protect both parties from future legal flights which are expensive in the term of time and money.
Keep your own intellectual property
From the beginning of your business, then your IP (intellectual property) become the most valuable thing that you own. Identifying and protecting all of your IP is so important to the long term and viability of your business.
Do not be afraid to compete with others
Become the only company is the specific market which can be frightening, especially if you try to get attention to the problem that you want to solve.
Build up your expertise
The part of your success will depend on your reputation as a professional or expert in your working space. There’s no one who wants to buy something from anyone who even does not know what they were talking about.