*Start Up Financial Planning By Experts
*START BEFORE YOU ARE READY
*Key to successful research commercialization is the leverage of clusters and networks that assure knowledge flows between universities and business.
Scale up challenges:
How can companies stay relevant when all around them is in transformation and competitive threats are commonplace? Whatever we’ve set out to do has been dramatically changed along the way. Being open to change is absolutely critical. We’ve chosen to be like a mammal – we adapt, we twist, we turn and we dont get bogged down in a specific. At some point, we will specialise more. …we need to have agility and to respond to every twist and turn in the market.
What’s the best way to create a team that pulls in the same direction as your vision?
…All businesses I’ve been involved with have a values-based culture. In a world of ambiguity and uncertainty, people need something to hang on to. We lead with four values: Create success, lead with knowledge, love Innovation, Be BRAVE.
We use this as a filter mesh over CVs. When we bring people in, the first conversation is around these values. It gives people a self managing tool, do they believe in the values, or is it not for them. That’s the most important part of a values-based culture.
Share the ownership of yr company. Whenever you talk to yr staff – whether it’s one-to-one, in a group or in a town hall-type meeting – make sure everybody there is addressed and spoken to as a fellow owner. I’ve given up a lot of ownership, far more ownership to staff and management than I have to external funding – this is what fuels my business. Sharing ownership doesnt stop and start on the equity side – share your VISION.
….It’s unclear what the next 3 steps are going to be. But we’re sure of the next one, and we know which mountain we’re trying to climb.
You need to be fighting on the ground where yr A-skill – whatever it is – is to the fore. ..We have 2 appraisals a year, NOBODY’s allowed to get more than 8 out of 10. If they are that competent they will get stagnant. So we move them on in their journey in their careers, on to other companies, through preferably not to competitors. (Lord Marshal and Nick Hynes)
How will your discovery and the technology that it unlocks advance the human condition?
How will your discovery enhance sustainability?
TIME TO EXPLORE YOUR FULL POTENTIALS
START BEFORE YOU ARE READY
ENHANCE YOUR VISIBILITY
Top 9 Advice for Startup Entrepreneurs
We’ve compiled nine different aspects that Founders and CEOs talk about from their experience and give to you some wise advice about running your startup
1. Keep it simple
Mixing things up and starting some stuff that deviate the idea from the initial trajectory is quite common; therefore, be true to your principles and expand yourself only if you have the foundation stable.
‘Building a product is like packing a suitcase: Plan out what you think you need. Then remove half.’
Jonathan Wegner, Founder of Timehop and ExitStrategy
It is often the biggest mistake of all. When it takes too long to enter the market, it can be very counterproductive to all the work you’ve done. The problem is that many startups tend to do more of what they need when, whether or not their product is finished, they must embark on an adventure. From there, the product can always be improved and completed.
“The last 10% it takes to launch something takes as much energy as the first 90%.”
Rob Kalin, Founder of Etsy
3. Competent staff
Like you, those around you need to understand your goals. Those that do not show the same interest and believe equally in the project will involve a drag that will slow the entire operation, a risk you cannot afford.
‘Some entrepreneurs think it’s a luxury to have accounting, finance, or other support functions, but it’s important not to be afraid of spending resources early on for administrative efficiency. If you don’t have someone to do that for you, you’ll end up spending all your time on things that aren’t critical to growing your company.’
Matt Salzbert, Founder and CEO of Blue Apron
4. Defending the Great Idea
Many entrepreneurs believe at the beginning that all they have is ‘the Idea’: the idea that nobody has thought of before and that runs the risk of being copied by someone if they give many details about it. Right. First, be sure that someone already thought about that before you. Second, an idea is not a business: the business includes so many factors that there is a long way to make it happen. Finally, you cannot do it alone, so feel proud to share your idea: without a good team, you will not get ahead.
“There’s no good idea that can’t be improved on.”
Michael Eisner, CEO of Walt Disney (1984-2005)
5. Lose focus
From day one, keep things clear: your product, your audience and your strategy to reach them should be paramount. As an entrepreneur, you must make countless decisions, and you will have to learn to adapt without losing the direction of your destination. It is important for you to know how to do a few things, but do them well: it is much more valuable and productive than doing many and leave them half done.
“How could any entrepreneur, confronted by such amazing opportunities to help transform the world and to do so with such extraordinary colleagues, be tempted to lose focus? Especially since the work involves such breadth that the boredom of routine or specialization does not exist.”
Bill Drayton, Founder of Ashoka
Early highly desired by any company. Assume that it won’t fall from the sky, and that if a product goes viral, it is thanks to a rigorous and thoughtful marketing strategy, product design and launching campaign. By the fact of being a new one you’ll cath the attention, but you need more than that to really spread out.
“There are no magic wands, no hidden tricks, and no secret handshakes that can bring you inmediate success, but with time, energy, and determination you can get there”
Darren Rowse, Founder of Problogger
7. Money obsession
If a few months later your company begins to arouse suspicion and income growth, it will probably keep doing it. If not, there is something you have to deal with -if not, you’ll only have problems-. If you do well, maybe you’ll need capital to grow, and if not, avoid going into debt in a desperate measure: only problems will be arising.
“The data is the data. If you can’t measure it, it never happened. Any investor worth their salt needs to understand your data before they invest, or you don’t want their money anyway. So, put it all out there. If the data is good, it’ll speak for itself, and then you need to tell the story of how it gets even better. If the data isn’t good, well, then you need to tell a story of how you are going to turn it around. Either way, the data is the data.”
Jason Goldberg, Founder and CEO of Fab
8. Not everybody will like what you do
Simple as that. Do not waste time on epic battles to convince those who do not believe in your product. It is much easier to find those who already do and make sure to earn a place in your investment or consumption niche.
“Don’t let people tell you your ideas are stupid. If you’re really passionate about something, find a way to build it.”
Dennis Crowley, Co-founder of Foursquare
>What are some of the financial challenges you are facing this year?
>If you are currently receiving financial advice, how confident are you that the advice was customized to you or your situation?
>Are you positive that your investments are right for you?
>Are you actively seeking ways to improve your confidence in your financial situation?