There are three main things every entrepreneur needs to know. Yes, it’s really as simple as three little things. These don’t guarantee success, don’t address the market opportunity, and don’t address the management team. They do address things that are within your control and relate to how you run the business.
Here are the top three things every entrepreneur needs to know in order of importance:
- Corporate culture is the only sustainable competitive advantage that is completely within the control of the entrepreneur. Develop a strong corporate culture first and foremost.
- Companies that stay closest to the customer in order to understand their needs and wants produce the best solutions.
- The feedback loop from new information to making a decision, if any, needs to be as short as possible. Organizational speed allows startups to beat more established organizations with extensive resources.
Pretty simple stuff: strong corporate culture. stay close to customers, and make decisions fast.
What else? What do you think of these top three things every entrepreneur needs to know?