With so much information online, there’s a real challenge for entrepreneurs to find best practices based on their current business stage. Entrepreneurial struggles at the seed stage are different from the early stage which are different from the growth stage. And, stages aren’t clear-cut, resulting in difficulties when transitioning between stages.
To begin, here are seven quick tips for entrepreneurs starting out:
- Culture is key and needs to be intentional
- Plan go/no-go goal metrics from the beginning
- Know that raising money is 100x easier with traction and find traction metrics for your industry
- Work to achieve product/market fit as quickly as possible
- Use the Simplified One Page Strategic Plan, and make the strategic direction clear
- Ensure a growth-oriented entrepreneur is on the team
- Find a peer group
Building a successful business is incredibly hard. Entrepreneurs starting out would do well to follow these seven quick tips and improve their chance of success.
What else? What are some other tips for entrepreneurs starting out?