There will come a time in every entrepreneur’s life when they’re up against something they don’t know how to handle. Luckily, even if you’re building a 3D printer, someone has done it before. The world is about resources, which is why I’m sharing what I know you’ll regret later on (could be next Wednesday, when you fail to attract quality talent or when you’re leasing your first office space) if you don’t pay attention now…
Just don’t do it. This is first on the list because it is the biggest no-no. Even though you’ve heard it before, I’ll say it again. Hire great minds and let them do their job. The surest way to lose awesome talent is to breathe down their neck. Especially if you aren’t a fan of mints.
With LinkedIn, GlassDoor and NSA spying, you can be sure that someone will hear about your managing techniques. They need to hear good things; don’t drive away new talent with your Horrible Boss-style antics. You hear me?
2) Getting Emotionally Attached
Don’t get so caught up in your idea of something epic that you miss out on something else. Don’t get emotional about your idea and don’t waste time raising funds for one thing when there is something better out there. Build a solid foundation for your company and raise funds after you are profitable or have crazy ass number of users. Focus on these two things and you will come out a winner.
If you aren’t making the progress you want to be, step back and make sure you’re working on the right project, with the right people.
3) Not Internet Stalking and Not Learning
Follow competitors like a bee, identify trends, read business magazines and articles every morning and before you go to bed. Pick up a sales book and read it…NOW! Never stop learning and never have someone do what you can (read this as: don’t hire a PR firm if you’re social media savy).
And, don’t be afraid to reach out to people in the big leagues. Email Bill Gates if you must. What’s the worst that could happen?
4) Productivity Booster
Find your muse and use it. If you can code like a Zuckerberg from the beach, do it. If you need coffee in the morning, don’t miss it. Approach this entrepreneurship thing like climbing Mt. Everest in a hurricane. I know that doesn’t make any sense, but in a way it does. Use every tool and resource you have because this job is one wild ride.
(This is a wildly important tip as well. If you don’t pay attention to what helps your productivity, it will suffer. Every day.)
5) New vs. Smart
We all want to be the next big thing, but you know what? It is simplicity that sells. Build smart features instead of just new ones. Creating an IP or utility patent will definitely get you places, but just remember Whatsapp. Simple, useful and worth $19 billion. If you can create something smart and functional, you’ve got gold, my friend.
Overall, there are a million little things you can do to increase your valuation or help you sleep at night. These are just a few I learned along the path of my entrepreneurial journey. However, these are definitely the things you’ll regret the most if you don’t take note now.
As CEO of Mindvalley Mobile – the iTunes of Personal Growth – Kshitij Minglani leads a team comprised of 10 different nationalities. In business, he has held leadership positions in areas such as Corporate Planning, Business Growth Strategy and Mergers and Acquisitions. In life, his love for travel and food has taken him amazing places and his passion towards making business ideas work to perfection gives him an adrenaline rush.