5-4-3-2-1 Countdown for Entrepreneurs (8/10/22)
5
Tips from the stars of “Shark Tank”
Sometimes I disagree with the well-meaning advice given by sharks on the TV show, but I realize their editors select colorful soundbites rather than long, complex explanations to keep the show fast paced and entertaining. In any case, “Shark Tank” has certainly helped promote entrepreneurship and deserves credit for inspiring many new founders. Here’s some of the shark advice that reflects their impressive experience and success:
Chart your own course. “Your customers can tell you the things that are broken and how they want to be made happy. Listen to them. Make them happy. But don’t rely on them to create the future road map for your product or service. That’s your job.”
- Mark Cuban
Be original. “I think it’s harder if you’re a ‘me too’ business or you’re one of many. I think if you really have an innovative idea and you’re first to market, there’s no shortage in money.”
-Robert Herjavec
Be candid.
“If you can’t come clean and tell investors how and why you failed, that raises a red flag. They need to see that you learned from it and came back stronger.”
-Daymond John
Set the right example.
“Whatever you do, don’t stay up in a stuffy office away from your people. Get right in there, side by side with your employees. Get hands-on and show them there’s no task beneath you.”
-Lori Greiner
Stay optimistic.
“You have to see everything as half-full even though everyone is saying you have nothing in your glass.”
-Barbara Corcoran
4
Ways to build “network wealth”
Quality networks are like compound interest: Their value grows at an increasing rate.
Here's how to build “network wealth”:
PRIORITIZE QUALITY OVER QUANTITY. 10-20% of the relationships you start will produce nearly all your network’s value. Seek out those connections. Nurture them.
OPEN WITH A GENUINE OFFER. Listen intently to discover what you can offer that fills a real need they have currently.
ALWAYS FOLLOW THROUGH. Many "networkers" make offers, but then they don't deliver. Follow-up promptly. Set yourself apart by being conscientious and reliable.
DON’T FORGET TO ASK. Great connectors love opportunities to help. They want to provide value. Help them help you. From time to time, try this ask: “Can you think of one or two people in your network I should be talking to?”
3
Signs of “disclosure-itis”
“Disclosure-itis” is a very serious condition affecting numerous founders. I’ve lost track of the number of times that founders have asked me to sign an NDA before they’d share details about their startup. And this was happening in FIRST MEETINGS!
I’m all for wanting to protect your inspired vision but, frankly, if you can’t talk about your idea until someone signs on the dotted line, one of three things is likely going on:
• YOU NEED A BETTER PITCH.
For about 99% of startups, founders should be able to make an engaging intro to their venture without giving away the “special sauce.”
• YOUR IDEA OR EXECUTION NEEDS WORK.
If someone merely needs to hear a summary of your venture to seriously compete with you, your idea or execution isn’t very strong.
• YOU NEED AN INTELLECTUAL PROPERTY ATTORNEY.
If your idea is so novel and valuable, and yet so potentially reproducible, you need some serious protection beyond an NDA.
“Disclosure-itis” is usually a warning sign of much bigger challenges to come, but... By addressing it now, you’ll start building a stronger and more protectable venture.
2
Insights from ancient philosophers
FOCUS
“Most of what we say and do is not essential. If you can eliminate it, you'll have more time, and more tranquility. Ask yourself at every moment, 'Is this necessary?’''
-Marcus Aurelius, Roman Emperor and Stoic philosopher
DILIGENCE
“Pleasure in the job puts perfection in the work.”
-Aristotle, philosopher and polymath
1
Kind of CEO that startups really need: Chief Entrepreneurial Officer
“No matter what stage a startup is in – no matter how well established or promising – a venture that is trying to scale typically needs its CEO to be more than just the Chief Executive Officer.
It is not enough to manage the managers. It’s not enough to develop a plan by consensus and oversee its execution. To ensure ultimate success, CEOs must think and act like entrepreneurs. Indeed, they should aspire to be a Chief Entrepreneurial Officer...
Stay safe, stay happy, stay in touch!
Adam
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