During the initial stages of your business, money is an extremely limited resource, so in order to keep it afloat, you must learn how to prioritize your tasks. You must figure out what needs attention at that point in time and what can be put off for later. Nandini Hirianniah, co-founder at The Morpheus, writes, “The one guideline that perhaps will help in choosing one task over the other maybe in asking the question ‘How big is the impact of the task I’ll do to the lives of my potential/existing customers’” (Hirianniah, Nandini). Ask yourself if the task you are about to do or the money you are about to spend is going towards the improvement of your product. You must answer yes to this question, otherwise you are wasting your already limited
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They understand that a business will have to traverse through a vast array of obstacles before it can reach any form of success. They embrace this fact and attack it with hesitation. Successful technologist and engineer, Elon Musk, was asked if he ever thought about quitting after his third consecutive failure with the Falcon 1 rocket. His response was “Never. I don’t ever give up. I would have to be dead or completely incapacitated” (SpaceX). After Musk was quoted, he put everything on the line with a fourth rocket launch which resulted in success. Musk’s statement through his actions proved that one’s passion for their product and will to move through the heartaches and obstacles of business is critical to its continued survival and eventual success.
Architect the perfect team. Your team must be comprised of the most passionate and intelligent individuals you can reach out to. Jay Fulcher, CEO at Ooyala writes:
Of course, you must attract the best and the brightest people around. But simply recruiting a smart, successful group of employees is only half the battle. It’s important to find proven professionals as well as stars-in-the-making who will buy in to your vision while challenging and motivating one another. (Fulcher, …show more content…
You want to be well prepared for any event the company may encounter because if you were to make a wrong decision, the fate of your company 's future may be in jeopardy. Each mistake you make throughout your company 's history has its own corresponding consequence. Whether the consequence is a matter of money or a more serious consequence involving the law, each decision has a consequence that has the power to influence a business for better or worse. The development of an in-depth plan is consequence free in the sense that any problem one may encounter during the planning stages can be addressed on paper so that if this issue were to arise in real-life, the solution will already exist and the only action one will need to take is the action depicted within the plan. One should not wing it when it comes to the construction of a business; a plan must exist, one in which can be referred to in times of question. Think of the plan as a large FAQ, containing all the questions and answers that may arise throughout the company 's lifespan. You shouldn’t have to worry about what you would do if something unexpected were to happen to your business because your plan would have already worried about and developed a solution for you. In a sense, the plan is solely there to make your life much simpler. In essence, when making decision it tells you what to
They understand that a business will have to traverse through a vast array of obstacles before it can reach any form of success. They embrace this fact and attack it with hesitation. Successful technologist and engineer, Elon Musk, was asked if he ever thought about quitting after his third consecutive failure with the Falcon 1 rocket. His response was “Never. I don’t ever give up. I would have to be dead or completely incapacitated” (SpaceX). After Musk was quoted, he put everything on the line with a fourth rocket launch which resulted in success. Musk’s statement through his actions proved that one’s passion for their product and will to move through the heartaches and obstacles of business is critical to its continued survival and eventual success.
Architect the perfect team. Your team must be comprised of the most passionate and intelligent individuals you can reach out to. Jay Fulcher, CEO at Ooyala writes:
Of course, you must attract the best and the brightest people around. But simply recruiting a smart, successful group of employees is only half the battle. It’s important to find proven professionals as well as stars-in-the-making who will buy in to your vision while challenging and motivating one another. (Fulcher, …show more content…
You want to be well prepared for any event the company may encounter because if you were to make a wrong decision, the fate of your company 's future may be in jeopardy. Each mistake you make throughout your company 's history has its own corresponding consequence. Whether the consequence is a matter of money or a more serious consequence involving the law, each decision has a consequence that has the power to influence a business for better or worse. The development of an in-depth plan is consequence free in the sense that any problem one may encounter during the planning stages can be addressed on paper so that if this issue were to arise in real-life, the solution will already exist and the only action one will need to take is the action depicted within the plan. One should not wing it when it comes to the construction of a business; a plan must exist, one in which can be referred to in times of question. Think of the plan as a large FAQ, containing all the questions and answers that may arise throughout the company 's lifespan. You shouldn’t have to worry about what you would do if something unexpected were to happen to your business because your plan would have already worried about and developed a solution for you. In a sense, the plan is solely there to make your life much simpler. In essence, when making decision it tells you what to