Aug

25

Completing the list ~ The 9th and 10th rules.

Filed Under Miscellaneous, Entrepreneurism, Management, Leadership, Sales 

I’ve taken way too long to list out ten simple rules…but here are the last two.  I’m currently at the San Jose Search Engine Strategies Conference and about to attend the Google Dance…so I gotta type fast…Mecca calls (at least for my industry).  Remember, these were in order of task completion or at least as you will become aware of the issue they address as your business evolves from wild-ass idea to something you can pass on to your kids (or dog if you are a loner):

  1. Develop a personal brand.
  2. Learn the language of early stage finance.
  3. Determine the viability and demand for your product or service.
  4. Sell, sell, sell.
  5. Recruiting, partnering, outsourcing, and hiring away your weaknesses.
  6. Support your sales efforts with marketing & branding.
  7. Learn how to manage others…and yourself.       
  8. Balancing cash flow in daily operations.
  9. Why are you doing this and what is the exit? - You should have your goals outlined LONG before you get started.  Granted, life changes and sometimes your goals, needs and desires change as well….but the lack of a goal will likely cause you to wander in the desert for 40 yrs and get a really bad sunburn.  What motivates you?  Money, your ego, a desire to survive / thrive / grow, to prove yourself, control…what?  Define this and you will have a much more clear vision for what actions you should take and when you should take them.  Last comment here; you should study how, when and why an “exit” is likely to occur and how, when and why you will pursue this type of event, or if you should simply build your business for lifestyle opportunities. 
  10. The end is the beginning - Finalizing the list is the simple idea that your business is NOT your child, it is NOT your spouse and it is NOT your sense of self.  Learn to see your business as a fantastic and fun ride, a great learning opportunity, a financial vehicle for you, your employees, investors and vendors, and simply stated…the business is owned BY you…it should not OWN you.  Someday, the business might go away (through acquisition, failure, or simply winding it down).  What will you do next?  Will you do it again?  What have you learned and become through this phenomenal and gut wrenching thrill-ride?  Are you better, did you make the lives of other’s better, are you smarter, wiser and hopefully broader in your resources and mental bandwidth than before?  While you may well build the next Koch Industries and find the next Anna Nicole….or you might have to start over.  Make sure you learn from every experience, manage your personal finances and lifestyle, try and strive for some balance in your affairs, and work towards your goals daily.

Rock and roll !!!! 

Comments

3 Responses to “Completing the list ~ The 9th and 10th rules.”

  1. Dan Schawbel on August 26th, 2007 3:52 pm

    You need to match your corporate brand with your personal brand for maximum effectiveness.

  2. Jim Bowen on September 12th, 2007 10:24 am

    Two unrelated Questions…

    Have you ever sponsored (mentored) an inmate in the Prison Entrepreneurship Program?

    and

    Do you think there is some market opportunity left in enterprise level SEO/SEM software? (have a particular point of pain your willing to discuss in this genre…what does no one do well?)

  3. Gene on September 13th, 2007 1:03 pm

    1st q - I have contributed money, taught, and mentored people through PEP. I have also hired approx. five PEP graduates for various roles

    2nd q -Yes, lots of market opportunity left as long as the technology isn’t a me-too product and you build it on a platform that is flexible for the built-in change in the Search industry and search algorithms (IMO).

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