The Entrepreneurial Edge

in Strategy & Trends | by David Capece

by David Capece

Building a great company is a lot of hard work.  There may be false starts, trial by fire, doing more with less, and 1am calls (note that the 3am calls are reserved for Barack and Hillary).  A successful entrepreneur recently said to me, “When I was building my company, I was always 6 months from knowing whether something works.  I did that for 8 years.”  We share our perspective on preparing to build an outstanding company.

Eyes Wide Open: You should be prepared for the challenges.  You should assess your entrepreneurial qualities.  You shouldn’t quit your full-time job until you have fleshed out your ideas and saved some money.  You should already be thinking about how you are going to finance your business.

Learn From Your Mistakes: You are going to make mistakes.  The key is to learn from them.  You need it to be:  “Heads I win, tails I don’t lose too much.”  Don’t let your failures break you.

Understand Your Metrics: Every good business is driven by key metrics.  Know your metrics and use a dashboard to evaluate your progress and to inform decisions.

Sustain Your Passion: It’s easy to have passion on day 1.  The key is to keep up your enthusiasm and intellectual curiosity.  Continually renew your passion and sense of purpose.

It takes time and a lot of sweat to grow the seed into a tree.  Stay focused and keep your entrepreneurial edge.