Survival Guide for Slow Start Entrepreneurs

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Encourage experimentation and innovation in your company. Innovation focuses on incrementally improving your already existing products and services, while experimentation allows for fresh outlooks and breakthrough strategies that leapfrog old ways. We should reprogramme our linear mindset into an exponential one. The first thing I learned at Singularity University is the potential of exponential growth. It once took around 20 years for American companies to reach the billion-dollar valuation mark, now it may take less than a year.

In the early stages — until your third step — your progress may seem linear. Many exponentially-geared companies give up at this point — just as their growth rate is about to explode. A few decades ago it was unthinkable for an individual or start-up to disrupt entire industries. Start thinking globally, not locally. Use staff-on-demand and crowd souring to propel your business ahead of the competition.

Kaggle is a platform for predictive modelling and analytics competitions. It lets statisticians and data miners compete to produce the best models for predicting and describing data. Mining company Gold Corp placed its geological data online and offered money to anyone who could locate gold at their Canadian mine. Four of the five winning entries struck gold. And in it took a team of gamers 10 days to solve an enzyme riddle that could hold the key to curing AIDS. As companies become information-enabled they should internalise what Singularity University co-founder Peter Diamandis calls the six-step growth cycle of digital technologies.

These Six Ds of Tech Disruption are digitisation, deception, disruption, demonetisation, dematerialisation, and democratisation.

The first step is digitisation. Once something enters the digital realm it gains the potential for exponential growth. Think of the radio and CDs. You no longer need either, instead you can stream online, listen via YouTube or download music. After digitisation, growth appears slow, even deceptive.

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No one imagined Kodak would disappear after a century. Kodak thought they were in the business of printing photographs, while they were in the business of memories. Think about the need your business solves.

Kodak invented the digital camera, but was too scared to disrupt its own industry. Today, the camera has become part of the smartphone and photographs are predominantly shared via social media. Instagram epitomises the next step in the equation: With time technology becomes cheaper and even free. Instead of printing photographs, many people instantly share them on a free smartphone app like Instagram. The wallet will dematerialise next with the advent of online transactions and cryptocurrencies. Finally, democratisation happens when government, corporates and the wealthy no longer hold control and masses of people have access.

Just think, the average South African with a smartphone has access to much more information than the president of the United States of America had 20 years ago. Are you a first time investor? You may want to get some guidance before you know your way around the These female entrepreneurs are breaking barriers, transforming industries and inspiring change on the continent.

Tough decisions John started his business six years ago as the mines in the Rustenburg area had increasingly created and offered more opportunities to local communities and entrepreneurs within these communities. Survival guide As an entrepreneur, you need to have your eyes firmly on both the present and the future. Without a good set of books and more importantly, timeous books that are easily and readily accessible, you will find out too late that current invoices are moving into 30 days or even 60 days.

Time and risk have a direct relationship. As time goes by and no concerted efforts to collect monies outstanding are made, you might expect a lackadaisical payment effort from your customers too. Get the money in your account fast. Maintain good relationships with your biggest customers. John immediately went to his contacts on the mine to secure settlement on his current invoices.

He had provided the services and was due payment. Fortunately, he had developed good relationships and was well regarded. Irrespective of legal contracts, good relationships matter and can be the difference between getting paid, or delayed, or not paid. Insist on contracts and purchase orders. Unless you are offering a COD service, get a contract in place. It should also specify payment terms.

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If the terms are unfavourable, investigate the reputation of the big customer. The trust-based belief that if you deliver a good service you will be paid carries a good dose of risk. Going further and thinking that you have a friend or relative within the organisation that is your client is also fallacious.

Big businesses work through boards and committees and by sticking their necks out for you, your friend or relative could have their heads lopped off. Just get a contract!

Survival Guide for "Slow Start" Entrepreneurs

Dilute customer concentration in the good times. Chasing and landing a big client carries massive risk. If it means that servicing this client will consume all your attention and leave no time to build your business, think carefully if you want that client or are ready to take them on. Diversify your customer profiles to spread your risk. If this completely homogenous client grouping goes bang, so too do you. John is already active in marketing his services to other customers in government, private business in the retail environment and property developers and management companies.

Beyond that, John concentrated his marketing efforts beyond Rustenburg reaching into Mpumalanga and Gauteng. His credentials on the mines and relationships were important. References flow freely for him and the standards required by the mines are often more onerous than those required by private industry, meaning that his service standards represent a competitive advantage. Stop the cash flow bleed as a fast as possible. The next day we met with his staff. They were familiar with the growing tensions in the environment and had seen friends and family in other parts of the industry lose their jobs.

There was a surprising level of acceptance that a three-day week was the only option that John could offer. Why not a complete retrenchment? Firstly John could not afford it but importantly, he had invested training and skills development in many of his staff.

He knew that he would need them when the strikes ended and work resumed on the mines. Over the weeks that followed, John met with each creditor. It makes them angry and breaks down trust. Business is about relationships. They too want you to remain in business because they also need to hold onto the relationships that serve them well. You must be logged in to post a comment Login Leave a Reply Cancel reply You must be logged in to post a comment. Published 1 month ago on Aug 7, Sunk-cost fallacy Of all the ones on this list, the sunk-cost fallacy is the most common. Narrow framing Would you take this bet?

Confirmation bias Another common one in the worlds of psychological and behavioural economy is confirmation bias. Published 4 months ago on Jun 4, These eight steps define exactly how… 1. The Art Of Embracing Rejection 2.

Learn This is where your ability to fail is of value. Build in plenty of goalposts Justify every decision and long-term goal through relentless measurement to ensure they are the right decisions.

Define failure What does failure mean to you? Your Business Failure is Your Fault 8. Published 10 months ago on Nov 22, The six Ds of tech As companies become information-enabled they should internalise what Singularity University co-founder Peter Diamandis calls the six-step growth cycle of digital technologies. Types of Businesses to Start 3 weeks ago. Investing 2 weeks ago. Women Entrepreneur Successes 2 months ago.

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3 Things That Helped Me Get Through (Entrepreneurial) Hell

Hello, I found this information for you: Here is the website link: Whoever said that starting a company is about making meaning and not making money has obviously never experienced the pain and embarrassment of missing a payroll. The purpose of starting your own business is a much simpler one.

It has less to do with changing the world and more with "taking control of your financial destiny, raising a decent family The process will take much longer than what any VC's are willing to give you time for. In other words, there is a fundamental conflict between being your own boss and starting your company with someone else's money; your interest and those of your VC's might be aligned but they are never identical. The main lesson of this book is that to achieve financial success, you must bootstrap with your own money and build your company slowly and organically.

This book is dedicated to those who like the author, are far from being geniuses and do not have rich parents, but nevertheless willing to work hard and persevere. Read more Read less. Thousands of books are eligible, including current and former best sellers. Look for the Kindle MatchBook icon on print and Kindle book detail pages of qualifying books. Print edition must be purchased new and sold by Amazon. Gifting of the Kindle edition at the Kindle MatchBook price is not available.

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Start your own business. Do you have an idea? This book tell you how. Pick up your copy today.

Advice from Fortune company founders, next generation of entrepreneurs, early investors in Apple, Facebook, and other billion dollar startups. The Expert Answer from Richard Mowrey. The "Answer" can make all the difference. This is the book that every business owner should read.

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The flow of this book was so easy and pleasurable that I found myself finishing it in three sittings. The author has generously shared some tremendous insights and observations. For me, at this part of my journey as the founder of a startup -- "very slow" startup -- I found it to be an affirmation.

I am not sure it would have been as helpful or appreciated earlier on -- until I got on my bike and fell off it a few times, dusted myself off, and got right back on. But that was my situation at the time -- more ego than ears. I especially appreciated how Denny Miu's insights come through his memories of growing up in Macao, and his observations of the time he spent with his father at this place of business and on walks together.

One person found this helpful. This book is an easy read. It provides a direct, candid accounting of the author's experience in high tech startups and VC financing. After building valuation for VC and failed, Denny learns to build his 2nd startup by creating value that solves a problem burning a holes in his customer's pocket. It ultimately led to his success. This book is an excellent reference for both experience and inexperience entreprenuers. It is now on my reference bookshelves. I've participated in raising VC financing to create valuation and I've also worked for a very successful boss who does not even know the term VC.

When I am ready to start my journey, this book will be an indispensible travel companion. One person found this helpful 2 people found this helpful. This book says a lot of things that need to be said about the process of starting and funding companies. It is highly readable, extremely direct, and its conclusions and advice conform to my experiences, both bitter and happy. Miu has a lot to tell entrepreneurs, and, yes, the venture capital community.

Edward Tuck, Principal, Falconfund. This book had some good points and an overall good message. However, it was difficult to get past the grammatical errors and incorrect word usage on nearly every page. How does a book with this many errors even get published? I've marveled at the accuracy of Miu's concise characterizations of startup players, roles, and dynamics.

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