CentreO Blog

Bernd Schoner, the author of the upcoming book “The Tech Entrepreneur’s Survival Guide” is sure that there are several types of people every startup needs to succeed.

Schoner. He is author of the upcoming book: ‘The Tech Entrepreneur’s Survival Guide.”

Here is the recipe for his dream lineup:

No. 1: The prima donna genius

Every company (tech or not) needs a guy who has the professional knowledge to get the job done and be the generator of innovation.

No. 2: The leader

Typically the CEO, the person calling the shots. Delegating tasks is not an easy job, but a job that needs to be done. Having someone in the lead even at the early startup stages can help avoid confusion and get the whole team focused.

No. 3: Industry veteran

Schoner says this person is often missing in younger startup teams, but he stresses the importance of having someone on staff who has been around the block.

No. 4: The sales animal

This would be the person who knows how to sell your superior product to the customers. Missing a sales expert on board can be a big disadvantage, as when you are trying to have someone pay money, it’s not about the technology, but the value you provide to the customer.

No. 5: The superstar

This is the person who can rally people around the company. He can be the genius or the CEO or a the youngest on the team. Bu he will be the guy you’ll want to send to conferences and industry meetings..

No. 6: The financial guru

Having the financial personality is important. You want someone who has enough ability to handle numbers. It can be an existing member of your team if you don’t have enough resources for a full-time financial administrator. But you would want to get one eventually.

When starting a business, we often hear words of encouragement, motivation and prognosis of our inevitable success. The mere hint at possible failure is chased away and frowned upon.

True, it is essential to stay positive. But should we ignore the idea of failure altogether?

After all, more than 90% of startups DO fail. And recognizing this right off the bat can prepare us (emotionally and financially) for the worst -case scenario.

Planning for failure doesn’t make you negative or paranoid. It makes you smart. 

There is a big difference between being prepared for failure and actually thinking you will fail.

The latter is highly discouraging and curtails growth. The former, on the other hand, is about being practical and thoughtful about all of the possibilities that may occur. In some ways, it can even encourage entrepreneurs to progress because being prepared quells fear and prods you to keep going. for failure helps me anticipate challenges so I can prevent them from happening.

Additionally, being honest with yourself and thinking about potential failure enables you to identify mistakes that you’re making in your business, so you can correct them more quickly along the way.

It helps you be more objective. 

How often have you heard people calling businesses “their babies”? Too often, probably. The truth is , we do get attached to our projects and start thinking of them as flawless and perfect. Allowing yourself a possibility of failure, pushes you to look at the facts, consider unpleasant moments and enables you to be more analytical and objective.

Recognizing that you might fail keeps you on your toes. 

Remember when Steve Jobs told us to “stay hungry”? Acknowledging the possibility of failure does just that. Knowing that at any point your venture could take a wrong turn keeps you being self-satisfied and lazy.

Remember it takes years to build a company and one simple mistake to bring it all back to nothing.

Planning for failure makes it easier to move on. Preparation can help soften the blow in the event that your company hits the rocks. And if it happens, you will have a plan-B and will be prepared to handle the consequences. And because you were prepared, you will not be discouraged from embarking on a new business projects when the time is right.

No one wants to face the dreaded “F” word, but even the most successful entrepreneurs experience their share. It’s simply part of the game. And, who knows? It could even serve as the foundation for something far bigger and better. 

Summing up your company’s whole essence in a few sentences is an extremely difficult task. Yet, a necessary one, as a mission statement captures your business’s goals, philosophy, relationships with customers, employees and the community.

So how do we go about completing this highly challenging task?

First, create a verbal picture!

It’s not as easy as it seems to summarize all your business activity. Try answering these questions for help:

Why are you in business? What do you want for yourself, your family and your customers?

Who are your customers? What can you do for them that will enrich their lives?

What image of your business do you want to convey? How will you create the desired picture?

What is the nature of your products and services? What factors determine pricing and quality?

What level of service do you provide?  Don’t be vague; define what makes your service so extraordinary.

What roles do you and your employees play?

What kind of relationships will you maintain with suppliers?

How do you differ from your competitors?

 How will you use technology, capital, processes, products and services to reach your goals? .

What underlying philosophies or values guided your responses to the previous questions?

Then, put it all together!

The process of creating a mission statement is tough. And you will be looking forward to the result. However, the process itself can be a valuable experience. So, make it the best you can!
Involve those connected to your business.

Other people can help you see strengths, weaknesses and voids you might miss. And if you work alone, why not ask family or friends for input?

Set aside several hours–a full day, if possible–to work on your statement. 

• Plan a date. Set aside time to meet with the people who’ll be helping you. Write a list of topics to discuss or think about. Find a quiet, comfortable place away from phones and interruptions.

• Be prepared.  Because not everyone understand what a mission statement is about, explain its meaning and purpose before you begin.

• Brainstorm. Consider every idea, no matter how silly it sounds.. If you’re working with a group, use a flip chart to record responses so everyone can see them. Once you’ve finished brainstorming, ask everyone to write individual mission statements for your business.

Use “radiant words.” Once you have the basic idea in writing, polish the language of your mission statement. Every word counts. The statement should create dynamic, visual images and inspire action. Use offbeat, colorful verbs and adjectives to spice up your statements. Don’t hesitate to drop in words like “kaleidoscope,” “sizzle,” “cheer,” “outrageous” and “marvel” to add zest.

Once your mission statement is complete, start spreading the word! You need to convey your mission statement to others inside and outside the business to tell everyone you know where you are going and why.

 

 

For more than 50 years, the President of the United States has designated one week National Small Business Week, and this year, that week is May 12 through May 16. As part of the celebration, there will be events in San Francisco on the 12th, Kansas City, Mo., on the 13th, Boston on the 15th, and Washington, D.C., on the 15th and 16th.

At the events, small-business owners can listen to speakers, attend panels and network with their peers. There will also be webinars available throughout the week for business owners who cannot attend.

If you happen to be there during this exciting event time, we’d love to hear your stories, impressions and pictures! Just email us at sales@centreo.hk.