Most startups wait too long before bringing on an operational leader due to the lack of clarity around the role. So start crafting a job description for a COO well before you need to hire one. This will also kick-off a process of self-examination for any CEO, says Etsy COO Linda Kozlowski. She suggests a Self-Awareness 301 assessment and points to the seven profiles of operational leaders to customize the optimal CEO/COO pairing. When is best to get started defining — and filling — the COO position? As a rule of thumb, if you’re building a physical product you should hire a COO immediately. Digital startups can wait until after product-market-fit. While each pairing will be based on the CEO, stage of your company, and composition of the executive team, Kozlowski outlines five non-negotiable traits all COOs must have: trust, proven execution, control of ego, chemistry with CEO, and versatility.
The first and the most important thing that all people and upcoming entrepreneurs should keep in mind is related to the practicality when it comes to money. It is the common mistake that most entrepreneurs do when it comes to generating funds and managing profits. Instead of keeping the focus on the present scenario and financial needs that actually assist in building the company, beginners always get busy in thinking about the future like how will they make money in future which is completely impractical. Planning is good but the focus is very important and you have to first build your present instead of thinking about future. Extra information can be seen on Entrepreneur tools.
Before you launch your business make sure you have some money: make savings, borrow from family and friends or approach potential investors. Make a financial back-up plan. Learn how to make a budget for your business. Do not expect that once you start your business to receive financing from a bank, because generally they are reluctant to finance start-ups. Consider using a financing program for new businesses such as the START Program. You, as an entrepreneur, are the best marketing agent for your business, so everything you do and communicate must inspire professionalism. This means that everything from clothing and attitude to business cards and behavior must be impeccable and give potential customers and collaborators confidence.
It’s easy to get caught up in the day-to-day challenges of running a business, but you MUST carve out time at least once a week to take stock of what you’re doing for the long-term health of your business. That includes marketing, training, employee development, community engagement and capital development. Sound investments today will pay dividends in the future. – Jim Judy, Try Franchising Source: https://theentrepreneurresearch.com/.