Some entrepreneurs fail to leverage the knowledge and experiences of others by failing to create advisory boards. These boards are a critical component required to scale strong entrepreneurial opportunities.
How to Build a Winning Team
How to Create a Strategy, Vision and Mission
How to Create an Advisory Board
How to Get Funding
How to Improve Your Company
How to Improve Your Pitch
How to Start Your Company
Entrepreneurial Ecosystem Spotlight
Startup Accelerator Spotlight
Startup Investor Spotlight
Business Startup Spotlight
Entrepreneur Events Spotlight
University Entrepreneurial Program Spotlight
Women Entrepreneurs Spotlight
There are many ways for a startup to fail. Some factors, like regulatory changes or input cost increases, are beyond the founder’s control. However, there are three significant actions that entrepreneurs are often guilty of that can kill your company as fast as anything.
A fair number of really smart, well-prepared entrepreneurs get tripped up, stumble around and eventually fall to the ground when they make their startup funding pitches to the Angel Investment Group that I am a part of.
The curse of the entrepreneur: you have this great idea and it looks like it will do really well. The problem? You lack the capital and the skill to build it. What’s the solution? Giving Away Startup Ownership.
One of the most important decisions an entrepreneur must make is the selection of advisory board members for their startup.
Strategic thought requires thinking “conceptually” as opposed to “sequentially.” Sequential thinking weighs the pros and cons of each step against its immediate surroundings. Conceptual thinking requires that each step be measured against the larger goal. Perhaps this is best understood with an analogy. Imagine going on a trip from point “A” to point “B.”
As a founder, you should ask yourself, “What is the final, desired outcome of my company?”
“Sweat equity is the best kind of startup capital.”— Mark Cuban
This is a huge question for startup founders. If you are a founder, you know what I am talking about: how much of my startup should I give away?
How do we get there? Remember that your organization’s vision is the destination.
There are a tremendous amount of “time-saving” options available to the entrepreneur. Sometimes, they are; Sometimes they are not; and sometimes, the old ways of doing things can be more efficient.