10 steps to startup success
What does it take to grow a new business? Close attention to the
basics, suggest Canada's hottest startups
PROFITguide.com / August 7, 2003
If you'd like to launch a company straight into the stratosphere (and who
wouldn't?), you'd have few 17117n1322r better mentors than the 2003 PROFIT HOT 50.
These
growth gurus have seen sales at their firms rise by an average of 842% in the
past two years, despite economic and political turmoil. And their hard-won
wisdom suggests that if you keep a handle on the basics, business success is
closer than it seems.
Here are the 10 best pieces of startup advice from the CEOs of the PROFIT HOT
50, to be unveiled August 25, 2003.
- "Talk
to a lot of others who have already done it, so you don't make the same mistakes."
- "Do
not start a new business unless you can properly capitalize it from the
outset. Invariably your projections, however conservative, can prove to be
wrong. And without sufficient capitalization, you can fail."
- "You
really have to watch your spending. It's very easy to get in over your
head. Even when you do start making some money, you have to be able to
save it for a rainy day."
- "Make
sure that if you're chasing blue-sky potential, you're also paying the
bills with some more traditional operations or services."
- "Know
your strengths and weaknesses, and fill the gaps with people who are
smarter or more talented than you. Don't feel threatened by them."
- "Don't
hire friends and family. They can help you at startup, but they're usually
not the people to get you to the next level."
- "Make
sure you have a product or service that meets an unmet need."
- "Don't
underestimate your own capabilities. If you have confidence in your ideas,
you can go toe-to-toe with the big guys."
- "Watch
your cash flow every day."
- "Do
something you know you want to do and enjoy doing, because you're going to
spend a lot of time doing it."
