10 tips for the young entrepreneurs
I’ve wanted to write this post ever since last january, nop, ever since august 2009; back then when myself and my colleagues at mash, Ltd. realized that we were over the startup phase, and that we’ve set our legs firmly in the software market here in Cairo, heck we even reached beyond our expectations by establishing our selves in the RoR community, not bad for a 2 year startup back then, but soon we realized that whatever hardships we faced during those two years, it was nothing in comparison to the new and critical 3rd year; a lot of lessons were learned and still many to come as the first month of our 4th year come to an end.
All this encouraged me to finally share some of the experience we gained over those 3 years, in the form of tips, some of those tips will most probably not fit elsewhere but MENA (Middle East and North Africa) given the sanctity of the traditions and culture exhibited overhere, but nevertheless most of them will fit right anywhere; they are personality related rather than culture or market related.
Listen
One of the first things that give a bad impression is an irresponsible remark, or an interruption.
If you want to close that deal or resolve that conflict, whether internally with your team or externally with a client, be sure to listen very good and only speak when you’ve got all the bits and pieces of the conversation understood, and remember NEVER INTERRUPT someone while they are talking.
Its ok to be mean sometimes
If I had a nickel for every situation that required a mean action to be taken !!
People are not always good, sometimes they lack common sense, sometimes they slack and sometimes they just are stubborn with their methods and systems.
When you find yourself in a situation where your rights or agreement will be taken for granted, dont be shy, speak up and even yell, make them understand that you are not a push over and clearly state your problem in a language that is equal to your frustration but nonetheless professional.
Always be 200% informed about what you are talking about
Probably one of the hardest lessons I’ve had to learn, being a young partner with 3 other young entrepreneurs, and CEO of a young startup employing a team with an average age of 22, it is very important to know your field of work cover to cover.
On several occasions we would go around talking, giving excuses and sometimes blaming others, and then realize we were wrong, I cant begin to explain how this is bad for your professional and personal image.
Dont be afraid of admitting your mistakes
Only when you admit you are mistaken that you will truly learn from your mistakes.
Its all one ship, everybody start denying you will suddenly find your team overwhelmed with the blame game rather that resolving the issues at hand.
Consider your clients part of the team
Your clients know more about their needs and business, keep them in the loop and most importantly dont be afraid to admit your mistakes to them.
You’d be surprised how clients would appreciate your honesty and would even help you resolve the issues raised.
Be Punctual
Wether with deadlines or meetings, punctuality is the key, miss that deadline and you will find your team in a cycle of doom.
Missing deadlines equals de-motivation, and stress for you and your team, so make sure you set correct deadlines and meet them no matter what.
Be on time for all meetings, after all, time is your most precious asset.
Cashflow, Cashflow, Cashflow
Its not a new tip, nor is it mine, in fact I think this tip is repeated by every successful entrepreneur there is.
Issue your invoices on time, and collect them on time.
Have a system and strive hard to keep your cashflow consistent, after all your team needs to be paid on time.
Money isn’t a motive
Several researches were conducted on motivational tools, and they all stated that when it comes to mentally engaging activities, money is hardly motivational, its even de-motivational sometimes.
Think out of the box when it comes to motivating your team, engage in social activities together, have creativity thursdays or even go paintballs, you will be surprised with the results.
Learn & Innovate
You think you got the game all figured out? well think again, you dont !!!
The world is always moving, new stuff gets discovered each day, new trends, new creations and so many ideas out there.
Don’t stop learning new skills and improving old ones, risk your time to learn about a new technology, or catch a skill that is still out there in the wild.
Remember when the iPhone came out? it was simply a gold rush, those who risked entering that wild market, gained so much for so little work invovled.
Spirit
The most important tip of them all, keep your spirit up.
If you start loosing it, take a day or two off, recharge your spirit and continue working, if you fall, get up, and no matter what others say YOU WILL FALL A LOT and only when you learn to get up and get back in the game, you will truly capture the essence of success.
