Top 19 Startup tips from entrepreneurs – June 2007.

After reviewing the Startup tips for June 2007 published by CenterNetworks, I’ve compiled a list of the ones that resonated the most for me. Here goes:

1) Surround yourself with the best people possible, you can’t do it alone.

2) Be ready to accept failure (9 out of 10 startups fail). Learn to fall well. Don’t be afraid to screw up because you will. Get over it.

3) Bootstrap, work cheap, spend your own money initially to prove the concept.

4) There is always competition – direct or indirect. Know your competition. Setup Google alerts for your competitor names.

5) Go out there and network. Create a network of trusted people you can get help from when necessary. Stay connected to the entrepreneurial community.

6) Concentrate on customer service. Give your customers an easy way to reach you.

7) Your business model should not be “Get acquired by google or yahoo”.

8) Start by building something you’d want to use. Ask for feedback. Be flexible to change when necessary. Don’t hide your idea, share it and get opinions.

9) Launch and iterate quickly. Do the simplest thing first. Update often.

10) Hire well, hire “hungry” people and fix hiring mistakes immediately.

11) Don’t be afraid to say “No” when necessary.

12) Pretend you’re bigger than you are.

13) Leverage all the free/low cost resources you can – Zoho, google analytics, skype, foonz, freeconference.com, open source technology etc.

14) When you raise money, ensure that it is smart money i.e. your investors can add value and support to the business over and above the investment of cash.

15) Ship the product first – then think about corporate setup, business cards, legal work etc.

16) Accounting sucks, but somebody has to do it – and initially that somebody may very well be you.

17) Just do it. More often than not, people sit on great ideas. Don’t be one of them.

18) Get enough excercise and sleep. Rejuvinate. Take a break once in a while to recharge.
19) Know when to get out of your startup if it’s not going to succeed. You only have to be right once.

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