7 Key Steps for a Better Business should learn along the way:
1. Do what you understand. I understand events. I can’t build a Cisco router, but I can do what i can, depend on the skills you have.
2. Build a solid team. Team is the backbone of every company. Building a team of great people is one of the most important things an entrepreneur can do. I have personally interviewed many people, because I believe the basis of a successful company is good DNA. We look for intrapreneurs – ambitious people with big ideas who are looking to bring those ideas to life in a more established environment.
3. Listen to the marketplace and create a culture of customer obsession. It is all about the customers. If you listen to them and deliver, they will stay loyal. Investment capital is important to businesses, but do not lose sight of the fact that your long-term staying power in a business is determined by your customers, not by your investors. Listening to your clients is what turns them from current clients to long-term customers.
4. Know that it’s a grind. To the outside world, a start-up seems glamorous. In actuality, it’s a bunch of unglamorous days strung together to make a seemingly glamorous job. What’s behind the scene is a lot of hope, determination and sleepless nights.
5. Be frugal. Learn how to grow without spending unnecessary money. Learned to become conservative with how we use our money.
6. Invest when the competition pulls back. The last few years of the great recession were tough for U.S. businesses. Having been extremely frugal leading up to that point, we were in a unique position to advance by investing in our products and building the tools that our customers were requesting. Not many companies hired 150 people in 2009. That investment is paying off tremendously right now.
7. Find the right investors and stand by them. Even though we were in a desperate spot, we held out and stood by our investors as they had stood by us. In the end, what we ended up with was a self-sufficient company that created solid returns for our initial investors. In the end, the most important lesson that I’ve learned of them all is that you need to stand by your company and believe in yourself. As the old Chinese proverb says, if you fall down seven times, get up eight times. Perseverance and dedication pay off.