Finances: Let’s talk Business

10 rules for start-up businesses Anyone who has started a business has his or her own rules and guidelines, so I thought I would add to the memo with my own.

10 rules for start-up businesses

Anyone who has started a business has his or her own rules and guidelines, so I thought I would add to the memo with my own. My "rules" below aren't just for those founding the companies, but for those who are considering going to work for them, as well.

1. Don't start a company unless it's an obsession and something you love.

2. Hire people who you think will love working there.

3. Sales Cure All. Know how your company will make money and how you will actually make sales.

4. Know your core competencies and focus on being great at them. Pay up for people in your core competencies. Get the best. Outside the core competencies, hire people that fit your culture but aren't as expensive to pay.

5. Open offices. Open offices keep everyone in tune with what is going on and keep the energy up. This keeps you in touch with your team

6. For technology, go with what you know. That is always the most inexpensive way. If you know Apple, use it. If you know Vista, ask yourself why, and then use it. It's a start-up so there are just a few employees. Let people use what they know.

7. Keep the organization flat. If you have managers reporting to managers in a start-up, you will fail. For a start-up, it is not large enough to survive the politics of managers reporting to managers.

8. Never buy show. The success of your company depends on the quality of your work, more than what impressing the public with showy adverts. They cost money, and they are not a true reflection of your company capabilities.

9. Don’t hire a PR firm. PR firms only do what is obvious. As a start-up, you don’t really have the resources to spend on hiring a PR firm. Indulge yourself later, when you can afford it.

10. Make the job fun for employees. The most important part, since employees make or break the company. Keep a pulse on the stress levels and accomplishments of your people and reward them. For example, reward your staff for every accomplishment, however small.

 

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