Jama Software, a Portland, OR based start-up and finalist in Development category of the OEN Tom Holce Awards was willing to share their Top 20 Start-up Success Tips. Read and take what’s relevant to your entrepreneurial experience.
What's it take to be a successful entrepreneur?
We're not experts, but from our own collective experience, tons of advice we've received and the stack of books we've read over the years, we've pulled together a list of the top 20 success tips we try to apply every day we go to work at Jama. See which ones you believe in.
#1 Enjoy the journey.
A business is a journey, and usually a long journey, so you better enjoy the ride because you'll commit a lot of time and energy into building your business. The "J" in our name "Jama" stands for "Journey", to remind us of this point.
#2 Always give back.
Yes, you have to make money, that's rule #1 in business, but there's no reason why a close second can't be to give back. It can be through volunteer hours, community involvement - whatever fits your company's personality. At Jama, we give to Kiva.org. Make it a priority from day one to be a socially responsible business. It's doable, and it doesn't require a lot of money, just commitment.
#3 Make decisions.
Actually, make fast decisions. Too many businesses fall victim to indecision. Make a decision, see if it works, or not, and keep moving forward.
#4 Move fast.
This goes hand-in-hand with #3. You need to move and execute fast. Speed is one of the advantages a start-up can have over larger, more established competitors. They have too many layers of management to go through so decisions happen slowly. Move quicker than your competitors to response to a market trend or a customer need.
#5 Keep it simple.
Some things are complex, like product development. However, too often people and businesses create their own complexity when a simple solution is right there in front of them. Be obsessive about simplicity, in your processes, in how your product works and in how you do things as a business. The reality is customers will reward you for "keeping it simple".
#6 Listen to customers.
It's an overstatement to say, "Customers are always right." They're not. Just like you're not always right. However, you should always listen to them. Hear what they're saying. Understand what they're wanting, and then give them exactly that.
#7 Trust your gut.
In balance with #6, you need to trust your gut. There are times when you'll have different feedback from customers, advisors, partners and everyone under the sun. At those times, you have to go with what you believe is right. And if it's wrong, be nimble, adjust and try something else.
#8 Release often.
This applies mainly to software product development. Get your product out there. Take an iterative approach. You can spend the rest of your life trying to perfect every detail. Let customers and partners put your product to the test. You'll be amazed by the feedback you'll get. It will also force you to prioritize the highest-value features to add.
#9 Follow your passion.
You have to love what you're doing, there's just too much work involved not to. Too many people have pursued business ideas because they thought they were lucrative only to be miserable managing businesses they don't enjoy. Don't make that mistake.
#10 Be creative.
The business world is overrun with noise. Find a way to stand out - in your product, in your message, in your company's personality, in the way you market and sell your product. As a start-up, you can't outspend bigger established players, but you can win by being more creative in how you solve problems for customers.
#11 Take chances.
If you don't like risk, get out now. At some point, you have to take chances. Some will work, others won't. Be smart in preparing for the ones not to work, but maintain this entreprenuerial spirit even when you become the next big company. It will serve you well to have this in the DNA of your culture.
#12 Do your homework.
A great idea alone isn't a business. You have to do your homework. Know your market. Know your competitors. Know your customers. And, not just for the purposes of a business plan. Keep on it every day, because things change constantly and if you don't have your finger on the pulse, you'll be out of touch.
#13 Don't overanalyze.
You can overdo #12. It's called analysis paralysis. Too much data, too much analysis will freeze you. Take the information that's most relevant and discard the rest. Best to try things, see what works, see what doesn't and then learn, adapt and execute.
#14 Work smart.
When you're a start-up, you can't afford not to work smart. That doesn't mean be cheap, it means be resourceful. Get the most from the time and money you invest in your product, marketing, sales, every facet of your business.
#15 Find your niche.
Don't try to boil the ocean. It's the hardest thing to resist as a business. You want to please everyone and do everything. Don't. You'll do none of them well. Pick a high value niche and own it. Do it better than anyone else and be the brand for that specific problem that customers love.
#16 Play at work.
Play music. Play Xbox. Play foosball. Whatever you can do to make your corporate culture fun to be in. Yes, there needs to be a relentless focus on execution and getting work done. But, you'll discover that good people know how to balance work and play. And, all work and no play, makes your company a dull boy. Otherwise, good people will find a more enjoyable place to work.
#17 Speak honestly.
It sounds like something you shouldn't have to remember to do, but it's amazing how many companies don't follow this simple rule. It's easy to communicate good news, but you need to apply the same approach to good news, bad news or otherwise. You're either building or destroying trust every day, there's no neutral ground. The reality is if you're trying to spin customers, the media or anyone else, they see right through it anyways. Be open and honest, always.
#18 Invite feedback.
You might be smart, really smart, but you can't do it alone. Nor should you. When applied correctly, there is tremendous power in the wisdom of crowds. Your business has an online community whether you've carefully built it or not. Better to invite, listen and respond to the feedback than have no awareness of what's being said. Feedback is your friend, if you let it be.
#19 Be an open book.
Some companies like to guard every secret, even from their employees. Many companies including Jama are finding success adopting the complete opposite philosophy - of being as open as possible with its strategy, news, financials, product roadmaps and future plans. It's amazing what happens when you're open with the people you work with every day including customers, partners and employees. It's a little thing called trust. And, that might be the best competitive differentiator you could build.
#20 Be collaborative.
Gone are the days of departmental silos, break the walls down. Collaborate with everyone, and not just internally with employees. The most valuable collaboration you'll do is with your customers and partners. Over 70% of great ideas come from outside the building. You just need to be there to listen.
Re-printed with permission of Jama Software.
