Entrepreneur tools
Stripe has been growing at breakneck speed for years, but according to COO Claire Hughes Johnson, the biggest challenge is integrating new people into such a complex organization. To grow quickly and conscientiously, she recommends startups press pause regularly and answer the following six questions: Have we documented our operating principles? You need to document core tenets describing the way you work. They should be clear and explicit enough that the people who consult them will make the same decisions a founder of your company would. What structure is going to help us achieve our goals? Do you want to run a flat organization? Have hierarchy? You need to decide what is going to work best. You also want to anticipate that the size and shape and number of people around any given table is bound to change. Who has been successful at our company so far? “Take the time to ask: Okay, what kind of people have we hired? Who’s doing really well? Who’s scaling at the same pace as the company? What are those people’s characteristics?” says Johnson. You want to hire more people who fit the mold of the people who not only have the right skills, but who are having a good time too.
No matter what is the situation, starting with a new plan that completely requires an upfront financial investment and not just your time, drains money. It is very important to understand that you should be financially strong this much in order to pay for necessities like rent, supplies, and inventory (and that doesn’t even include your personal expenses). A high level of practicality is very important for the success. The first thing that budding entrepreneur should keep in mind is that by starting a business of your own, you are allowing yourself to put as many efforts as you can to build your business. This means that you should not waste your time and efforts in any wrong activity and put all your creativity and newness to build your brand further. It will not allow you to watch Game of Thrones, no late night parties, not hanging much with friends for activities. You should be in a code red world where everything works around the growth of your business. It’s a big sacrifice for sure but you have to realize the level related to your commitment. More information can be read at Entrepreneur resourses.
Given that you cannot live long without money and that your new business will not become profitable from the beginning, it is preferable to start in business while you still have a job and a stable source of income. This will give you a form of comfort and will help you focus on the vital aspects of business development and not just on providing some money for your own survival. Once the business starts to become profitable and you take on more and more time, you can resign. The existence of a support system both during the start-up period and during its development is very important. Try to find support within your family and consult with them when you want to make decisions and need advice. Ideally, you should find a mentor to offer you from his experience. To do this, you could register your business idea in one of the training and consulting programs implemented through European funds such as Entrepreneur 2.0.
Be unapologetic and relentless with what makes you thrive. Many times, we are influenced from the outside world, and cloud our own desires for the sake of those around us. The sooner you are able to grasp this nugget, the sooner it will drastically change your world. – Neeta Bhushan, Global GRIT institute Source: https://theentrepreneurresearch.com/.
