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May . 2017

8 Startup lessons you haven’t learned

02.May.2017 BLC Bank tags: Startup , tips , managment

Below are 8 startup lessons that you haven’t learned at university:

 

  • Handle Defeat. In every startup you will experience an unavoidable defeat. To become successful you must fail at one point like every other entrepreneur. Failing is a learning technique that helps you with your next attempt towards winning. Colleges don’t provide you with courses on how to handle failure or finding a job after graduating. This isn’t the end of the world if you are not prepared and aware of the obstacles. Everything will be uncovered and you will learn by yourself how to endure when joining the startup world.

 

  • Collect money. Having the desired amount of money to launch a startup is more complicated than one would think. Investors and banks await a detailed business describing how the product works and how one can benefit from it. If your vision isn’t clear enough and convincing for investors and banks then it’s time for negotiations.

 

  • Cost. It’s essential to perceive a profit-and-loss statement or balance sheet. You need to calculate all the expenses six months in advance or maybe a year or longer.

 

  • Be original. Be unique. You should always be prepared to make something original and be creative even though you might be wrong in some decisions.

 

  • Establish the right connections. In every startup business, you should always make strong and effective connections with the right people rather than depending on those who are already here. When you have the right connections, the possibilities become endless.

 

  • Play the role of a clerk. In order for your startup to be successful you must sell. Start by selling the company’s product to your employees, then investors and clients. Mastering the art of being a salesperson isn’t something that you are taught at university. It’s a talent that must be nurtured over time through experience and that includes the power of reading people well enough to make them believe in your company’s mission.

 

  • Become a leader. There are two types of leaders; those who are naturally born to be leaders and others who obtain this characteristic with time. However not all leaders can be great bosses and the contrary is also true. In order to become a great and successful boss, you should guide and inspire your team members and even take solid decisions.

 

  • Manage your time. You will not have a break and you will work 24/7 no matter how tired you may be. Don’t be upset about that business plan you have to finish and the research or the meetings with employee.
By WE Initiative

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