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The rate of new entrepreneurs increased between 2013 and 2021, from 280 to 360 out of 100,000 of the adult population. They helped create over 5 million new businesses in 2022, a forty percent increase over the previous year. The days of lengthy, text-heavy, business plan documents prepared by expensive experts are behind us.
As the entrepreneur, business owner, or leader, your message must never be “if it’s not broken, don’t fix it.” Every good entrepreneur I know has a “ proactive mindset.” Adopt some key metrics to measure your change agility. Marty Zwilling First published on Inc.com on 2/18/2022. Don’t let the daily crisis run your life.
As companies grow, they tend to become more structured, to the point of discouraging risk by team members, and using metrics to identify mistakes and allocate bonuses. Internal metrics are great for fixing problems, but industry experts, influencers, and customers are better indicators of future change and trends. Don’t forget these.
They randomly churn for hours a day on a couple of their favorite social media platforms, with little thought given to goals, objectives, or metrics; and ultimately give up and fall back to traditional marketing approaches. Create an action plan with metrics. Ric Dragon, an expert in online marketing, in his classic book.
As an investor in startups, I most often see entrepreneurs who are technologists, or at least have a real passion for a specific product. Many entrepreneurs try to do the whole job alone, or surround themselves with “yes” people, or count on family and friends to back them. Using metrics to measure results and commitments.
Idea people often don’t get funded as entrepreneurs, because a new business is all about results, not just ideas. Some people are very good as defining metrics, roll-out programs, and reward systems for marketing and sales programs. Marty Zwilling First published on Inc.com on 10/17/2022.
Thus, in my mentoring of potential technical entrepreneurs who have a real passion for their technology, I often recommend that they find a co-founder who can manage the marketing and execution elements of the new venture. Marty Zwilling First published on Inc.com on 7/27/2022. Balance of passion with reality and customer feedback.
Every business owner and entrepreneur I meet in my consulting rounds dreams of finding that “ disruptive ” innovation that will supercharge their business and move it into the ranks of business unicorns (billion-dollar valuations), such as SpaceX and Apple. Define realistic metrics to keep track of progress.
One of the attributes that I often recommend to the business professionals and entrepreneurs I mentor is to always be totally accountable for your actions and ideas. Setting your own metrics, and measuring yourself , will facilitate accountability. Marty Zwilling First published on Inc.com on 11/24/2022.
After many extended coaching sessions with entrepreneurs and small business owners, I’ve found myself wondering if my value-add was anything more than you could get by self-coaching. Track your progress with frequent milestones, metrics, and physically checking things off the list. Celebrate every step of progress.
And then in the late 90’s money crept in, swept in to town by public markets, instant wealth and an absurd sky-rocketing of valuations based on no reasonable metrics. I was in it for the love of working with entrepreneurs on business problems and marveling at technology they had built.
Make sure everyone comes with an entrepreneur mindset for real innovation. In my experience, team members with an entrepreneur mindset are rare in mature companies, due to a growing focus on low risk fixed processes, narrow job roles with specialized expertise, and long-term tenure. Entrepreneurs crave more ownership.
Thus, over the years of my mentoring and consulting efforts with entrepreneurs, I have a key list of practices that I recommend to everyone starting and growing a business. Use metrics on key deliverables to assure quality results. Marty Zwilling First published on Inc.com on 3/11/2022. Big growth takes big investment.
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