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You’ve probably already made your resolutions for 2023, but if not, I suggest a renewed commitment to finding happiness and satisfaction in your chosen business lifestyle. The right reason to start a business is not the money, challenge, or the prestige, but the chance to follow your dream. Stay fit and rested. Marty Zwilling.
Over my many years of mentoring aspiring entrepreneurs and business professionals, I often hear a desire to start a new business, with a big hesitation while waiting for that perfect idea and perfect alignment of the stars. Start today building a bigger network. Success requires a great amount of hard work.
As a business advisor, I meet many business professionals and aspiring entrepreneurs who are anxious to be their own boss , or have an innovative idea to start or acquire a new business. Also, initiating a startup is quite different from taking over a thriving business, where the focus is on repeatable processes and quarterly profits.
These haven’t changed much over the years, but still seem to be often overlooked by business professionals and leaders in their haste to keep up with peers, competitors, and customers in today’s volatile environment. The reality is that starting a business, as well is working an existing business, has always required perseverance.
One of the reasons that now is the time to be an entrepreneur is the explosion of startup assistance organizations, usually called incubators or accelerators. Most of these are non-profits, set up by a university to commercialize new technologies, or a municipality to foster business development for the local economy.
I’m sure you can imagine how much that impacts any business or startup’s ability to react to changing customer needs and growth opportunities, no matter how insightful their leaders. Listen to everyone's input, encourage people to speak up, and repeat back what you have heard. Facilitate coaching and mentoring, inside and outside.
Many of you business professionals I meet in my business consulting and mentoring roles seem very determined to advance their career, or even start their own business. Most people find that the act of committing something to paper forces them to face the reality of getting started and measuring progress.
Listen to your team, mentors, and customers to recognize real successes and failures, and surround yourself with people who can fill in the gaps. In my experience as a startup investor, I have become convinced that the biggest reason for business failure is giving up too early. We all have strengths and weaknesses.
Yet I find in my mentoring practice that more and more team members prefer the human-centered approach and respond with more engagement and commitment. I’ve found that you can best start by asking for another perspective, whether of yourself or a team member. Diversity and inclusion will get you started.
As an experienced business professional and mentor, I find that most successful peers will admit that they love what they do. The key to harnessing self-doubt starts with your confidence in your ability to set yourself up for success. Marty Zwilling First published on Inc.com on 2/7/2023
As a business consultant and mentor to many young entrepreneurs, I often get questions about leadership challenges , and what you can do to solidify your leadership position and impact. Today’s world demands that you lead up, down, and across, to get your constituents to follow. They want a role in every leadership decision.
Therefore, I often recommend to entrepreneurs and business professionals that they not get too frustrated with initial failures or give up too soon. If you are into instant gratification or overnight stardom, then starting and growing a business may not be for you. Success comes to those who never give up, and adapt most quickly.
The boundaries in business may start with work scope limitations, but certainly must include emotional and physical constraints as well. If you are in charge of a meeting, make sure all members are aware of and live up to the same participation rules. Marty Zwilling First published on Inc.com on 2/10/2023
For example, the Ritz-Carlton Hotel Company has implemented a practice of authorizing employees, after relevant training, to spend up to $2,000 per guest, without pre-approval, to solve a special requirement for any guest that will make their visit totally memorable. Marty Zwilling First published on Inc.com on 1/3/2023.
For example, if you are an entrepreneur seeking investment or a cofounder, there is no substitute for networking at industry and startup conferences in your area. People who show fear or trepidation find it hard to get the respect and trust they need to hold up their side of any relationship. I recommend treating all people as equals.
I will paraphrase here my selection of her key recommendations to reduce your risk, with my own insights added, and I recommend that you adopt these as a starting point for all your communication initiatives: Don’t engage with manipulative or unethical people. Marty Zwilling First published on Inc.com on 2/15/2023
Unfortunately, many of the business professionals I meet these days in my mentoring and consulting activities feel perennially stressed and out of control, versus calm and satisfied with their position. Always start by taking a few deep breaths to reset your mind and body when approached with a new issue.
Whether you are a business professional in a big company, or an entrepreneur with a startup, innovation is a key strategy. Many people believe that new ideas are the critical element of innovation, but in my experience as a mentor and investor, long-term business success is more about implementation than ideas.
As a result, these people often end up disheartened. In my experience, new startup businesses are initiated primarily by these standalone innovators, popularly called entrepreneurs. You should team up with intrapreneurs to land their ideas and translate them into the language that the company can understand.
In fact, in my experience as an executive and a mentor to entrepreneurs, sustainable results require a balance between hard work and learning , for you and your team members. You can start by showing empathy for each individual. Marty Zwilling First published on Inc.com on 09/08/2023 Therein lies the challenge.
Here is my summary of key strategies that I would recommend to every mature business leader as well as startup founders: Regular personal contact with every team member. I recommend that you ask for help from a mentor to point out areas for improvement. Marty Zwilling First published on Inc.com on 07/19/2023
Of course, starting and running your own business comes with financial and personal risks, so I always recommend that you do your homework first, and follow some tried and proven strategies to improve your odds of success. These days, you can’t start and run a business alone. Marty Zwilling First published on Inc.com on 08/08/2023
I’m always on the lookout for more practical insights and guidance to get started. By demonstrating positivity and mentoring, you can make collaboration and connecting with others a productive and enjoyable experience, rather than a burden. Start by creating and sharing the big picture. Face the worst and don’t panic.
Something happened in the past 7 years in the startup and venture capital world that I hadn’t experienced since the late 90’s — we all began praying to the God of Valuation. How might our next phase of the journey seem brighter, even with more uncertain days for startups and capital markets? What happened? There was no money train.
I encourage you to dream big, but start small, and size these opportunities. This starts with debunking the existing assumptions that have concealed the opportunity and then reframing it with today’s technology to find a solution. Marty Zwilling First published on Inc.com on 05/08/2023
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