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6 Lessons Most Entrepreneurs Only Learn On The Street

Startup Professionals Musings

In my role as a mentor to aspiring entrepreneurs, I find that most have the technical challenges well understood, but many are a bit short on some basic street smarts , or basic business realities. Your leadership skills do not develop without effort. Even the best college degree is not a substitute.

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8 Key Startup Drivers Bring Pleasure As Well As Sweat

Startup Professionals Musings

Aspiring entrepreneurs ask me why their great idea hasn’t sold; they talk about it endlessly, and they expect others to do the development, finance, and marketing work for them. It can also be very inspiring, as you watch your dream morph into reality, or as you feel each little element of success: Watch your team develop new skills.

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6 Drivers For Aspiring Entrepreneurs To Finish School

Startup Professionals Musings

Take advantage of free startup programs and mentors. Every school recognizes the power of “hands-on” work to help you develop your own ideas into a business. For example, I do business mentoring at nearby Arizona State University and Embry-Riddle Aeronautical University. Initiate networking to find peer partners and investors.

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9 Strategies For Implementing An Innovative Business

Startup Professionals Musings

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. Developing the ideal product the first time around is unlikely, high risk, and very expensive in today’s chaotic market.

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5 Ways To Make Innovation A Priority In Your Business

Startup Professionals Musings

Yet I believe it is possible, and even more fun, to challenge your thinking and practices, to develop that innovative mindset that can keep you on the forefront of business. One way to do this is to nurture mentoring relationships with experts in other disciplines, as Bill Gates did with Warren Buffet.

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6 Success Stages Every Entrepreneur Idea Has To Pass

Startup Professionals Musings

As a business mentor, I sometimes feel besieged by people begging for my view and support of their latest idea. There are lots of resources available for that question, including the Internet and mentors like me. File at least a provisional patent and one or more trademarks. Look hard at the technology for feasibility and risk.

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5 Keys To A Viable Spending Rate And Cash Management

Startup Professionals Musings

As a mentor to many entrepreneurs and startups, here are my best recommendations for keeping the burn rate low, planning ahead and maintaining credibility with investors: Manage cash flow personally every day. For example, a software development startup raising $250,000 from angel investors better be able to operate on $25,000 per month.