Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    Everything Small BIZ
    • Planning
    • Advertising
    • Management
    • Sales
    • Innovation
    Everything Small BIZ
    Home»Business»Startup to success – Lessons from seasoned business executives turned entrepreneurs
    Business

    Startup to success – Lessons from seasoned business executives turned entrepreneurs

    Louisa M. WhitakerBy Louisa M. WhitakerOctober 4, 2023Updated:October 4, 2023No Comments3 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Leaving a stable corporate career to launch your startup is a bold move filled with both risk and rewards. While entrepreneurship provides exciting opportunities to build something from the ground up, it also comes with unique challenges. For business executives shifting gears into the startup world, leaning on fundamental business principles while embracing an entrepreneurial mindset is key.

    Create a strong strategic foundation

    Seasoned executives understand the importance of strategic planning, but startups require flexibility to pivot as the business develops. Successful scott biddle scotlynn executive-turned-entrepreneurs recommend keeping strategy simple at first. Identify your core mission and competitive advantage, along with measurable milestones for the first 12-18 months. Be prepared to re-evaluate and adjust as needed. Having an intelligent strategy balanced with agility will position you for success.

    Assemble a versatile team

    Accustomed to big corporate teams, executives may be tempted to scale up quickly. But, early-stage startups fare better with a scrappy, versatile founding team. Seek out “generalists” skilled in wearing multiple hats rather than specialists. Multidisciplinary teams that handle shifting priorities are ideal for lean startups. Compensate by partnering with agencies or contractors for specialized skills like tech development. A tight-knit founding team of flexible problem-solvers goes a long way.

    Embrace a frugal mindset

    Most executives are used to generous budgets and abundant resources. As a startup founder, you’ll need to embrace constraints and bootstrap creatively. Take cost-saving measures like managing operations from a home office, using free marketing tools, and hosting virtual events. Every dollar counts, so vigilantly track expenses and stay disciplined on discretionary spending. Adopting a lean, frugal approach will help your runway last longer.

    Learn sales skills

    Founders have to be chief sales officers, regardless of background. Executives used to having extensive sales teams now need to close deals directly. Learn sales fundamentals like pitching, objection handling, and relationship-building. Shadow sales reps at networking events to upskill. Set individual sales targets and rigorously track deal pipelines. Get comfortable hearing “no” and following up persistently. Strong sales abilities allow startups to translate ideas into revenue.

    Seek knowledge from mentors

    As a startup founder, you’ll need to proactively cultivate those relationships through warm outreach. Identify leaders who advise you on fundraising, marketing, leadership, or other areas critical to your startup. Ask seasoned founders in your network for intros to potential mentors. Be clear on goals for the mentoring relationships and coachability. Knowledge from those further along the path can propel your success.

    In contrast to having teams to analyze decisions, founders are making judgment calls constantly. This decision fatigue leads to poor choices that set the startup back. Look for opportunities to outsource decision-making when reasonable. Set standard policies for repetitive scenarios to avoid decision rework. Bring in unbiased advisors when facing major strategic dilemmas or unknowns. Conserving your decision stamina will serve the startup well.

    Fundraise far in advance

    Executives are rarely involved in fundraising, but it’s imperative for startups. Don’t make the mistake of waiting too long before engaging investors. Start building relationships with friendly funding sources at least 12 months out. Learn pitching skills and create memorable funding decks. With sufficient runway, you won’t be scrambling for capital at inopportune times. Treat fundraising as a consistent initiative rather than a sporadic chore.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Louisa M. Whitaker

    Related Posts

    Best Agencies for Targeted Marketing That Converts

    April 29, 2025

    Attracting Top Talent with the Best Recruitment Gold Coast Strategies

    April 28, 2025

    Tips for First-Time Participants to Conquer the Mexico Triathlon

    April 28, 2025
    Categories
    • Advertising
    • Business
    • Dental Marketing
    • Digital Marketing
    • Event
    • Featured
    • Finance
    • Industrial
    • Innovation
    • Law
    • Management
    • Marketing
    • Planning
    • Sales
    • Security
    • SEO
    • Software
    • Solar Energy
    • Tech
    Recent Post

    Benefits of Partnering with a Trusted Tax Advisory Firm in Dubai

    May 8, 2025

    How Do Underpinning Engineers Strengthen Existing Building Foundations?

    May 1, 2025

    Top SEO Agencies in Poland: A Comprehensive Guide to Leading Digital Marketing Experts

    May 1, 2025

    Best Agencies for Targeted Marketing That Converts

    April 29, 2025

    Keeping Your Online Presence Strong: Why Website Maintenance in Sydney is Essential for Your Business

    April 29, 2025
    • Contact Us
    • About Us
    Copyright @ 2024 everythingsmallbiz.com | All Right Reserved.

    Type above and press Enter to search. Press Esc to cancel.