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The power of a good team

Yesterday I was watching the documentary Supermensch:  The Legend of Shep Gordon.  Shep Gordon is an ubermanager that managed Alice Cooper, Blondie, Groucho Marx, helped create the celebrity chef with his management company ‘Alive Culinary Resources’ (subsidiary of Alive Enterprises), and many others.

It reminded me how much entrepreneurs need a strong team around them to make their vision a reality.  In Shep’s case, his entrepreneurs were the musicians.  They were talented people that were passionate about what they were creating but in order to continue to create it and eventually profit from it, they needed a manager.

A lot of times an entrepreneur just has a vision.  An idea and little more than the passion to make it come to reality.  However, there are lots of technical skills that have to be utilized to make an entrepreneur’s vision come to life.

Lots of my clients have the same issue.  They have a great product but don’t have a team to make it happen.  I advise them to find all the areas in which they don’t have the knowledge/skills to make to launch their business.  Then hire the necessary person or hire/outsource that task.

If you don’t have the funds to hire someone, then you will likely have to offer equity within the company.  This is MUCH easier said than done.  Most people cannot afford to go without a steady paycheck for long periods of time in the hopes of future revenues.  That is why you gotta go through lots and lots and LOTS of candidates to find the right match; in skill sets, temperament, and even personalities (if you bring on the wrong person you will suffer, like one of my clients).  You have to sell yourself and your business to this individual.  You have to convince him/her to take this chance on your business.  Being persistent and persuasive is once of the most important skills an entrepreneur can possess.  You’ll need persistence and persuasiveness when finding partners, getting financing, negotiating rental terms, the list goes on and on.  In business school, I took a negotiating course and one of the themes was “You don’t get what you deserve.  You get what you negotiate.”  How right it can be.

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No one said starting a business will be easy.  It is not for the timid.  Nonetheless, for those that make it, the rewards are tremendous.

 

Time utilization for startups - Your Startup Guru Time is a finite resource

One of the top five reasons people say they cannot start their own business is lack of time.  I always, always, ALWAYS emphasize time efficiency to my clients.  For example, scheduling calls in advance, taking notes during meetings, making checklists, etc. all can help maximize time efficiency.  I cannot tell you how many times people have called to discuss business but do not have their materials in front of them…even worse, while driving.  Invariably they do not remember everything that was discussed and another meeting will be had.

In a startup, there are so many things to consider and juggle.  Rent, advertising, staffing, licenses, etc.  It becomes very easy to become overwhelmed in the thousands of tasks that need to be done which can cause us to lose sight of direction and lose creativity.  However, according to Economist Joseph Schumpeter business people would be better off if they did less and thought more.

All this “leaning in” is producing an epidemic of overwork, particularly in the United States. Americans now toil for eight-and-a-half hours a week more than they did in 1979. A survey last year by the Centres for Disease Control and Prevention estimated that almost a third of working adults get six hours or less of sleep a night. Another survey last year by Good Technology, a provider of secure mobile systems for businesses, found that more than 80% of respondents continue to work after leaving the office, 69% cannot go to bed without checking their inbox and 38% routinely check their work e-mails at the dinner table.

Managers themselves could benefit. Those at the top are best employed thinking about strategy rather than operations—about whether the company is doing the right thing rather than whether it is sticking to its plans. When he was boss of General Electric, Jack Welch used to spend an hour a day in what he called “looking out of the window time”. When he was in charge of Microsoft Bill Gates used to take two “think weeks” a year when he would lock himself in an isolated cottage. Jim Collins, of “Good to Great” fame, advises all bosses to keep a “stop doing list”. Is there a meeting you can cancel? Or a dinner you can avoid?

Your time is valuable. Make sure you’re spending it wisely.

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