How successful are you willing to let yourself be? Are you one of those people who are willing to settle for just an OK life, or are you driven to achieve something greater? If you are someone who is drawn by a greater cause then the only thing that will really limit you is the amount of energy you put into it. It´s that simple.
My grandfather was an entrepreneur, just like me. Unfortunately he died of a heart attack at an early age. Big doses of stress and cigarettes were standard fare for entrepreneurs and shop owners in those days. Although I never met him I have envisioned that he would look at me with his ancient blue eyes, stare for a long, dramatic moment and then say “You´ll have to pull yourself up by your own bootstraps son”. I expect that this would be his advice for my life. Little did he know that I would also have that entrepreneur gene (or is it an illness?).
I read lots of business plans and I meet with many different companies each week. Not all impress me.
I meet lots of talented engineers who struggle with marketing and I meet plenty of brilliant marketing people who push lousy products. Sometimes I get bored because I want it all. I want brains and beauty, strength and gentleness, speed and agility, vision and attention to detail, heart and soul.
Being a successful entrepreneur is an inner game. It’s all about how you manage your mind and your internal beliefs. In Timothy Gallwey’s famous book The Inner Game of Tennis, he pointed out that tennis players are often totally obsessed with external things (the new tennis racket, the tennis shoes, the competition, the weather, etc.). They tend to lose site of the most important factor to being a great tennis player – the inner game – the mental attitudes and internal focus that are necessary to succeed.
While the global finance crisis might be showing some signs of improvement, the outlook for the entrepreneur is still bleak. Without easy access to capital, entrepreneurs cannot grow. A forest without new growth will age quickly just like an economy without new growth will fall. While governments around the world are busy propping up old businesses in order to save jobs, they might just be missing an important point. Old forests are supposed to die in order to make way for the new.
When working with a startup business there are times to go slow, to create strategies, to contemplate and to carefully evaluate things… Then there are other times when you need blazing speed and decisive action in order to make huge progress and to smash barriers in your way.
Background Info: RPR Technologies has been an Xelerator client for the past 3 years. In 2006 Rick Salmon took over as CEO for RPR in order to help the founders get their patented prototype on the market. The first thing Xelerator did was to assemble a professional Board of Directors and to raise the initial seed financing needed to launch the company. By the end of 2006 the first products were shipped and in 2007 the company passed break-even. Today RPR employs 6 people, has established sales channels in North America and Western Europe and has been publically recognized as an exciting and growing young Norwegian business.
If you listen too much to the financial news these days, you can put yourself into a deep clinical depression within about 15 minutes. Most of the experts are predicting global slowdowns and catastrophe scenarios, but how do you adopt a strategy to keep your small startup business afloat? Is it possible to even thrive in a recession?
To accelerate your startup during a recession you must have a STRATEGY for SURVIVAL and GROWTH.
One of the most important survival factors for any startup technology business is the ability to generate sales revenues as quickly as possible. Cash flow is king. The more that an entrepreneur is able to prove to investors that he is a good businessman (able to generate cash flow) then the more credible and believable his entire venture story will be. The quicker a startup business is able to generate some revenues, the less desperate they will be to get funding from investors. The less desperate they are, the more likely that they will succeed in getting funding.