For entrepreneurs launching a startup, the Emerging Markets team at Mandelbaum Barrett PC offers a series of 10 essential principles on which to build your nascent company’s success.
- Polish that elevator pitch – Articulating the value proposition is critically important. Can the entire team, from the CEO to the college intern, clearly express how your product or service benefits your target audience? Can everyone in the organization proudly identify your competitive advantages?
- It starts with the right leadership team – Your market is going to evolve; the economic factors will undoubtedly change. Come out of the starting gate with a management team that is skilled and prepared to confront the inevitable business challenges head on.
- Don’t make the same mistake twice – Entrepreneurs are risk-takers by nature. Missteps happen. The only failure is failing to learn from them.
- First to market is not always the answer – First Mover Advantage only remains so if you are prepared to capitalize on the market in terms of innovation, best-in-class standards, and industry awareness. Monitor your competitors carefully to avoid any of their pitfalls and adjust your course as needed.
- Listen to your stakeholders – People with a stake in your startup— whether employees, investors, or customers—want to be heard. Don’t dismiss their input. Respond to it.
- Your intellectual property has an inherent economic and strategic value – As technology moves at an ever-increasing speed, protect your IP. Boldly exploit your IP, one of your company’s most valuable assets. Put the mechanisms in place to create enterprise value.
- Stay focused and stay the course – You started this business for a good reason. Block out the naysayers who will try to slow you down; your role is to be the driving force. Relish the chance to remove obstacles with both flexibility and courage.
- Financial data is important but not the whole story – Understanding the economics (projections, statistics, the balance sheet) is critical; however, financials have their limitations, too. Your CFO and accountant are invaluable partners that ensure the integrity of the numbers and what they truly represent.
- Be unreasonable – The reason you are in this position is that you have a vision that others cannot yet see. Push the envelope, ask for the world, and be prepared to create more with less.
- Competition exists for a reason – If you start thinking you are the smartest person in the industry, you will soon be standing at the bottom looking up. Good is not good enough. Measure yourself based on long-term sustainability. The only prize is leaving a legacy of success.
Peter Levy’s perspective on practicing law and the practical approach he brings to business solutions are unique. Through his 30-plus years of experience as a public company CEO, COO, and attorney, Peter brings value as a collaborative partner who helps clients strike the optimal balance among the legal, strategic, economic and ethical considerations during their decision-making process. His clients have included prominent entrepreneurs, multi-generational family businesses, and Fortune 500 companies.