15 Rules for Entrepreneurs
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Loading ...I have had the pleasure of getting to know Jeff Parker , co-founder and CEO of CCBN, Technical Data Corp, Business Research Corp., and First Call. Jeff is a highly active Cornell alumnus and benefactor, and serves as the co-Chariman of the Entrepreneurship@Cornell advisory council, of which I am a member.
After reading Paul Kedrosky’s posting on Rules for Bootstrappers , referring to an excellent presentation by Greg Gianforte of RightNow , I was inspired to pass on a list from Jeff Parker. This isn’t just for bootstrappers, but entrepreneurs in general.
Jeff presented this list at the last Cornell Entrepreneur Network (CEN) event in Ithaca, NY. These are from Jeff’s experience 15 things every entrepreneur should know. He states it’s not exhaustive, but it is in my opinion a great list. It’s much more compelling coming directly from Jeff, but you’ll get the meaning of each item regardless. It’s a list all entrepreneurs should keep close by.
In fact, #7 is one that seems obvious but many miss. In my experience it is exactly true. My other reason for being inspired to write this, is rule #7 and the fact that may entrepreneurs that I speak with do not get this one. Quite simpy, if your business does not generate revenue it will fail regardless of the amount of money you have raised.
1. Focus on something you know
2. Gain some experience before you jump
3. Operate with a sense of urgency and laser focus
4. Entrepreneurship is 24×7
5. Success primarily depends upon excellent execution
6. Don’t run out of cash (know your burn rate and fume date)
7. Most businesses fail from lack of revenue, not poor expense controls
8. Do everything you possibly can to stay on plan
9. Do not overvalue your company
10. Raise extra money when you have the opportunity
11. Be sure you understand how to get your product out to market
12. Provide clear goals and responsibilities to your team
13. Let people know how they’re doing and make them feel part of the team.
14. As CEO you are captain of the ship
15. Marry the right spouse.
Incidentally, if you want to see Jeff present on some of these topics, check out a great service and technology from Cornell called e-clips. It is a great offering founded and run by Deborah Streeter on the Cornell Entrepreneurship faculty, and I will write more about it in a future posting.
Click here to see Jeff’s e-clips or just go to e-clips and search on parker. It’s well worth the time.
Enjoy and best of luck with your ventures.
– bkm
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