There are a lot of tips and counsel available for aspiring entrepreneurs nowadays. It is important to take advice with an open heart yet be discerning enough to know whether or not it will work for your company.
John Lemp, whose current project is Revcontent, shared eight tips based on his experience in being a business owner via Entrepreneur. These tips are deemed unconventional since it does not match with the usual entrepreneurship advice out there.
1. You can choose not to fund your startup.
Fundraising has significantly changed over the past few years. Startups no longer need to secure bank loans or grants and connect with venture capitalists and/or angel investors. New techniques such as crowdfunding are available as well. Lemp himself has opted not to raise funds for Revcontent.
2. It's better to build value than valuation.
While knowing your company's worth is important, Lemp noted that he opts to "build value, not valuation." However, majority of entrepreneurs find that valuation is highly significant.
3. Expect failure then use it to find solutions.
There is no set number of times for failure. According to Lemp, it is a constant occurrence. "The first way we try to solve any problem typically fails," he said. "That's why, in the way we look at things, every decision is a fifty-fifty chance of being right. So the principle is, if you want to hack that formula, then make more decisions in less time and learn from them."
4. Give back to the community but don't force it.
While it is essential for startups to give back to their communities, Lemp has discovered that it should not be forced onto your team. Business owners can discuss this with their individual contributors and collect their ideas on how to make the world a better place.
5. Be aware of different types of inspiration.
A spark of inspiration can come at any time. Entrepreneurs need to be discerning enough to know this.
6. Character traits play a big role in your business.
Lemp admitted that he and his team hire solely on character traits and not on experience. His best advice for hiring is to ask himself whether he would want to work for the candidate.
7. Stick to your culture.
No matter how massive your business grows, Lemp advised entrepreneurs to maintain their startup culture. Leaders need to realize that their values and mission are what makes them unique.
8. Build your business around people.
"We have built a business around people and surrounding ourselves with the best of the best," Lemp said. "The media business has always been a business driven by people, and the goal of tools such as Revcontent is to empower media businesses to be in greater control of their relationships with the users on their sites."
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