Guy Kawasaki, founder of Garage Technology Ventures, offers his words of wisdom for start-ups at Entrepreneur.com this month. Here are a few of the highlights:
- "Do you make meaning? Great companies change the world by fighting the status quo, inertia and ignorance. They make people's lives better, fix the bad and perpetuate the good. Mediocre and unsuccessful companies start out only to make money. Here's the acid test: If your company never existed, would it matter to the world?"
- Forget the 25 word mission statement. Kawasaki recommends a three word "mantra" to describe what you do. Getting down to three words would be the ultimate challenge for almost any entrepreneur I know. But, an intriguing idea!
- Understand the economic model of the business. How will it make money?
- "If it takes five years of industry experience to begin to understand what you do, you've got a problem. Your parents should be able to explain your product or service. Your grandparents should be able to use it."
- Find a niche.
He also offers his view on writing a plan, recruiting staff, raising money, and more. A great read for entrepreneurs at any stage of development from a guy who has seen a lot of deals.
Interested in more? His book is a treasure.
(Thanks to Bruce Schierstedt for sending this along).
