IBD's 10 Secrets to Success

IBD’s Ten Secrets to Success:
Published 8-31-2008 mh

#1- HOW YOU THINK IS EVERYTHING. Always be positive. Think
success, not failure. Beware of a negative environment.

Tips on starting a new business to boost your odds of survival:
Stay Balanced: Watch your debt level; startups fail
because of having the wrong capital structure in place-they borrow
too much money relative to their projected cash flow. Worse yet
they view borrowed funds as and income stream. Ref: Andrew
Sherman: “Start Fast, Start Right”
Go Green: Set a timetable for reaching positive cash flow.
Gear your early goals to that deadline. Ref: Mel Chasen, President
of consulting firm: Intercede
Recruit Right. Start with a small but powerful team, offer
incentives to spur growth then as you expand, tout your key value
proposition to attract top players.
Get Familiar: Hiring qualified friends or peers who have
worked for other firms and can help you build a strong team.
Ref: Mark Breier, “The 10-Second Internet Manager”
Friends who are starts at their previous companies are likely to be
with you.
Keep Selling: Your first hires should be killer sales
people!
Draft a solid sales and marketing plan, and make sure it is carried
out. Ref: Guy Kawasaki, venture capitalist.
Align: “The business must function as a vibrant marriage
or the enterprise will fail.” “What if” scenarios, alignment of
goals and a plan for resolving disputes” are a must. Ref: Sherman
Eye the Endgame: Deal with distractions quickly.
(including personal life, supplier disputes or workplace politics.
Ref: Sherman
Dodge Cannonballs: Try to plan for events like the loss of
a key customer, a claim against the company for trademark
infringement, or the poaching of key employees by rivals. Have a
contingency waiting in the wings. Ref: Sherman
Be frugal not cheap: Target money where it counts- on technology- to “support customer’s vendors and employees.
Ref: Sherman
Stay Hungry: Bring a sense of urgency to achieving
start up goals. Complacency, small mindedness, and being overly
reactive-instead of proactive- will increase the chance of failure”
Ref: Sherman
Enlist Evangelists: Make your best volunteers,
team leaders. Offer internships and other incentives.
Ref: Kawasaki

Article Reference: Cord Cooper, IBD



#2- DECIDE ON YOUR TRUE DREAMS AND GOALS. Write down specific goals and develop a plan to reach them.

#3- TAKE ACTION: Goals are nothing without action. Don’t be afraid to get started. JUST DO IT!

#4- NEVER STOP LEARNING! Go back to school or read books. Get training and acquire skills.

#5- BE PERSISTENT AND WORK HARD. Success is a marathon, not a sprint. NEVER GIVE UP!

#6- LEARN TO ANALYZE DETAILS. Get ALL the facts, ALL the input, LEARN FROM YOUR MISTAKES.

#7- FOCUS YOUR TIME AND MONEY. Don’t let other people or things distract you.

#8- DON’T BE AFRAID TO INNOVATE; BE DIFFERENT. Following the herd is the sure way to mediocrity.
Creating bench strength by making everyone at the top an innovation leader-grooming others on their way up. Ref: “Becoming a Coaching Leader” co authors: (Proctor and Gamble) Daniel Harkavy and A.G. Lafley.
Teach: Ask the right questions, draw the other person
out and LISTEN. Ref: Daniel Harkavy: “Becoming a Coaching Leader”
Target: Provide creative courses on site and allow
Leaders to get practical experience offsite
Ref: Proctor and Gamble, A.G. Lafley and management coach, Ron Charan co- authors: “The Game Changers”
Lay the Groundwork: Give Leaders experience in a range
of key roles, business units, and world markets (moving from manufacturing
to marketing and combining skills as they are acquired. Ref: P and G
Motivate: Rewards make sure the innovation chain keeps
growing. Ref: P and G
Build Muscle: Size up the player’s strengths, then
tailor their talents for maximum impact.
Ref: John Wooden, Univ. of California
Spread it around: blend innovation in to all units.
Ref: P and G



#9- DEAL AND COMMUNICATE WITH PEOPLE EFFECTIVELY. No person is an island. Learn to understand and motivate others.

#10- BE HONEST AND DEPENDABLE; TAKE RESPONSIBILITY: Otherwise numbers 1-9 will not matter!

Reference Cord Cooper, IBD