ADVICE FOR ENTREPRENEURS

The secret isn’t to win. It's to win consistently.

Entrepreneurship is one of the fundamental economic drivers of today's global marketplace. Entrepreneurs take the big risks and can force entire sectors to evolve and grow.

In some cases evolution of the marketplace occurs through a technology paradigm shift but most often existing technology is improved serving to lead the way for increased growth and market dominance.

Entrepreneurs have laid the groundwork for many of the technological advancements of today and are shaping the future innovations of tomorrow.

Unfortunately, the reality is that most entrepreneurs fail to execute their dreams. Most are unable to simply get past the business plan development stage.

More over, those who succeed to either secure private investors (Business Angels) or are selected for Venture Capital investment often are unsuccessful as well.

Who is to be blame for this high failure rate? Is it due to the competitiveness of the marketplace? Is it due to lack of experience or business knowledge? In most cases it is a combination of many different factors. Most often it is that the management and the product are not a good fit. Or it is that market conditions are not favorable. In some cases the Venture Capital Company turns out to not be able to live up to their commitment.

For BHG, the most vital function is the selection of the right management team.

With the right management team in place, BHG will work “day and night” with the entrepreneur to accomplish the shared goal of success.

Below are valuable tips for entrepreneurs that are considering taking the next step and launching a new venture.

10 Tips for Running a Company

1. Where do you start? Start with a big market. Go after something that has hypergrowth, where the price-to-earnings (P/E) ratios are high, the air is clean and the water is fine.
2. Go for big margins. What is your area of expertise? What are you really good at? What are you specifically best at? What does your painting look like and why is it that you are the only one who can develop that painting? Big margins.
3. Super people. Be constantly on the lookout for superheroes. Have your absolute sole reason to exist be to find as many smart people as possible. There is always one person who is smarter. Constantly be on the lookout for really great, smart people.
4. Build market share as fast as possible. Seek the killer application that wipes out all other competitors.
5. Partner and create a network. Use that network and build it.
6. Win. Grow big, fast, and just win. Be the winner. Don't want to be Number 2. Just don't. It's not that much harder to be Number 1 than Number 2, just that extra oomph at the finish line.
7. Get a customer. That should have been earlier. A customer is absolutely critical to your success because you need the feedback.
8. Now, go get another customer so that the first one doesn't own you.
9. Build strategic relations with one or more of those key customers. "Strategic relations" just means money has to go one way or the other, so it's better to have it go towards you.
10. Take it public.