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Most startups wait too long before bringing on an operational leader due to the lack of clarity around the role. So start crafting a job description for a COO well before you need to hire one. This will also kick-off a process of self-examination for any CEO, says Etsy COO Linda Kozlowski. She suggests a Self-Awareness 301 assessment and points to the seven profiles of operational leaders to customize the optimal CEO/COO pairing. When is best to get started defining — and filling — the COO position? As a rule of thumb, if you’re building a physical product you should hire a COO immediately. Digital startups can wait until after product-market-fit. While each pairing will be based on the CEO, stage of your company, and composition of the executive team, Kozlowski outlines five non-negotiable traits all COOs must have: trust, proven execution, control of ego, chemistry with CEO, and versatility.
No matter what is the situation, starting with a new plan that completely requires an upfront financial investment and not just your time, drains money. It is very important to understand that you should be financially strong this much in order to pay for necessities like rent, supplies, and inventory (and that doesn’t even include your personal expenses). A high level of practicality is very important for the success. The first thing that budding entrepreneur should keep in mind is that by starting a business of your own, you are allowing yourself to put as many efforts as you can to build your business. This means that you should not waste your time and efforts in any wrong activity and put all your creativity and newness to build your brand further. It will not allow you to watch Game of Thrones, no late night parties, not hanging much with friends for activities. You should be in a code red world where everything works around the growth of your business. It’s a big sacrifice for sure but you have to realize the level related to your commitment. Extra information can be seen on Entrepreneur tips.
Do not wait until you launch your business to get customers or consumers, because they are the central element that determines the success or failure of your initiative. Make as much networking as possible! Gather contacts! Offer samples with your product / service! It’s never too early to start marketing for your business. The main motivation for writing your business plan before you start is to save time and money later during the business development. In addition, the business plan helps you to clarify your business concept and gives you a general map based on which you will invest in growing your business. There is no need to make a detailed and fluffy business plan, focus on those essential elements of the plan that will help you throughout your business development. More information and tips on writing a business plan can be found in the How to write a business plan section.
You are the designer of your life. If there are parts of your life that do not fit well, you can make adjustments. Think of your life and career as clay on a potter’s wheel and you as the potter. Get a picture in your mind of what the masterpiece looks like and keep shaping toward that picture. – Bonnie Hagemann, Executive Development Associates Source: https://theentrepreneurresearch.com/.