Startup culture is practically unstoppable these days. There are incubators popping up left and right, investors constantly scouring for the next big thing, and troves of ambitious young workers trying to make their startup succeed.
According to Peter A. Levy, an attorney at Mandelbaum Salsburg, there are very specific rules--10 commandments, to be exact--that every startup has to follow to succeed. Read on to discover all ten.
1. Ensure that every member on your team can articulate your company's value proposition
What problems does your product or service solve for your customers, and why should they pick what you offer over your competition?
2. Recruit the best management possible
As Levy says, "Investors bet on the jockeys, not the horses they ride." Make sure your top-leadership team is talented and well equipped for every struggle that may arise.
3. "Fail" is not a four-letter word, but making the same mistake twice is unconscionable
Take risks but learn from your failures. There's no other way to improve in the world's dynamic landscape.
4. The stakeholder is always right
Listen to the people who have a stake in your business--from customers to employees to investors to your community--and make responding to their needs your top priority.
5. "First Mover Advantage" isn't all it's cracked up to be--learn from the mistakes of the early adopter
The early bird, as it turns out, does not always get the worm. Watch where the brave first pilgrim missteps--and learn.
6. Protect your intellectual property. Your IP is an irreplaceable asset.
For many startups, the intellectual property you create is extremely valuable. Do whatever you possibly can to protect it from disclosure.
7. If you think it can't be accomplished, you are correct
Our mindset can be a trap. If we think we can't do something, we probably won't. On the other hand, if we think we can accomplish anything we set our minds to, we very likely will.
8. Financials are like bikinis
Says Levy, "What they reveal is suggestive, but what they conceal is vital." Be careful not to reveal too much--just enough.
9. Remember the words of George Bernard Shaw: "All progress depends on the unreasonable person"
Name one genius who isn't crazy--at least a little bit.
10. Don't believe your own bullsh-
Don't fool yourself into thinking you're better or smarter than you really are. It will only come back to bite you. Hard.