What is one of the best things you can do for your start-up? Learn Quickly

Posted on October 3, 2011 by

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The life of a start-up is hard –   resources are scarce, uncertainty is high and it sometimes feels like you are navigating through no-man’s land.

Given the lack of money that you start out with, your time is the most valuable asset that you have in the beginning. Wasting time is essentially wasting money and as an entrepreneur you should realize this.

So what can you do to protect your most valuable asset? Learning quickly! Here are some points to help you increase your rate of learning.

Customers are King!

You should keep your customers close and communicate frequently throughout your entire entrepreneurial venture. After all they will ultimately decide the fate of your idea by either buying or not buying your product. Yes – I am aware that there are many other factors that contribute to your company’s success – but if you can’t get a customer to buy/use your products – you are dead in the water. There is no revenue stream and investors and banks won’t fund you.

Also remember your family and friends are not great customers to get a reality check from in regards to your idea. You need to find an unrelated (and unbiased) customer with cash that would potentially buy your product.

Be Objective! Take a reality check.

Naturally we love our own ideas and we believe in them – after all who would start a company based on a bad idea or an idea they hated? While this belief gives you the confidence to take the risk and jump into the unknown, it can also bring you down if you don’t stay objective. It is highly beneficial to keep your ego in check and frequently observe and evaluate what feedback you are receiving in regards to your idea, company, products, and your ability to deliver these things. Ask yourself – “Does this new feedback change or alter any of my current beliefs and/or the viability of my current course of action?”

To sum it up simply – Learn quickly so you can fail fast or succeed.  Failing quickly in my opinion is a success as it protects your most valuable asset your time and frees you up to pursue other things.  Another way of looking it is, you would hate to wake up in 2 years time and realize you have just wasted 2 years of your time on a bad idea (and the signs were there all along).

Happy hunting and enjoy a wonderful Monday

-Boomer

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