1. Build something you believe in - because that's the first step to building a great brand.
Just like Goldman and Nalebuff, I learned a powerful lesson in tenacious passion from 30 plus years of entrepreneurship. When you're all alone, sitting in a dark room wondering why your business is failing, there is only one true thing to power you forward - you Believe in your Purpose .
2. "Do not aim for 10% improvement. Make it radically better and different."
Yes at the world's society we collectively create amazing products, services and companies through entrepreneurship. World changing at times and Honest Tea was radically different when first introduced. But, if you look around, we also live in the land of 'me-too 'Do not fall for it. Dig deep and decide right now to build something radically different and radically better.
3. "Prepare to be copied. Do not start unless you while survive imitation."
If your idea is genent radical and takes off, you can count the minutes before the copy-cats arrive. How will you survive competition from the big 800-pound gorillas on the block? Or even from the upstart little guys? Your key is a System of 'continuous innovation'. Although you could also take the road of Honest Tea - make friends with one of the gorillas and let them buy you out. ( Coca-Cola Company acquired Honest Tea in 2011.)
4. "Build up facilities of money and energy for bad luck and."
Great advice - but slightly extremely difficult to do. What startup or growth company has reserves of cash sitting around? But Goldman and Nalebuff make a good point - run as lean as you can no waste money or energy. You will Endfire and bad luck along the way, so having a good war chest full of capital and energy can help handle it
5. The "Never, give up Control of Ever - an until you Sell."
Some high-impact manufacturers will be tilted up to control in exchange for the lure of high-growth through venture capital - but I am not one of them. Relinquish control and you venture losing the culture and vision of the company you set out to build Even yes Honest tea raised investment capital from the beginning, the co-founders always in the driver's seat. (And yes - Goldman can still drive his vision as CEO of Honest Tea, but his boss at Coca-Cola can say ' No 'at anytime. Thus: true control is forever gone.)
6. "Do not compromise on the big things - compromise on everything else."
Vision. Purpose of any project in stone and never budge. But flexibility in the value propositions, products and services you build to execute your purpose is vastly important. Many operating I see fail to 'bend to the market' by adapting To what their customer's are telling them.
7. The "Figure How to Achieve your Goals OUT ON A Tiny at Budget - that the then Number Cut in Half."
Yes - you've heard it said before - it will cost twice as much, and take twice as long as you think. My recommendation is you apply the principles of lean to your business from day one. No fancy offices. No fancy Full color brochures. Your goal is to stay alive until you can nail your secret formula for success. Blowing the budget will insure nothing but a quick death.
8. "It's a marathon, not a sprint."
Is it ever done. Building a business is neither the faint of heart or the speed demon. Climbing Mt. Everest is not done in 3 easy steps: 1.) decide you want to do it, 2.) fly to Nepal with zero preparation , It is required to add 26,364 steps of 7 "each to climb Mt. Everest, and that's starting from half way. (2) sprint straight up the mountain in 12 easy minutes. Build systems for the long-haul and focus on small- Up at Basecamp.
9. "Take care of your family, personal and spiritual health - if you are not laughing or smiling on a regular basis, recalibrate."
Imagine the path to a wildly successful business: founder working at a feverish pitch for 18 hours each day, for at least 5 years straight. True? No, it's not. In my private conversation with Goldman, he flat-out told me two reasons He made it through the rough years: first - he believed in his purpose, second - his drive for personal balance. The notion we need to kill our family relationships, personal health or level of sanity to build our own business is sadly misaligned Take it from me - do not go there .
10. The "at The Enterprise and the Build at The Brand AS IF you'll own Them Forever."
Will you sell your business someday? Maybe that be the sole reason you are building it? Probably not. When you start and build a business based on passion and purpose, with a burning desire to solve the pain of your customer through the deliverance Of monetizable value, you build a far more valuable enterprise. Those in it for the short-term quick buck succeed succeed.
Plaster these 10 rules from Goldman and Nalebuff to your mirror, live by its everyday as your life as an entrepreneur and you might end up as successful as they.
