Rules of Thumb (For Business)
Startup & Small Business Rules of Thumb
At Miller IP, we believe in the power of community and shared knowledge. Here, we've gathered invaluable tips and 'Rules of Thumb' from startup and small business owners to help guide your entrepreneurial journey.
Rule of Thumb #1: "Plan on things taking 3X longer and 4X more expensive than you think"
Shared by: Devin @ Miller IP
Rule of Thumb #2:
"Put out as many fires as you can each day. Once the day is done, go home and be with your family. There will be plenty of fires to put out tomorrow"
Shared by: Devin @ Custom LDS
Rule of Thumb #3:
"Focus on validating the problem you are solving. Do much more customer discovery and engage "real" customers, those that you don't know, to verify that they are experiencing the challenges you believe they are and that they NEED a solution that you can deliver"
Shared by: Jeff @ Global Kinetics Inc.
Rule of Thumb #5:
"One must be on the right side of Structural Change when it comes into your domain of interest. eg. Gen AI"
Shared by: Forrist @ Davinci Green
Rule of Thumb #7:
"Understand and use network science to reach the "hubs" who may have a weak link connection to solve your problem or challenge"
Shared by: Forrist @ Planetary Care
Rule of Thumb #8:
"Before all else, nail your go-to market strategy. Next, make sure you know what you cash forecast is 18-24 months out"
Shared by: Anthony Nitsos @ SAAS Gurus
Rule of Thumb #9:
"First: figure out what you're good at, focus on doing that and delegate the rest. Fiverr is fantastic. Sign up with your local SBDC and avail yourself of all their resources.
Second: treat all your employees, contractors and partners with immense respect and gratitude. The success of your business depends upon them. Think about what happens to your business if you lash out in anger or are not respectful and make them consider leaving. Understand that life happens and roll with it. It is cheaper and faster to keep someone who already understands you and your business, then to have someone leave and have to replace them"
Shared by: Sandy Eulitt @ Life Backup Plan