Start-Up Commandments…Feel Free to Add Some Yourselves

Posted by Howard
on December 3rd, 2008

Of course we are f#$#ked as my last post detailed, but that does not mean you should not start a business today!

You should do it.

I like to say ‘Be Too Small to Fail’ and Focus on ‘Social Leverage’ but that can be a little vague. It’s late, I am a tad lazy to relink to past posts and go deeper myself, but there is a LOT of recent goodness around the web on start-up commandments.

My pal Andy who I have backed before, and won with, has 10 Start-Up Commandments that should be printed and read from time to time if you want to be an entrepreneur. My two favorites that I live by day to day (probably because my hedge fund IS my business):

9. ALWAYS MAKE MONEY FOR YOUR PARTNERS!!!

Don’t squeeze anyone. Make other people rich. Align interests and move on. You remember why Hyman Roth lived to such an old age in Godfather, right?

Hardball negotiators are rarely worked with a second time, and only invite further conflict down the road when the numbers are more meaningful.

You will become very wealthy by consistantly adding to the riches of others.

This one comes naturally if you are dealing with established relationships.

10. _____________________________

Never think you know it all. Always always be learning.

Andy’s previous post had a great rule of thumb for start-ups that rings truer and truer as ‘freemium’ models proliferate:

MAKE A PROFIT FROM YOUR FIRST CUSTOMER

In the spirit of keeping it really simple, you need look no further than ‘Always Be Closing’. I truly believe that you cant go broke selling. It’s why I coldcall, blog, twitter, take meetings, ask for orders, take my calls, answer my emails and pick my fights carefully.

Another great post on Start-ups comes from Ted Rheingold of Dogster.com (Note to self – Rachel must set up a page for our dog Bagel). I trust any entrepreneur that can build a profitable business out of a seemingly impossible idea. That means Ted just gets it. Therefore, here are his 10 Tips for Building a PROFITABLE Business . All great ones.

The web is awesome.

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