Great points Ben. And you are so right - it can be really dangerous to overmarket your business early on, because if you don't have the resources to deal with the work that comes in, you wind up risking your reputation.
Ben Yoskovitz
· 1 year ago
@CatherineL: That's true - if you end up with too much business and can't support it that can tarnish your reputation. Although generally, that's a good problem to have.
What's much worse is over-marketing your business - which often means spending a lot on marketing - before the product is ready. Then you spend a lot, but don't get the uptake you need from customers to justify that spend. Then you're REALLY in trouble.
Thanks for stopping by and commenting!
Raza Imam
· 1 year ago
First of all, Standout Jobs is a beautiful concept. I wish I would have thought of it. It looks like you guys have the startup market down, I wonder if you guys will cater to more "commodity" jobs at F1000 firms. Either way I wish you the best.
As far as riding trends, my uncle gave me a really good piece of advice. He told me to look at Herb Kelleher, the Google guys.They didn't re-invent the wheel. All they did was do something better. In most cases, that's all you really need. (not to mention beautiful execution)
These are FANTASTIC points. I'm a freelance writer and freelancing is a little like being a CEO of a one man business. The money, responsibility, time commitment, and all the business duties fall to boss and that's me.
I'm finding it VERY hard to follow the Spend It Slow rule and I've found it is a vital one to remember. I don't have a financial backer, I'm dependant on my other income trickles so every time a check clears I feel like I won the lotto and need to go shopping. There are legitimate business needs like ink, business cards, books, etc. but you MUST preserve cash because if you spend it all in one go you're back to being broke with nothing to float on in between paychecks.
Of course, at the end of the day, it truly is the greatest joy to be doing this. I think the luckiest people in the world are those of us who fight, tooth and nail, to have the career of our dreams. Working for a regular paypacket is draining and depressing. When your work is truly creating something there is enough energy to see you through a thousand sleepless nights and an immense joy of accomplishment and personal reward. It is hard at times but every obstacle conquered is a thrilling achievement.
Aruni Gunasegaram
· 1 year ago
Great points Ben. As founding CEO of my first start-up I learned so much. I hope to be able to avoid several mistakes in my current one. The last point is so true. Near the end of my first start-up I was no longer having fun. I was dreading going into work due to a variety of factors. I am so excited about my current venture that even though it seems like I work all of the time, it doesn't feel like work. Every day isn't like that but more days than not and I plan to focus on keeping that 'loving' feeling at the forefront! :-)
Ben Yoskovitz
· 1 year ago
@Raza: Thanks for the kind words. I look forward to launching and seeing what you think after that.
@Rebecca: Thank you for commenting. Being a freelance writer is in many ways like being a CEO of a company.
@Aruni: Thank you as well for commenting on this post. I've followed your posts on Found|Read for some time. As a parent, I'm eager to see the progress you make with your new business...
Anthony Kuhn
· 1 year ago
Ben:
Fun is what it's all about. Might as well pack it all in without the occasional smile on your face.
Thanks for a reality check.
Anthony Kuhn
Ben Yoskovitz
· 1 year ago
@Anthony: Here's hoping I can keep a smile on my face throughout the launch of Standout Jobs... *grin*
Audiomecca Webmaster
· 1 year ago
I am about to embark on another adventure soon. Right now, I am getting all the thinking behind me as it were. The last start up from which I walked away required me to take some time off to reflect, gather my wits and decide whether I should start up anything again at all. Fortunately, money is not an issue and I really did not want to go through all that you say happens to CEOs of startups. As part of my reflections, I have been visiting your blog and have learned a lot including from this post. I am restless, the adrenalin is not pumping and I need to get off my you know what and do something soon. So, thanks.
Flaw
· 1 year ago
First of all, I'd like to say: Great article! Second, I'd like to comment a little about the "Setting Trends or Following Them?" part. True, it's really hard to set a trend. At least, is much more difficult than following one. But on the other hand, trend-setters are much more successful because they get to control the market and this way earning more. Sometimes, it pays to risk it and come up with something new. IF you can come up with something new, that is...
tatil köyleri
· 1 year ago
Fun is what it’s all about. Might as well pack it all in without the occasional smile on your face.
Thanks for a reality check.
oyun
· 1 year ago
@tatil koyleri Here’s hoping I can keep a smile on my face throughout the launch of Standout Jobs
Vlad - Small Business and Web
· 1 year ago
>>"the mistake for most startups is that they think of themselves as a technology company."
I find this very much relevant to my own experience. Most successful companies we are dealing with are "people companies" as per your terminology. Most of entrepreneurs who start their business as technology-based inevitable fail. As an owner of a web design business I do my best to advise entrepreneurs on changing their behavior.
That is an excellent point you've made, I believe it must be elaborated more on.
Ben Yoskovitz
· 1 year ago
@bruxism: I'm not sure trend-setters are that much more successful? Can you give some examples?
I think it's great if you can come up with something new - but it's not a requirement for a successful business.
@Vlad: Thanks for the feedback. Let me see if I can elaborate in a future post.
And I appreciate all the comments from everyone else as well.
Moishe
· 1 year ago
great piece! I am ceo of a start-up now and you couldn't have captured it any better. i think being able to look out near, mid and long term while continually pushing forward as well as moving sideways, backwards and all around is perhaps the most important skill set for a start-up ceo. moishe mortyandmoishe.blogspot.com
Ben Yoskovitz
· 1 year ago
@Moishe: Thanks for stopping by and commenting. Best of luck with the startup! It's a great experience.
shafqat
· 1 year ago
I'm a ceo of a new startup as well (much like your other readers). The point you make about setting trends vs following them is a great one. In fact, its something we think about a lot at NewsCred, and I just posted about it yesterday (coincidence). I always think about one of my favorite quotes - "we can see further because we stand on the shoulders of giants." Great post!
Ben Yoskovitz
· 1 year ago
@shafqat: Thanks for stopping by and commenting, and best of luck with your startup.
Dave, Land Deals UK
· 1 year ago
As a first time start-up director (what you yanks call an CEO :) It was really interesting to read your 'hard knocks' postings, I had to laugh at the post about fun though, I wish - this is just too much hard work!! It is true about keeping the costs down though - but that means doing a lot of the work myself. Catch22! But my eye is firmly on the big picture and im always excited about the next big deal. One positive thing to come out of the housing slow down is that land property is really booming in the uk.
Bill Bower
· 1 year ago
I have found The 51 Fatal Business Errors and How to Avoid Them by Jim Muehlhausen a helpful resource for small business owners and startups. This is a book I have used with many clients with excellent results.
A fatal mistake while starting a company is forgetting your family and getting too wrapped up in the business. You must make time for friends, family, and relaxation or else you will be a very unhappy (but possibly rich) human being.
Patrick S. Atwood
· 1 year ago
I forgot the fun part, been so busy that I let that go, need to get back to that point. 10 Years after starting this company, I am a little tired. Just cannot find the fulfillment I need. Successful but not.
Benjamin Yoskovitz
· 1 year ago
Patrick - Sounds like you need a break and a re-charge. My previous company, before Standout, was a 10-year odyssey. It started out great, got comfortable and then got dull. Then it no longer meant any reasonable criteria for why I should keep going, beyond paying my bills. And that wasn't enough. So I left and started something new.
Best of luck.
Patrick S. Atwood
· 5 months ago
Benjamin - Agree on the break, made some changes with the firm, feeling much better at this point. I love this job and I need to focus on that and not get tied up with all the other task that come with the Responsibility.
Monty - San Francisco Lawyer
· 1 year ago
I think the most important point is to keep having fun. There is a reason you started the business you did. remember that reason or you will get bitter about the amount of time you are spending nurturing the business. I can't imagine not having fun at what I do. If I ever stop having fun I will sell it and be done with it.
All Comments
What's much worse is over-marketing your business - which often means spending a lot on marketing - before the product is ready. Then you spend a lot, but don't get the uptake you need from customers to justify that spend. Then you're REALLY in trouble.
Thanks for stopping by and commenting!
As far as riding trends, my uncle gave me a really good piece of advice. He told me to look at Herb Kelleher, the Google guys.They didn't re-invent the wheel. All they did was do something better. In most cases, that's all you really need. (not to mention beautiful execution)
Raza Imam
http://BoycottSoftwareSweatshops.com
I'm finding it VERY hard to follow the Spend It Slow rule and I've found it is a vital one to remember. I don't have a financial backer, I'm dependant on my other income trickles so every time a check clears I feel like I won the lotto and need to go shopping. There are legitimate business needs like ink, business cards, books, etc. but you MUST preserve cash because if you spend it all in one go you're back to being broke with nothing to float on in between paychecks.
Of course, at the end of the day, it truly is the greatest joy to be doing this. I think the luckiest people in the world are those of us who fight, tooth and nail, to have the career of our dreams. Working for a regular paypacket is draining and depressing. When your work is truly creating something there is enough energy to see you through a thousand sleepless nights and an immense joy of accomplishment and personal reward. It is hard at times but every obstacle conquered is a thrilling achievement.
@Rebecca: Thank you for commenting. Being a freelance writer is in many ways like being a CEO of a company.
@Aruni: Thank you as well for commenting on this post. I've followed your posts on Found|Read for some time. As a parent, I'm eager to see the progress you make with your new business...
Fun is what it's all about. Might as well pack it all in without the occasional smile on your face.
Thanks for a reality check.
Anthony Kuhn
Second, I'd like to comment a little about the "Setting Trends or Following Them?" part.
True, it's really hard to set a trend. At least, is much more difficult than following one.
But on the other hand, trend-setters are much more successful because they get to control the market and this way earning more. Sometimes, it pays to risk it and come up with something new. IF you can come up with something new, that is...
Thanks for a reality check.
I find this very much relevant to my own experience. Most successful companies we are dealing with are "people companies" as per your terminology. Most of entrepreneurs who start their business as technology-based inevitable fail. As an owner of a web design business I do my best to advise entrepreneurs on changing their behavior.
That is an excellent point you've made, I believe it must be elaborated more on.
I think it's great if you can come up with something new - but it's not a requirement for a successful business.
@Vlad: Thanks for the feedback. Let me see if I can elaborate in a future post.
And I appreciate all the comments from everyone else as well.
mortyandmoishe.blogspot.com
www.51errors.com
Best of luck.