As part of our profit coaching efforts, we try to go beyond number crunching and help clients really grow their business. We weed through a lot of junk on the Internet, but we save the good stuff to share with you. Here's the 8 most insightful and inspiring bits we found on the world wide web this week:
For the Entrepreneur:
01. 5 Tips for Entrepreneurs to Improve Their Decision Making
As an entrepreneur, you need to be a problem-solver and decision-maker. Forbes.com offers these excellent tips to improve your decision making skills:
- Don't delay.
- Shelve ego and emotion.
- Ask an expert.
- Question your data.
- Plan for doomsday.
02. Advice for First-Time Founders
One entrepreneur shares a few tidbits of advice he offers all first-time founders: it's about hiring the right people and getting excited about what you do.
"That moment when a CEO gives up their core competency to someone else so they can focus on running the company is the moment they become a great leader."
-Robert Hayes, First Round
03. "How 3 Guys Risked Everything to Turn an Idea into a Global Business"
Co-founder of Zendesk, Mikkel Svane, spoke with Mixergy.com about starting a business in an otherwise "boring" industry. Through founding a $1.7 billion business, Svane's key takeaway is crucial:
"As soon as you start having employees, you really need to think about having enough cash on the balance to ensure that you don't make short-sighted decisions." -Mikkel Svane, Zendesk
For the Leader:
01. 30 Thoughts on Leadership and Trust to Make You Think
Lolly Daskal, CEO of Lead From Within, wrote a super inspiring article for Inc.com about the importance of trust in leadership. Our favorite is #16:
"People follow leaders by choice. Without trust, at best you get compliance." -Jesse Lyn Stoner, author of Full Steam Ahead
02. Leadership Tips from Founders Who Started Young
Inc.com created a list of 8 pieces of leadership advice from young founders. However, this article is chock-full of inspiration for founders of any age. We especially liked the tip Niles Citrin, owner of Citrin Cooperman, offered: find a mentor who'll push you to grow as a leader.
"They didn't ask me if I wanted to do it; they threw me into the fire." -Niles Citrin
For the Budget-Conscious:
01. How Startups Keep From Burning Through Cash
Shuly Galili of UpWest Labs shares insight on VentureBeat that she's collected over the years from founders on running a lean company.
- Promote a culture of survival.
- Recruit for loyalty.
- Entrepreneurship is not about a lifestyle.
02. How One 27 Year-Old Entrepreneur Built a $15M TV Company in Uganda
Forbes.com interviewed Ali-shah Jivraj, CEO of Royal Electronics, and one of Africa's most successful entrepreneurs. The reason for his success was due, in part, to some serious ingenuity and prices 50% lower than competitors.
"We succeeded very quickly because of our pricing. We are still able to make a profit, while not comprimising on quality." -Ali-shah Jivraj
03. "How to Claw Your Way Out of Debt"
Did you know that 26% of small business owners carry a balance of nearly $10K on their company credit cards? Founder Jason Zook shares the steps he took to get his own company out of debt:
- Draw your line in the sand.
- Change your mindset.
- Make a spreadsheet of all your current expenses.
- Reassess your expenses.
- Make a few difficult calls to your credit card or loan companies.
- Build a get-out-of-debt plan.