One of our Twitter friends, Guy Kawasaki is a popular entrepreneur, venture capitalist, and blogger and understands business. Guy is a managing director of Garage Technology Ventures, columnist for Entrepreneur Magazine, and author of eight books on innovative business. He's also the brains behind the new site Alltop.com, a great “digital magazine rack” of the Internet, listing blogs on all types of subjects.On Monday he shared his five most important lessons he learned as an entrepreneur on Sun Microsystems website. Here's just a taste:
Read more. It's worth taking the few minutes. And thanks Guy for sharing your wisdom.
- Focus on cash flow. I understand the difference between cash flow and profitability, and I'm not recommending that you strive for a lack of profitability. But cash is what keeps the doors open and pays the bills. Paper profits on an accrual accounting basis is of no more than secondary or tertiary importance for a startup. As my mother used to say, "Sales fixes everything."
- Make a little progress every day. I used to believe in the big-bang theory of marketing: a fantastic launch that created such inertia that you flew to "infinity and beyond." No more. Now my theory is that you make a little bit of progress every day--whether that's making your product slightly better, increasing your skill in one small way, or closing one more customer. The reason the press writes about "overnight successes" is that they seldom happen--not because that's how all businesses work.
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