to land this client and get on their “approved vendor list.” (I am still not sure it was worth our time investment, by the way.)
5. You need a strong internal team to whom you can delegate responsibility -- and you have to be willing to delegate . I can’t stress this enough. You will fail if you do not have a very capable team with the various skills needed to build and run your company. I am fortunate in having a great business partner with whom I have a very natural division of labor. Without a great partner (or partners), I can tell you that it will get very lonely at the top. We also have a powerful team in all the functional areas of the company including finance and legal. We delegate responsibility and authority and hold people accountable. If you bring in a team you that you cannot trust to take charge, and can’t empower them to do so, you have the wrong team.
6. Whether you are selling shoes or you are selling high end services, realize you are selling to people. You have to be open, honest and engaging. Even in the era of social media, rampant electronic messaging and online shopping, when it comes to services, people buy from people. Your customers always have options. If you are going to grow your business your customers have to want to work with you.
That’s it in a nutshell. Starting a new business is not for the faint of heart. You need courage and stamina, and for most of us, it is a marathon and not a sprint. You also need a lot of self-confidence and a winning business model. You must be “all in.” That is, be prepared to do anything and everything to make your business a success.
Mitch is the President and Cofounder of Intelligent Product Solutions (IPS). He honed his deep knowledge of product design on the strength of a 30-year career with companies that manufacture commercially successful products for the consumer, industrial, and DoD markets. Prior to launching IPS, Mitch was VP of Engineering at Symbol Technologies. He holds numerous US and international patents, as well a Bachelor of Science degree from Hofstra University, a Master of Science in Mechanical Engineering from Columbia University, and an MBA from Fairleigh Dickinson University. He can be reached at [email protected].
How to Start and Grow a Start-up Panel & Networking Session
You're smart. You have ideas. You want to start and grow your own company. But you also have to pay the bills. In this open-to-all session at Embedded Systems Conference (ESC) Silicon Valley , Dec. 5-7, 2017, we'll hear from a panel of engineers who became successful entrepreneurs on the pros and cons of going out on your own, what they did and wished they didn't do, and how they started their start-ups on the path toward significant companies. This session will conclude with a Q&A and networking opportunity.