I’m glad to see Oddpodz back in the game. I met Karen on an airplane 5 or 6 years ago. We played tennis, had a common bond of entrepreneurship and started a friendship. She moved away. I got busy. We lost touch.
After over 40 plus years of working with corporations, start-ups, entrepreneurs, and non-profits, my schedule opened up and Karen and I reconnected. I’ve been intrigued by her journey along with the profound evolution of the Internet and how it has changed the face of business.
Oddpodz’ experiences are not unique to world of start-ups.
They had a great idea.
Possessed lots of passion.
Had a business plan.
Hired a law firm.
Raised some money.
Recruited a smart team.
Made some expensive, bad decisions.
Made more expensive, bad decisions.
Created some new big challenges.
Got stressed out.
Felt like a loser.
Tried to correct the missteps.
Made some more bad choices.
Lost some momentum.
Thought a lot.
Lost some partners.
Grained some gray hair.
Never lost hope.
Figured out how to generate cash from other avenues.
Kept asking questions.
Drank more wine.
Hired more experts.
Tried new things.
Appreciated all of our lessons
Still believed they could solve a market problem.
Remained in the game.
While Oddpodz is not a home run yet, I have confidence they will succeed. They have all the needed entrepreneurial elements to score big. They are focused on clear goals. They have street smarts. They are resourceful. And they are resilient.
Plus, a vital observation.
When Oddpodz was hitting landmines they never stopped working at bringing in money to ride the tough times and they never had all their eggs in one basket. This means do what it takes to stay the course. If it means putting in 80 hours or waiting tables until your ship comes in.
As a guest blogger, I’m going to share my wisdom and experiences with Karen and her Oddpodz team, and now with you too. It’s my goal that all of you hit major home runs and you become the next generation of entrepreneurial mentors so that one day you can help others.
My first article for Oddpodz was called Grow your business. Without the green stuff, any business is dead at the get go.
Finding cash needs to be a priority in starting a business.
So how do you find cash?
You can earn it, borrow it or convince someone to give it to you (as an investment) because they believe you and your business are a fruitful bet.
In any and all cases to succeed you must:
* Have a vision (how would your obituary read, what do you want to be known for?)
* Have a mission (what you do everyday to get closer to your goals?)
* Understand your market (customers) and their unmet needs that you can satisfy.
* Understand the industry you are participating in – i.e. your competitors.
* Decide how you will be different in your market space (Here’s a step by step guide)
* Develop a plan – knowing customers’ needs; your relative strengths and weaknesses compared to competitors – select a strategy to win.
* Assess the risk / reward.
* Keep excellent records. (May want to check out the Go for it! Setting up your business ebook by Zo)
* Identify and get talent and technology to be the best in show.
* Find the bucks.
* Spend less than you earn.
* Consistently raise your standards, get better, set higher goals etc.
Plus, you must have to have:
Bullet-proof conviction This drive, entrepreneurial spirit and passion will help you weather any storm.
And in closing, you must always beware of nuts.
All kinds, there are many. They can be vendors, partners, employees and even customers. These crazy souls will distract you, wear you down and sometimes will rob you blind. So be careful. Trust only after they have earned it.
Have a question about business growth, business planning or entrepreneurship? Shoot me an email. I’m here to help.