return to homepage

The Ten Commandments for Entrepreneurs

By: Geoff Ficke

I am often asked by aspiring entrepreneurs for tips that are essential to being successful in launching a new commercial venture. Below I have assembled the big 10, something like the 10 Commandments, only for entrepreneurial success. The items covered below are not negotiable in the process of taking projects. Trying to short-circuit the list is a death knell for any start-up.

The Ten Commandments for Entrepreneurs

#1 Never Take Shortcuts!

The market is unforgiving. You only get one shot at making a GREAT First Impression! Do everything in a first class way.

#2 Never Offer an Opportunity for Consideration Without All of the Facts!

Until you have fully researched the market, pricing, demographics, etc. never attempt to take your project to decision-makers.

#3 Bootstrapping is always a Great Option!

The ability to pre-sell, minimize cash needs and prove the viability of your project can be handled by bootstrapping yourself. You keep the equity!

#4 Know Your Cost of Goods to the Penny!

The lowest possible cost of goods, with the highest possible quality features, is essential in creating realistic sales models.

#5 Your Opportunity Must have a Definable Unique Selling Proposition!

The Unique Selling Proposition defines your products niche in the marketplace. This establishes the level of risk you face.

#6 Innovate, Innovate, Innovate!

The market rewards products with creative, innovative new features and benefits. Think weird and outside the box.

#7 Address Opportunities From Your Life’s Experience!

Most successful ideas germinate from your job, hobby, lifestyle or educational experience. Keep looking around yourself!

# 8 Help Is Available for the Inexperienced!

There are many places an inexperienced inventor or entrepreneur can get guidance. Do not let fear of sales or marketing kill your great idea.

# 9 Customize Exciting Business Plans

Do not waste your time mailing poorly written fill in the blank, inter-net business plan templates. They will not be read.

#10 Never, Never Give Up!

The ability to understand, not like, but understand, the word NO is crucial to becoming a successful entrepreneur. You will hear a lot more NO than Yes.