Most startups wait too long before bringing on an operational leader due to the lack of clarity around the role. So start crafting a job description for a COO well before you need to hire one. This will also kick-off a process of self-examination for any CEO, says Etsy COO Linda Kozlowski. She suggests a Self-Awareness 301 assessment and points to the seven profiles of operational leaders to customize the optimal CEO/COO pairing. When is best to get started defining — and filling — the COO position? As a rule of thumb, if you’re building a physical product you should hire a COO immediately. Digital startups can wait until after product-market-fit. While each pairing will be based on the CEO, stage of your company, and composition of the executive team, Kozlowski outlines five non-negotiable traits all COOs must have: trust, proven execution, control of ego, chemistry with CEO, and versatility.
Looking at the history of startups, it is often clear that most businesses will fail within the first 18 months. The reason behind the same is that people don’t know how hard it is to become a successful entrepreneur. No one can promise that your business will definitely bloom, but with these considerations, your journey will become smooth towards the success. More information can be read at Online business research.
Before you launch your business make sure you have some money: make savings, borrow from family and friends or approach potential investors. Make a financial back-up plan. Learn how to make a budget for your business. Do not expect that once you start your business to receive financing from a bank, because generally they are reluctant to finance start-ups. Consider using a financing program for new businesses such as the START Program. You, as an entrepreneur, are the best marketing agent for your business, so everything you do and communicate must inspire professionalism. This means that everything from clothing and attitude to business cards and behavior must be impeccable and give potential customers and collaborators confidence.
Truly listen and empathize with your clients. Everyone is so interested in getting their own personal message across, that no one pauses for a moment to actually listen and hear the root of the problem or pain. Believe in listening 80% of the time, clarifying 10% of the time, and responding wholeheartedly and intentionally, is the remaining 10% of the time. – Stephynie Malik, ChiqueSpeak Source: https://theentrepreneurresearch.com/.