To paraphrase Eleanor Roosevelt, she noted in a documentary interview that a president has to have his principles in tact before crisis hits. Because during a crisis so many options present themselves, that without principles as your guiding rudder, you can lose your ability to navigate with confidence.
So here are some tips to consider:
1. Bad Deals Don’t Get Better. If it’s not right at the start, stop and fix it, or walk away. (read a case study here)
2. Work It Out On Paper. Before you start spinning your wheels, work up a good business plan, and then talk to investors to get input. (read How to write a business plan)
3. According to Victor Hugo (1852) “Change your opinions, keep to your principles; change your leaves, keep intact your roots”
4. 6 Tips by Jason Freedman , who is now launching his third company. shared several rules he lives by on his blog; I thought these were excellant:
a) It’s not the amount of money you riase, it’s who you raise it from.
b) If you’re worried about protecting your great business idea form potential competitors, you’re not getting the feedback you need to have a chance at making it work.
c) When no one has succeeded in a market, its because everyone has missed something. Figure it out and you’ve got a great business.
d) If you’re idea is really unique, you’re doomed. The market is eiteher too far behind you, or its too small.
e) If you’re not getting feedback from customers, its because they don’t like you and you’re going to die.
f) Don’t close deals. Build relationships.
