When starting a new business, the entrepreneur’s excitement and energy are often aimed at grand and lofty goals. Often the siren of starting a new company is the potential riches of an IPO or an M&A as well as the independence these potential successes bring to the founders.
This thinking, while bold, is a bit like asking a mountain climber on what part of the summit he intends to plant his flag. I think a better question might be where he intends to start his assault on the mountain and why.
That same practical approach holds true for an entrepreneur starting a new business. New small-business owners should take their product or service and focus on getting traction. So many things start to become clearer when customers actually begin pulling out their wallets.
When that begins to happen, your confidence in yourself and your business begin to take hold and the mountain doesn’t seem quite so high anymore.
President and CEO
Palo Alto, Calif.
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