Let’s get right to the business.
Although the IT sector has tremendous opportunities for investors, it would be a challenge for a successful businessperson from another industry to invest in the IT company directly. Intangible IT world is very different from what people used to in other sectors. Some of the risks are:
If you are a startup founder, eventually, you may have a question if it makes sense for you to run after VC money? They say if you ask about the yacht’s price you cannot afford one. Probably the same way it is with VC – if you have a question whether you need it you probably do not. You know exactly why and what for otherwise.
You can do that thing yourself or hire a man to do it. What will you choose? What if I say “you can learn how to do that thing yourself or hire a man to do it”? And what if “You can lose your precious time to get to do that thing yourself risking you won’t be able to do it perfectly or hire another man who is perfect in doing that”?
I do not know exactly how it is in Western countries, but insurance is a very young business here. People almost never insure their houses and very seldom the life. What they do insure albeit are cars. They are obliged to do it by law.
There are many business gurus’ books out there. I wonder if all they can be trusted? I mean how do you tell if this particular guy’s insight is priceless whereas the other just copy-pasted several pages from first’s book? How can you be sure that the business consultant you hired worth the money you are going to pay him?
OK, let us make it politically correct – Same Story Different Day. I wonder why so many sources keep posting almost the same stories and reviews. Same ideas keep circulating not only in the personal blogs of the guys like myself but also from Forbes to WSJ and back. Maybe because these ideas are the right ones? But still my time is limited to spend it on reading the same texts over and over. Guess there is a place for a startup with the piece of software keeping track of the ideas you found in that article. When opening the new one, it warns you if it has the same ideas laid out in a slightly different way. Can be hot. You just review the article, so do I, and we save each other’s time.
Is it worth spending your time and money on getting MBA diploma? Some people will say “ yes” and some will say “no.” The first group most likely have MBA diplomas themselves. People from second (like Josh Caufmann, author of the beautiful “The Personal MBA” book) probably do have their interest to suggest not going after MBA. Say, Josh, making the money with every guy who decides to buy his book instead of buying the MBA education. Moreover, why he has that MBA word on his book’s cover?
How to speed up your business development process? Act as if you already have your product or service ready to be marketed. Very often, we are spending hours discussing or even worse – creating the goods or services we are going to market. Do a little brainstorming session and several quick market tests playing the game ‘OK, I have it. What now?’. Very often, you will find out that there is no market for your idea, but if there is, you will know what to do.
Make your point. Always do. Do not hesitate. Of course, listen with the due respect. Make yourself a rule to answer in such a way that one word of yours corresponds to ten words of your counterparty. However, do make your point.
Managers and leaders are not the same. Sometimes very close sometimes not even close. They say leaders do the right things, and managers do things right.
Leadership is more of art and management is a science. You learn latter from the books and courses, and you learn former by growing personally.