12 characteristics of wildly successful startups

Published: Tuesday, May 14 2013 12:48 p.m. MDT

Communicate constantly. Next List » 12 of 12 « Prev
They regularly communicate with employees, vendors, investors, suppliers and customers about what's happening in the business.

In my 40-plus years as an entrepreneur, I have enjoyed enormous success, and equally important, I’ve experienced failure. I have the scars on my back to prove it.

Launching a business takes guts. It takes focus, money, time and there is no guarantee. Are you ready to give up your financial security? Can you handle the stress? If risk leaves you fearful, this is not the path for you. Conversely, if you crave adventure and are the ultimate dreamer, you will find true happiness in taking this wild ride.

Do you have what it takes? You can reach me at @AskAlanEHall or via www.AlanEHall.com. As always, I welcome your thoughts.
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Daniel Leifker
San Francisco, CA

This list is terrific... I have one small addition, though. Memorize everything your customers hate about your product and everything they love about your competitors' products. It can be very painful for an executive or a product manager to focus endlessly on these differences, but knowledge of them will shape your product evolution and strategy in many useful ways. I think Bill Gates said something about the richest flow of wisdom originating from your unhappiest customers.

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