Having received so much help and business resource from TXACE, I’d like to say that it is a great idea to found this organization and set up this platform to share the business experience.
Over the last weekend, I learned this sentence from Dr Sensus’s museum: Genius is not too hard to find, but genius + gentleman is what we are looking for. I want to share this quote to everyone here who is or will jump into the real business world.
In our blog and wechat group, you could feel the enthusiasm people have to set up their own startup companies. Then what is the next step? A lot of people choose to directly set up the company or look for the partner to work with. There are a few things you probably could not ignore when you are ready to set up your business.
The support from family is very important. When you have a wonderful idea, please share all the details to your family, especially to your spouse if you are married. You need more than the financial support from them. You should also talk with your family about the irregular and overtime working hours. Please have a detailed conversation with your family and try your best to get 100% support from your family. It will make your future life easier.
Keep very close relationship with your customers. It does not matter if you are in product industries or service industries. Getting to know who will be your customers are very important. And try to narrow this group at least from the beginning. Try to learn what your customers needs, what you could do to help them and address their needs. Find a way to communicate with them closely and get feedback from your customers directly instead of getting the feedback from your competitors.
Learning to listen: listen to your partner or co-worker, listen to your customers, and listen to anyone who wants to share to you some business experience. I learned a hard lesson from this. We are all very smart and brave to devote ourselves into a very challenge world. During the same time, it is very easy to have too much ego and lose yourself.
Hiring a professional financial co-worker, or improving your professional financial skill is also very important. Using QuickBooks or similar software to record your financial daily transactions or hiring bookkeeper or CPA to generate your monthly financial report and spending time to take a close look for these data is very important. It does not matter whether you have VC or just use your own money to run the company. Financial reports could easily and clearly give you a big picture of your business, and help you adjust your operation quickly when something goes the wrong way. The growth of your revenue, the cost of your operating expense, monthly or quarterly data comparison reports could give you a very clear view of your business. Good professional financial report records could help you expand or increase your ownership more easily in the future.
That is what I have to share so far in my startup journey. One thing I have to mention here is to learn how to appreciate others. Appreciate the hard work your co-worker or partner contribute to your business, appreciate the suggestions your friends or family share to you; appreciate the customers who are willing to spend the money and time to try your products and services, etc. Hope we all could be both genius + gentleman in the business world. And good luck and best wishes on your business success.