“After all is said and done, a lot more will be said than done.” – Unknown

Investors are not investing in your technology, although it’s the framework.  They don’t invest in your great presentation or your clever business model, although they open the door.  They don’t invest in your resume although it’s a solid validation.  And that glossy four color business plan?  It ends up in a file folder.

Investors invest in your ability to get things done.  To execute.  To accomplish milestones.  To get customers.  To generate cash.  The rest is just blah, blah, blah…

“It’s all risk. Always.” – Seth Godin

A friend spent 16 years with a company doing a great job at every task he was given.  His last job was to help offshore some of the engineering testing to a foreign office half a world away.  After that task was completed successfully, he went to work and was told he’d done such a great job, they would’t need him any more.  His reward was a reasonable severance and the chance to seek opportunities somewhere else.

The only difference between this man and an entrepreneur is this:  The entrepreneur knows his risk and confronts it.  Known risk can be managed.

It’s all risk.  Acknowledge it.  Have a plan.

Read “Tribes” by Seth Godin

“We’re not in the coffee business serving people; we’re in the people business serving coffee.” – Starbucks

If Drucker was right and the purpose of the business is to have a customer, then guess what?

It’s not about your technology, or your intellectual property, or your features.  It’s not about how many publications or degrees you have.

Every business should be in the people business delighting customers and solving their pain. The rest is just the channel that delivers value.

“Do more and more with less and less until you can do almost anything with almost nothing.” – Lee Martin

Live frugally so you can invest in your dream.  Treat your investor’s money like it’s yours.

Don’t buy the $2,000 office chair.  Get the cheap  one from the used office furniture store.  Stay at the Hampton Inn, not the Downtown Hilton.  Fly coach.  Focus on the things that add value like R&D and marketing.  Outsource the rest like payroll and accounting.

Cash is king.  If you run out of it, they turn the lights off.  Marketing is as important as R&D.  Save some cash for both.

If you need to raise $2 million what could you do with only $1 million? Or $500,000? Or $25,000?  The most expensive money you will raise is the first money.  Have a plan for every dollar.

“I wrote about 150 songs but I really only wrote 15 songs…10 different times.” – James Taylor

You can create the next cell phone, the next digital camera, the next digital music player, the next personal game controller, the next electronic book reader, or the next GPS for runners and cyclists…

… or you can create the iPhone.

Repurpose, reinvent, evolve, transition.  Find new markets, and new customers.  Use a span bridge design to make a lighter running shoe.  Use a military robot to make an automated vacuum cleaner.  Use a fermentation process to make rare earth metals.

Nah, that’s CRAZY talk…

“There is only one valid definition of business purpose: to create a customer” – Peter Drucker

Great science is great science.  But it’s not a business…

Great technology can change the world.  But it’s not a business…

Great ideas capture imagination.  But it’s not a business…

Great people can inspire others.  But it’s not a business…

Great organizations can do great things.  But it’s not a business…

…until there’s a customer.

“You don’t have to be great to get started. But you have to get started in order to be great” – Michael “Doc” McIntyre

Get started.  Now!

Don’t develop the perfect product. Get it in the hands of your customer as soon as possible and get feedback.

Start with the business model you have and iterate.  Let the market help you figure it out.

Greatness is a decision and a journey.  Not a birthright or destination.

Get Started!