Rami Alame is an acclaimed author and entrepreneur. He is the founder of Lexyom, the first digital legal platform of its kind in the Arab world. He specializes in consulting startups on strategy, logistics, and creative solutions to emergent problems in the digital economy.
Rami’s most recent book, ‘Startup Kudos’, lays out essential business tips and solutions through examples that serve as a gateway into the world of entrepreneurship. Here are the ten of the most valuable lessons presented in the book.
1. Cultivate passion for your work
The beginning stages of growing a business can prove exhausting for those who venture into the world of entrepreneurship. A true sense of passion provides founders with the fuel they need to keep going. Passion leads to heightened creativity and allows entrepreneurs to persist through the demanding process of getting their business off the ground.
2. Keep your goals big; keep your tasks small
Too often, founders find themselves lost in the big picture. Likewise, losing oneself in the details poses just as precarious a risk. Piecing together a vision requires assembling a great many smaller tasks into one coherent, coordinated operation. To achieve this, entrepreneurs must balance the greater objective with the daily work required to realize it. The key lies in harmony between the two.
3. Always have “hero mode” ready
In the early stages of a business, times will come where a great deal of work must be completed very quickly. These “sprints”, as Rami calls them, comprise the essence of building a startup. These short but fast paced periods often make or break a company’s chances for success, and entrepreneurs must always be prepared to go into “hero mode” to get what they need done.
4. Invest in new hires
Founders should beware the consequences of not investing properly in new talent and team members. Good leaders work to cultivate the skills and contributions of those they lead. By recognizing the value of each individual working on a project, and compensating them accordingly, entrepreneurs instill both pride and passion in their employees, leading to greater work, stronger cohesion, and ultimately, better overall results for the company.
5. Network like your life depends on it
Translating a business idea into reality depends not only on the contributions of everyone involved in the project, but also on the connections and working relationships founders make outside the office. Beyond the scope of finding new clients or investors, the networking process often brings with it invaluable lessons, resources, and perhaps most importantly, confidence in the vision itself.
6. Work with other people’s money
Put simply, entrepreneurial success requires raising capital. This critical component cannot be overlooked in the early stages of growing a startup. Inadequate funding severely limits the capabilities of founders and inhibits the vital flexibility they need to ensure their goals come to fruition.
7. Perfect the pitch
A pitch, or “elevator speech”, should provide a summary of the core tenets of a vision as well as the plan of action as succinctly as possible. In addition to this, the pitch must also leave the audience as excited as the entrepreneur to participate in the opportunity presented. Essentially, this short presentation works as the founder’s passport in any given conversation. Anyone who wishes to win the support, connections, and confidence of others should develop a flawless pitch and remain ready at all times to deploy it effectively.
8. Surround yourself with the right people
Entrepreneurs should remain mindful of who they surround themselves with as people have a tendency to reflect the attitudes and habits of those closest to them. Having the right support group can keep founders grounded while providing them with the critical audience they need to refine their many evolving ideas. Accountability, dedication, and critical thinking are all virtues best cultivated in an environment conducive to their flourishing.
9. Opportunity Cost
Making decisions means sacrificing the opportunities provided by alternative options. As entrepreneurs weigh costs and benefits of available choices, they should never forget to consider opportunity cost. By definition, these costs are invisible, making them easy to overlook. Whether measured in money, time, or other abstract valuations, centering opportunity cost in decision making leads to better management in the long run.
10. Branding is everything
Perhaps more important than a product or service itself is how it’s branded. The way a target audience perceives a business plays a major role in the enterprise’s ultimate success or failure. Entrepreneurs, who generally present the public with something new, must work especially hard to establish their brand. Whether through visual aesthetics, word choice, or association, creating a distinct and appealing brand requires careful calculating. When done well, branding will serve as the cornerstone for a startup’s eventual success.
Click here to read more about Rami Alame or to order your own copy of “Startup Kudos”: https://startupkudos.com/
