Keep your eye on the big boys

You've all heard of the Apple iPad. How many of you have heard of Fusion Garage's JooJoo. Much the same kind of device, much the same price ... but which one would you buy? The JooJoo could have been a big seller if it had been first to market ... but it wasn't. Now it looks like a 'copycat' (though it isn't) and I wouldn't bet on it being around in a year's time.

The moral: be aware of what the big boys are doing. If you're making a big investment in a new product, make sure you're first to market. The big guys can be second and survive; you can't.

Just say NO!

All of us are busy. Some of us are focused on doing what we REALLY need to do. Some of us can't seem to help doing things we shouldn't really be doing.

You need to decide on your goals, map out the actions you need to accomplish them and say NO to everything else (except having a bit of fun when you're not working of course).

So be clear about what you are going to do ... and what you are not going to do.

If at first ...

Attended an innovation event yesterday.  One of the speakers was the guy who designed, manufactured and marketed the 'Trunki' - ride on luggage for kids ... now a major success.  Rob explained the journey from first concept (when a student) to success .... on and off development, minor success, minor failure, setbacks, and so on ... over about 15 years.

So, as we all probably knew, a good idea is not good enough.  You also need the drive and determination to overcome the obstacles .. and you probably need to want it (success) enough in the first place to provide that drive.

You do not know best

Obviously every entrepreneur thinks he or she knows best what to do with their fledgling business. But of course those who have passed this stage know that the only person who really knows best is the customer.  If you do what you think is right and forget to ask the customers what they feel is right, you are doomed to failure.

So ask your customers - in whatever way you can - what you should be doing with your business!

Dont' ban before talking

Do employees using social media (especially Facebook) cost you money?  Almost certainly you don't know.  Allowing them some freedom to incorporate such things into their working day might actually make them more productive.

So if you are thinking about banning Facebook or Twitter or any of the other potential distractions, talk to your employees first.  Find out why they want to access such things in your time ... and get them to agree a 'code of conduct' that you all can live with. They become better employees, you become a better boss ... and almost certainly you both win.