Focus on Culture

While it may sound less important than the product or business model, the culture of a company plays a major role in shaping its success. Entrepreneurs that put tremendous thought into company culture tend to have a much better success rate. A clear, well-established culture means that employees know what’s important and valued, and act accordingly. Ultimately, those core values translate into your customers’ experience. Spend the time to think through the kind of culture you want, well before you start the company.

Build the Right Teams

One of the benefits of establishing your company culture first is that it gives you the opportunity to build your team to fit the culture. Building a culture takes much less energy and attention when you have people who intrinsically embrace the culture you want. Highly effective entrepreneurs know the right hires will tend to attract others who also embrace that type of culture, creating a virtuous recruiting cycle. They also hire for the long run — not just for today — avoiding the temptation to settle for people who aren’t A players and don’t fit the culture.

Be Transparent

Your employees, customers, and investors are all adults — so treat them that way. The most successful entrepreneurs are very transparent. Communicate openly and often about what’s going on with the business. Not only will you lead more effectively, but you will also earn greater trust and commitment.

Relentlessly Focus on the Customer or Consumer

Most businesses will tell you that they are focused on the customer (or consumer depending on the business model focus). However, what differentiates highly effective entrepreneurs from the rest of the pack is the ability and drive to understand what the customer or consumer needs and wants in context. In other words, understand WHY those needs exist by continually asking the question “Why?” If you can figure out why the customer is trying to accomplish something, or why a user might like something a particular way, rather than just what they say they need, you will likely get to a better and different solution, ultimately leading to truly great customer experience and outcome.

Establish Influential Support Networks

As a new business, there are many forces, directly and indirectly, working toward your demise. To start, a new business has no brand or track record. Highly successful entrepreneurs focus on building a network of people who truly care about their company’s success and survival, and who can help create a larger brand image than the company otherwise deserves in its infancy. They are able to establish a group of selective advocates and establish relationships with those external champions who are well-positioned to guide them and influence others. These advocates can include investors, analysts, the press, bloggers and other public opinion leaders, partners, lawyers, and accountants, to name a few. The more people interested in and invested in your success, the easier your path will be.

Set and Communicate Clear Goals and Metrics

Start-ups succeed only when the team is aligned and striving for a clear set of goals. Successful entrepreneurs set clear goals and metrics that are repeatedly communicated to the entire team. Regularly measure yourself and your team against defined goals – things that get measured tend to get done!