← Techstars Blog
#entrepreneurfail Entrepreneur's Compass

“The opportunities are endless.”  You may have heard that when you embarked on your startup journey. However, little did you know that it is an understatement.

In a corporate job, you get direction from a boss. For an entrepreneur, every direction can be the right direction or the wrong direction, simultaneously. Every decision can make a profound impact on the course of your company; however, it is unknown if you’ve made the the right decision until long after it’s made.

That’s why there is no ONE route, guide book, playbook, piece of data, or compass an entrepreneur can use for a definitive direction.

The combination of these following tips​ will help entrepreneurs find their path:

  1. Gut instinct – Trusting your sixth sense will help drive your decisions quicker.
  2. Data Analysis – Assessing both historical and proxy data can provide “guesstimates” for your decisions.
  3. Customer Validation – Ask, learn and create for your buyers and users. They can serve as a big part of your startup compass.
  4. Tools – Modeling techniques such as weighted probabilities and decision trees can add a structured component to driving your company.
  5. Resources – Online and offline, there are best practices that you can leverage so you don’t reinvent the wheel.
  6. Mentorship – Find one ASAP. Generally, the more informal the better, as it is most successful when you have not only an experienced mentor, but a friend.

Remember not to overuse any of the above points, as then you may be pulled down the wrong path.

Tell us how you make your decisions in the comments below? What do you use as your startup compass?

This was originally created by Kriti Vichare for #entrepreneurfail: Startup Success.


,


Kriti Vichare Kriti Vichare
(@kritter2b)



  • Thank you for mentioning decision science tools. They are well-suited for using Big Data. Entrepreneurs don’t have to guess about everything.