20 Things 2011 taught me about my business

by Nic Haralambous on 21/12/2011

2011 has been one of the most intense, fun and challenging years of my business life. I’ve had my fair share of insane highs and crushing lows.

Speaking to people in the last few weeks I noticed that many of my thoughts begin with, “And another thing I learned this year is…”. So here is a list of 20 things that I learned in 2011 as a startup founder and now the CEO of Motribe.

1. Hire slowly, fire quickly.
2. Trust your gut about: People, deals, businesses and contracts.
3. One deal can break your company.
4. One deal can make your company.
5. Don’t scale your staff with one big client. They will leave you (staff and client), eventually.
6. Cashflow, cashflow, cashflow. Startups worry about revenues, entrepreneurs know the value of cashflow.
7. Be transparent with your team, they know when something is going on.
8. If you have to, work on a public holiday, your biggest deals could happen after hours. Great business minds don’t keep office hours.
9. Don’t listen to people who like to talk, listen to people who like to listen and have achieved.
10. You know best more often than not. Trust your instincts.
11. Avoid people-politics and games where possible.
12. Be honest, open and transparent. If you aren’t happy, tell someone.
13. Fire bad clients.
14. Be picky about who you work with.
15. Don’t do business just for the money.
16. Do whatever it takes.
17. No one knows your business like you do, fight for it.
18. Make the best decision you can at the time with the facts at your disposal.
19. Say “Fuck it”, and take the risks necessary for great success.
20. Have a co-founder or business partner who you can rely on. When shit gets heavy you need someone to back you up.

It’s hard to pick the most important lessons from the list above but for me I think that number 6, 16 and 20 are right up there.

What lessons did you learn about your business in 2011?

nharalambous@gmail.com

There are 11 comments in this article:

  1. 21/12/2011Motheo says:

    Above all else, love what you do. Chances are that’s how you’ll get seriously paid…and if not that, at least you’ll be having a rocking good time!

  2. 21/12/2011Eric Njuguna says:

    I’d say hang in there – especially thru the hard times – a break is literally around the corner in most cases.

  3. 22/12/2011Patrick Kayton says:

    Great list, Nic!

    My two take-aways for 2011 are: focus like crazy; and take advantage of enthusiasm.

    In a start-up you can’t afford not to focus on what you’re best at. You have neither the resources nor the hours, no matter how much you think you can pull off a miracle by not sleeping. You need to pick the narrowest focus you can identify in market, product, operations, everything and execute that superbly. If you’re good at lots of stuff, then pick one thing and kill your other babies. We haven’t yet been successful at this, but we’re getting there. And the more we focus, the better we get.

    Take advantage of enthusiasm? By that, I mean that a lot of your momentum in a small business comes from riding a wave of enthusiasm. So when a client shows interest, don’t stop pushing them until the deal is sealed. If an investor gets excited, make sure you don’t let him out of your sight until his money is in the bank. If you find the perfect employee, no matter how senior and unattainable they may seem, keep inspiring them until they leave their gloomy 9 to 5 and join your game changing company. Because if you let any of them go cold, you’ll lose them. And you’ll have to work like a dog to get them anywhere near as energised as they were before.

  4. 22/12/2011Chantelle says:

    This year I also learn’t: understand each of your employees jobs well enough to ask the right questions and not have the wool pulled over your eyes. Invest in the right tools to do your job efficiently. Great list I agree with all of it!

  5. 22/12/2011Jamaaludeen Khan says:

    I can relate to each and every one of these points. It’s been a big year of lessons for me too! Good summary!

  6. 22/12/2011StevenMcD says:

    Great write up, Thanks Nic!

    Only have 1 question, we South Africa’s ridiculous laws, how do you fire anyone quickly without all the written warnings etc?

  7. 22/12/2011Nic Haralambous says:

    That’s a chat to be had over a beer.

    There are ways that involve proper and legal contracts, avoiding permanent employment contracts altogether and various other check and balances.

  8. 22/12/2011Khalil Aleker says:

    Wow! All of these things are so true… ESPECIALLY HIRING of STAFF! To 2012!

  9. 22/12/2011Sandra Christie says:

    Never stop learning. No matter how busy you are take time EVERY day to learn something you didn’t know the day before.

  10. 22/12/2011Neil Judges says:

    Great list – One I’d like to add is ‘Take a break! It’s awesome to be on the go, working hard at what you love, but a break away, even for just a few days can have you coming back brimming with new ideas and added energy’

  11. 30/12/2011Rian says:

    Great list, Nic! I think #9 is my favorite…

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