Startup Tips from the Summer Venture Program
We’ve been busy gearing up for the start of the school semester and a new year for the Butler Venture Accelerator. The Butler Venture Accelerator provides resources including an entrepreneurial community, incubator work space, mentors, workshops, peer reviews and more. The program is open to Babson students and alumni, Olin Engineering and Wellesley College during the academic year.
Over the summer, the Butler Venture Accelerator worked with the entrepreneurs from the Summer Venture Program. We recently asked the 2015 cohort what the top mistakes startups make, and here are their top 10 tips (in no particular order):
- When you are pursuing your business, remember to keep the big picture in mind. It’s important to pay attention to the brand of your company as a whole.
- Make sure you have reasonable goals. Prioritize what you need to do now vs. tomorrow.
- Know who you are selling to. You can’t sell to everyone.
- Don’t make assumptions – especially about your market. Go out there and talk to your customers!
- Get feedback from your customers early. Really be able to listen and make only necessary changes that will make your offering even better.
- When you are building your venture, it is easy to get opinions and ideas every step of the way, but it is a mistake to listen to every piece of advice you receive. Filter what you gather through your mission and experience and be confident when making decisions on your own!
- When you are pursuing a web or mobile tech opportunity, it is sometimes easy to lose sight of the business itself because of the focus on tech. It’s not just about getting users: remember you need to monetize and be sustainable.
- Get out there are and go visit your potential clients. You never know what they might say, and it could turn into a deal or a lead for you.
- Cash is king.
- Always have a backup plan for everything. You never know what can happen!
If you are a Babson, Olin Engineering or Wellesley College entrepreneur that needs resources to move your venture forward, join us on Wednesday, September 9 or Thursday, September 10 for our Accelerator info sessions.