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http://www.inc.com/peter-economy/12-surprising-startup-business-tips-from-two-former-youtube-video-stars.html

Here are 12 startup tips from Joshua and Nick--the first five are from Joshua, and the others are from Nick. You can also check out a video of their old group The ClipBandits (with a cameo appearance by Justin Timberlake) at the bottom of this page.

1. Keep it moving

Never expect things to stay the same or always be perfect. The worst thing you can do is sit around and sulk. You can't lose if you never give up.

2. Be a problem solver--never a complainer

The difference between success and failure is working through challenges and obstacles. There will always be ups and down but continuing to do the same thing and not solving the root of the issue is like running with a weight vest and shackles.

3. Automate and replicate

Whatever basic functions it takes to make your revenue stream, try to automate as much as you can. Try to take it out of individual hands to determine success or failure. While some functions and decisions require a human mind, others don't, so identify which is which.

4. Trust people who have earned it

Not everyone will do things exactly how you do it, but when people have earned your trust, you need to believe in them. Without an able support system of a trusted team, you will always be just another entrepreneur who is spinning too many plates and never take a step forward.

5. Build a business, not a revenue stream

While it's very impressive to build a steady revenue stream, you will never be worth much more than one to two times the net profit. When you build a business, you begin to expand and multiply to create value.

6. Find the right partners

You want loyalty, integrity, and honor. Complimentary skill sets are a must too, but without the previous three qualities, don't even bother getting started.

7. Make a commitment

Starting a company with a co-founder is a commitment like marriage--in sickness and in health. Expect to go through hell and back together. Know that you and your business partner(s) can take the heat.

8. Be ambitious

All business partners must share an exceedingly high level of ambition. Success mandates an equilibrium on this front, with everyone pushing the business--and one another--to excel.

9. Don't let accountants and attorneys dictate how to run your company

Consider their perspectives and proceed accordingly. If they were so good at building companies, they'd be doing it themselves.

10. Have a strong vision

Trust your instincts and don't second guess yourself until proven wrong. No one knows more about or will care more about your vision and your success than you and your partners. Don't let anyone steer you off track.

11. Love what you do and have fun, even during the tough times

There's no law that fun and work can't coexist. In fact, it's just the opposite. The more fun it is, the more successful you'll be. Choose the business you pursue wisely and accordingly.

12. Don't give up control of your business

If your company requires capital from a third party, only give up control if absolutely necessary to get the funding needed. If you do have to give up control, do it in a way that leaves you the opportunity to gain it back or you'll live to regret it.

 

http://www.inc.com/peter-economy/12-surprising-startup-business-tips-from-two-former-youtube-video-stars.html

Sandu Felix, Europe, Bucharest

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