I am reprinting this from Inc.‘s website. I think some of these words of wisdom are applicable to the new music business models currently being constructed and tapped into by independent musicians and record labels.
“Inc. recently asked some of the world’s top serial entrepreneurs included in its top 500 companies to share the most important thing they have learned over the years. Here are their words of wisdom.”
1. Get in over your head.
2. Before you build the product, write the ad.
3. Focus on simple things like profitability and execution. You don’t need to come up with the next Facebook to create a successful business.
4. Keep the main thing the main thing.
5. You will be remembered for how you deal with the ups and downs.
6. Failing gracefully is much more important than succeeding.
7. Surround yourself with great partners and share the rewards.
8. Hire slow; fire fast.
9. It’s a lot harder to repair a train while it is rolling down the tracks, so get everything set up before you build momentum.
10. Systems run the company; people run the systems.
11. It will take four times as much work as you expect but be 10 times more rewarding than you can imagine.
12. There is always a solution.
13. You cannot do everything yourself.
14. Without knowing where you are at all times financially, you are destined to fail.
15. Never confuse a consultant with a partner.
16. At its founding, a business is victim to what you don’t know; at adolescence, it’s victim to what you think you know; and as it matures, it’s victim to how willing you are to hand the reins to those more qualified.
17. You don’t lose until you give up.
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