Doherty’s advice: Enlist critical experts. You don’t have to be a 14-year-old boy to still require business guidance, and you don’t always have to pay for pointers. Even though you’re the boss, you can’t succeed alone. “Contact people who have done something similar and ask how they did it,” says Doherty. Who knows? They may be willing to meet you for lunch or show you around their company. Ask! Many people like sharing wisdom, and their particular business experience may reveal a key to your own endeavor’s success. You could even gain a mentor out of one phone call and avoid the expense and hassle of hiring another employee. “Find someone who can coach you and hold you accountable to what you say you’re going to do,” says Doherty.
Brendan Iribe
CEO, Oculus VR
You’ve probably heard the name Palmer Luckey, developer of the Oculus Rift virtual reality goggles that Facebook just snagged for $2 billion. Iribe is the business brains supporting him. The opposite of a one-hit-wonder, Iribe has hit the startup jackpot three times. Iribe’s other ventures, Scaleform and Gaikai, lead to purchases of $42 million and $380 million respectively.
Iribe’s Tip: Scare off prospective recruits. Recruiting been crucial in building strong businesses, says Iribe. He strives to hire only candidates who are fully psyched to join his company. Iribe’s tactic to discover the most enthusiastic: “We see if we can turn them off, kind of scare them away, by telling them how much effort we all put into it and what the expectation is,” he says. Share your company’s work ethic, issues, and expectations with potential employees. Those who are still asking for a job will be pumped to work with someone who takes their work seriously.