I decided to get serious about Technorati today and have "claimed" my Microsoft Startupzone blog. (Of course, I thought I had done this a year ago!) I have an authority of 1 and it's ranked 2 millionth something. We'll see how that changes over time.

One of the benefits I got from registering at Technorati is the delivery of blogs on topics I care about. The first one offers some heart-felt insight into the pitfalls of starting a business, "even" for those with an MBA (which is of questionnable value, of course, for knowing how to run a business from the ground up - athough I have one!). It's by Joshua Long, "After Five Years as an Entrepreneur, Five Things I Would Have Done Differently."  Read the post - it's long but thoughtful. I picked out few highlights below and have added a few comments based on my own experience in several software startups.

Have Financial Controls in Place

Because I did not have the systems in place, like an in house bookkeeper that keeps track of all income and expenses properly on Quickbooks, I could never tell exactly where we were and what trends were taking place for us to plan from. I could tell you what was in our bank account since I carried the checkbook with me and had to balance it regularly, but that is not running a company ‘by the numbers’ as the majority of truly successful businesses do.

Kris: Every startup I have worked in immediately started with Quickbooks, but that  is probably because they were venture-backed and had access to experienced coaching and networking. (Microsoft offers Microsoft Office Accounting, I must mention.)

Do Not Become the Only Sales Professional

…to breakthrough to the other side of owning a growing business instead of merely a job, you have to choose not to produce and keep being the engine behind the revenue and start recruiting, training and managing the sales force that will become that engine.

Investing in your future growth always comes first.

Take Off Time for Fun and Relaxation

By forcing yourself to get everything done in 30-40 hours, you get more done because you have deadlines and time restraints and you start doing only that which is truly important

At my business school reunion a year or two ago, a very successful classmate shared how he has made having fun a priority (Mexico, skiing, golf, kids, etc.) -- maybe two full days per week-- and is able to be more focused and efficient. He does work from whever he is.  A new model?  Working smart vs. working hard. Stressed out entrepreneurs do not always do the best thinking, collaborating or people managing. I can vouch for that from first-hand experience!

Find the Right Mentors and Resources

A lot of the guys I listened to were full of hype and could not give actionable advice and strategy to implement and get results from. Here is my shortlist of people that I respect and listen to for the following areas of any business in any industry:

• Mental Strength / Toughness: Tony Robbins http://www.tonyrobbins.com/
• Systemization / Management: Michael Gerber http://www.e-myth.com/ & Scott Hallman http://www.smallbusinessgrowthclub.com/
• Strategy: Blue Ocean Strategy http://www.blueoceanstrategy.com/
• Marketing / Lead Generation: Dan Kennedy http://www.nobsbooks.com/
• Sales: Chet Holmes http://www.chetholmes.com/ 
   

These resources are interesting to me because they come from outside the high tech world. I look forward to exploring them.

Create a Compelling Competitive Advantage & Unique Selling Proposition

[This] is a must. This competitive advantage needs to be distilled into a Unique Selling Proposition (USP) that clearly explains in one sentence why people should come to you for what you are offering instead of every other company available. Then, once this USP is figured out, you need to leverage it into at least two solid lead generation systems that produce qualified, high quality prospective clients to work with.

I agree with Josh: writing down and understanding your compelling competitive advantage and unique selling proposition are fundamental to starting and growing your company. They come first. They inform and drive your entire company strategy.

Josh provides a good example of a unique selling proposition and resulting business strategy by Domino’s Pizza.