Create something different that exceeds people’s needs. 

Most clients only ask for what they need because they don’t know what else is possible. Develop a solution for your clients that actually addresses their problem in a meaningful way. For example, while our clients are interested in banking solutions, we provide these plus an entire “lifestyle layer” that enables them to engage their consumers like never before — a value-add they didn’t expect.

But don’t just sell what you have — understand their problem. Clearly, they are looking for a solution, but why? What friction points are there?

The clients we work with generally don’t want to do any development or IT work on their end. They want a plug-and-play solution that they’re also able to customize. This isn’t always the easiest things to provide, but when you spend time creating a solution that solves your client’s problem and addresses their concerns, it not only impresses them but also boosts your credibility.

Market with scalability and manageability. 

This is a chicken-or-egg scenario: Should you build a robust technology infrastructure that requires more time and money, or should you start small and scramble to build? “Scalability” is a common buzzword we’re all familiar with, but many people don’t put enough thought into it.

Scalability goes beyond technology — it applies to staffing, processes, policies, office space and more. Work with your key members and make sure they understand where you think the business is headed. Take time planning how you will account for various situations that could arise, and how you’ll handle them. This way, when it’s time to scale, it’s no surprise to anyone, and you’ll have ideas at the ready to pull from.

Keep your friends close, and your technology team closer. 

When you start building a new company or product, it’s going to vastly evolve from the initial concept. No matter what you do, there will be changes — sometimes pretty major ones.

If there’s anyone who typically isn’t happy about change, it’s your technology team. Think about it: They’ve spent months (or sometimes years) developing the current platform, then out of nowhere, they have to completely re-engineer the solution or force a new solution to work with the existing infrastructure.

Keep your tech team in the loop so that when changes arise, they understand why. In the hectic, day-to-day grind, it’s easy to just give orders about what needs to be done. But to those who aren’t involved with everything, these orders can seem like a knee-jerk or an irrational decision. Keeping your team in the loop helps them understand why any deviations need to occur and what impact they have on the business. Ultimately, the team will feel more connected, and the added workload will be better received.

Seek out strategic partnerships. 

When you build relationships with new partners, there are several things you should consider — one being mutually beneficial channel partnerships.

We were once speaking with two different service providers to provide new functionality for our customers. Our technology team looked at both party’s application program interfaces (APIs) and felt that they provided a similar offering. Even though Provider A would have been easier to integrate with, we chose Provider B for strategic reasons. Both providers delivered the same end-user experience, but in exchange for using their services, Provider B would push our solution to their clients — bringing us both more business. We even looped our technology team into the decision process (speaking to my previous point) and they were on board to tackle the extra work.

Learn how to provide simple explanations to disruptive solutions. 

You’ve created something awesome and unheard of. The problem is, if it’s something truly revolutionary, no one else has heard of it either. You’re at square one, and you have to educate people in a meaningful way. Above all, it’s important to learn how to explain to your client (in terms they’ll understand) why your solution is so innovative and beneficial to them.

We introduced a functionality that no one was accustomed to experiencing in a retail banking application. We knew our platform inside out and could explain it to each other easily, but we ran into a communication barrier when trying to sell it to the banking industry. People had no clue what we were talking about. We ended up using banking industry speak to put it in terms that made sense to them and addressed the problems they faced.

One way to streamline this undertaking is to come up with several simple explanations and try them out with different clients. Attending trade shows and exhibits is a great way to test your marketing message with key people in the industry. This exercise will also point to any weaknesses in your messaging so you can figure out what needs to be improved.

Plan for another plan. 

No matter what you do, nothing will happen the way you expect it. While the highs will be high (and the lows, low), trust in yourself that you can persevere through the tough situations and find a way to make it work against all odds.

Recently, YEC spoke with Weitz about his experiences networking and his advice for others aspiring to improve their own experience. His best advice is below.

What is one practical tip you’d give a young entrepreneur who is just setting out to build a professional network?

Make sure you find ways to add value to others before asking others for referrals that add value to you. Never jeopardize your reputation by being dishonest. Build your reputation on being able to get things done accurately and honestly.

Describe one situation in which a casual networking connection ended up later having a big impact on your business. What was the key to making this connection a lasting one?

I remember being at a networking breakfast and meeting someone as we walked in, who it turns out owned the largest mortgage bank in New York. We shared some similar views on discussion topics at the breakfast, afterward we exchanged information and to this day (eight years later) we still refer each other a lot of business. I had a long-time client who owned seven hotels and needed some help refinancing them. I was thankfully able to reach out to this gentlemen, who was able to step in and help a pretty impossible scenario. This hotel owner was so impressed he spoke to his network of other hotel owners and now we are one of the hotel’s top partners, handling their commercial mortgages.

What is the No. 1 quality a successful networker/connector needs to have, and why?

You need the ability to see. Few people can draw out a blueprint but even fewer can execute it. Whenever someone needs something from me involving a connection that is usually for a deal that needs to get done, I not only have the right connections for it but I can see the bigger picture and end goal and then assist in relaying that and helping to close the deal.

Which venues or events do you recommend other entrepreneurs use to make solid business connections?

I’m someone who believes food and drinks bring people together and so I involve myself in networking breakfasts and lunches, mixers, etc. I also try to find the best and most impactful publications in my industry that I can first contribute to and add value. Once I know I’ve added value, I believe it’s easier to network.

What systems, practices, or even apps/tools do you use to simplify networking and follow-ups?

I use my iCal all the time for appointment reminders and tasks. This also ties right into my Outlook Schedule and syncs each time I make an addition or change. I also tie my email into my CRM so that responses and questions are all tracked in a timeline. This helps when I need to go back and review something as well.

How can entrepreneurs introduce themselves memorably to a potentially important contact? What should they avoid?

Often times, someone gets so excited or nervous to introduce themselves to a large contact that they often forget how to be themselves. I always try to speak clearly and with confidence. I look someone in the eye and smile and shake their hand. I introduce myself with my whole name (first and last). I then try to use their name when speaking right away so I don’t forget it. Often, I’m able to handle my introductions with that coupled with a quick 3-4 sentences on a value-add we may be able to both provide to one another. I always follow up with them that night with an email and all of my contact information.

What was your biggest networking faux pas?

I think people should stay in their lanes. Not everyone can solve everything. It does no one good to be a jack of all trades but master of none. Whenever I meet someone who tells me that they can serve any industry and mentions stories about getting completely impossible deals done, I often think that the best press is the people you’re helping, not you yourself.

Who is your hero? (In business, life, or both.)

I love the pursuit of realizing my potential and being creative. The people I look up to are interesting and impressive, with a sense of adventure. Some of the people that demonstrate that curiosity to me are Tim Ferriss, Leonardo da Vinci, and Donald Glover.

What’s the single best piece of business advice (unorthodox tips welcome!) that helped shape who you are as an entrepreneur today, and why?

The single best piece of business advice that shaped me was to be vulnerable in leadership. A lot of business executives are polished and skip the anxious details. While that works, if you can be a vulnerable leader, you can be realistic in any situation you face and gain a lot of advantages. As a leader, I have to expect that people trust to come to me with issues.

Lead example and with transparency. I do not have to have all the answers. But if I have to have the right mindset and ask the right questions, we can figure anything out as a team. This is more effective than inspiring people by appearing to know it all because you can discuss issues and inspire your team in the face of any setbacks.

What’s the biggest mistake you ever made in your business, and what did you learn from it that others can learn from too?

The biggest mistake I have made in my business was over-prioritizing building product when attempting to validate a solution in the market. It’s easy to be lulled into the idea that building a prototype or improving your prototype is the most direct way to build your business and validate it. In truth, you can often learn a lot from customers even without writing a line of code. Most people know that, but what I learned ultimately was to value the vocation of user research.

Understanding the science of interviews, surveys and tests allows your team to validate assumptions without a product. This is critical, as your product isn’t necessarily an iteration or 10 away from being useful. It’s important to be able to build products quickly. But if you can validate quickly, you have a much higher chance of success.

What do you do during the first hour of your business day and why?

During the first hour of my business day, I make tea and take time to read and think. There are a million things a day tugging at my attention: email, meetings, calls, development, hiring, etc. By deliberately starting slowly in the morning, I have time to center myself and focus on what’s important. This allows me to be less anxious and have the time I need to gather the insights to give us competitive advantages.

What’s your best financial/cash-flow related tip for entrepreneurs just getting started?

Think critically about whether your business is capable of being bootstrapped or if you’ll need investment capital. It’s much better to be focused on one completely rather than straddling the line, as you won’t allocate your limited resources properly.

Quick: What’s ONE thing you recommend ALL aspiring or current entrepreneurs do right now to take their biz to the next level?

One thing I recommend all aspiring or current entrepreneurs do is tally their (and their team’s) strengths. If your strengths don’t apply directly into the business you’re building, then there’s waste in your teams potential and you might be the wrong team for the job. Since all value comes from you and your team, it’s critical your team is focused on the best problem they can solve.

What’s your definition of success? How will you know when you’ve finally “succeeded” in your business?

Everyone is trying to succeed in business. Regardless of how large of a business I want to build or what market I want to build it in, my definition of success is defined by a willingness to fail. If I’m happy to have tried building a business even if I ultimately fail, then no matter what, I am successful.

Obviously, the goal is to succeed, but if you’re being audacious and you’re aligned with the mission you’re after, then each day can be filled with joy. It’s hard work, so I don’t believe the idea of success should be predicated on recognition or money. If you feel successful and fulfilled by working on your mission with teammates you enjoy, then you’re successful and more likely to succeed by conventional means as well.

These days, I hear the term thrown around a lot. Businesses and so-called thought leaders talk about emerging trends in strategy with each passing year. But must these strategies change over time?

There is a saying that 20% of businesses in every industry take in 80% of the earnings. I believe this is because they have a time-tested business strategy that encompasses each of the following basic principles, which are based on the ideas of the renowned Prussian military theorist Carl von Clausewitz and incorporated in the U.S. Army Field Manual of Military Operations.

Clausewitz, a widely-renowned strategic theorist, believed that war and business shared a good deal of similarities and that both involve a clash of interests. His insights and strategy not only significantly influence modern business, but also offer an opportunity for managers who want to improve their global business strategies.

The Principle of Objective

Every action must have a clearly defined and actionable goal. That’s the first principle of an effective strategy. Though it may sound obvious, I cannot stress the importance of being certain on what you have set out to accomplish — and how you plan on achieving it.

Business owners who spend time defining clear objectives for their company and employees are usually the most profitable, and by a significant margin. These businesses carry out their operations in the most efficient and effective manner because each employee (no matter how many there may be) knows exactly what their role is, what they are expected to deliver, and by what time they need to do it.

My company’s vision is to “build delightfully smart tools.” It’s an objective that trickles down to every single employee as a clearly defined statement of purpose.

The Principle of Offensive

Business, like war, is an intense fight for survival — and survival requires you to be on the offensive. As a technology entrepreneur, I constantly make adjustments to thrive in today’s economic climate.

Challenging your competitors and winning battles is the only way to move up the ladder of success. Every market has challenges, and only by taking them head-on can you create your own space.

History shows you don’t win battles on the defensive. Rather, you need to identify your competition’s strengths and, and more importantly, their weaknesses. Look for a chink in the armor that can be exploited. Instill a “relentless attack” mindset, continuously going on the offensive with new products, services and ways to reach your ideal prospect and communicate with them. 

The Principle of Mass

The principle of mass is about concentrating your power at the right place and time: “Concentrate combat power at the decisive place and time.”

Applied to business, this means you should wait for that decisive moment before you seize the opportunity. And when that moment is upon you, only then should you concentrate all your resources to achieve the desired market position. This is often seen in practice by businesses that deal with seasonality, where major transactions are carried out over a small period of time requiring a massive allocation of resources.

The Principle of Maneuver

Businesses need to remain flexible and have enough maneuverability to continue pursuing innovative and creative ways to better serve their customers. Despite all odds, and no matter what the competition does, businesses need to continue moving forward and always look for simpler, cheaper and faster ways to serve customers, increase sales and achieve higher returns on investment. 

The principle of maneuver requires you to use speed, surprise and economy of effort as the key elements with which to defeat your competition. If you don’t move decisively, you stagnate. And when you stagnate, you risk going out of business. Maneuver is an act of initiative, resulting in long-term business gains and sustainable growth.

The Principle of Surprise    

The most common and classic mistake that a business can make is to be predictable. This doesn’t necessarily mean you need to introduce a brand-new product, but it can often be in the form of an improved and repositioned product that has been given a major overhaul.

In order to stay ahead of the competition, businesses need to constantly strive towards developing a competitive advantage with products, marketing strategies, services, processes, sales strategies and by adopting new technology.

The Principle of Security

As a business, you must protect your valuable assets and resources. Your competitors are always on the lookout for any vulnerabilities that you may offer, which they could exploit to gain an advantage. 

Social, mobile, and cloud technologies have grown integral to the functioning of most businesses, leading to higher levels of innovation and business transformations. Security should no longer be a deterrent to this momentum; rather, it’s time for businesses to analyze and mitigate risks to acceptable levels while moving forward.

The Principle of Simplicity

In the words of Karl von Clausewitz, “Everything in war is simple, but the simplest thing is difficult. The difficulties accumulate and end by producing a kind of friction that is inconceivable unless one has experienced war.”

As a strategic leader, you need to make several decisions as you plan ahead. What’s important, however, is that these plans remain clear, succint and easy to understand if they are to be executed without issue.

By taking these steps, you put yourself in the position to scale your company and maintain your advantage against changing markets and new competitors over time.

Who is your hero? (In business, life, or both.)

My father is my idol and hero. He is a great leader, father, entrepreneur, doctor and highly respected community member.

My father was a pioneer in building the first private hospital in a small town in India (Guna, Madhya Pradesh) in early 2000, when healthcare infrastructure was pretty much non-existent. Now the hospital stands as one of the largest private hospitals with the best quality infrastructure in the district and nearby areas. People from nearby villages travel miles to get consultation and services there.

I have learned from him and his journey that starting something new and ahead of time is full of challenges, particularly around sharing a common vision and getting a “buy-in” from stakeholders and partners. I have seen him focus and prioritize on motivating and convincing his other partners to support the venture. I’ve seen that forming alliances and partnership at the very beginning of your startup phase is key to success.

My current investment management firm is in partnership and backing of Canadian Firm Wesley Clover and Indian software services firm Ideas to Impacts. Even though its early days of my venture, I feel very confident regarding its success.

What’s the single best piece of business advice (unorthodox tips welcome!) that helped shape who you are as an entrepreneur today, and why?

Be persistent. One of the most common problems startups face is running out of cash. Many times, its related to key founders leaving, the business model not working out or competition creeping in. Not getting bogged down by these challenges shows that you truly believe in your vision and the problem you are trying to address.

This is key to success, as your partners, founders, employees, customers and investors will look right through that and support you till you succeed. If you can weather these critical moments you can beat anything.

What do you do during the first hour of your business day and why?

Having tight control of your expenses is critical to longevity and success. I have seen startups go on a spending spree once they raise capital and run out of cash. Basis processes, such as getting quotes from at least three vendors for a service, ensures cost control but also compliance. In fast-growing companies, decision making is decentralized. And with lack of process, malpractices crop up.

What’s your best financial/cash-flow related tip for entrepreneurs just getting started?

Measure ROI from the outset for as many activities as possible. By doing this, you can quickly focus on the items that bring back the most to your company and help you grow. The bigger you get, the easier it will be to focus on more and more items. But in the beginning, it’s really important to focus on what investments will bring in the biggest ROI. Of course, ROI doesn’t only mean financial return. It applies to branding, customer feedback, development, etc.

Quick: What’s ONE thing you recommend ALL aspiring or current entrepreneurs do right now to take their biz to the next level?

At every stage of your venture, from the day you consider starting a business to the day when you scale your venture to new geographies, perform a deep strength and weakness analysis. Once you do so, build or acquire the missing skillset quickly. For example, for your B2B technology product, you need an experienced enterprise sales person to take the product to market. It’s important that you align the person’s incentive with your venture’s vision for long-term growth. For example, you may realize that bringing this person on as an employee may not be effective. Rather creating a co-founding position might be critical to success.

What’s your definition of success? How will you know when you’ve finally “succeeded” in your business?

Obviously look for success factors such as revenue targets, profitability or success exit/acquisition etc., as criteria for success. To me these are milestones. To me, success is your ability to achieve every small micro-task on daily basis per quality standards and timelines you previously defined. This requires an ability to design a long-term plan (say one year) and break it down month to month, week to week and day by day. It will provide you with a sense of satisfaction that your daily goals are part of a larger mission. This also reduces the pressure to achieving success. It allows you to go to bed satisfied that you had a successful day.

Companies that don’t immediately market themselves take longer to establish customers, which negatively affects any short-term profitability. By following a few essential marketing tips, though, your company can garner recognition in a shorter amount of time, helping you achieve the success you deserve.

Create a Unique Message Based on Customer Input

For startups to truly grow, they must know what the customer needs and then continue to create unique marketing messages for those customers. Work with your end users as much as possible, constantly asking for feedback and recommendations.

Take everything into consideration, but be warned: Don’t only feed the needs of certain customers, even if they are your best. If this happens, you can lose focus of the basic idea of your product that is likely driving new customers to your business.

During our first year, we constantly asked for feedback through follow-up emails and even some basic questions following a transaction. We asked, “How can we make the booking process smoother? How are our prices? Will you use us again, and if so, why?” These types of questions helped us refine our product and allowed us to center on the most important element of any startup: the customer.

Don’t Neglect the Importance of Great Content Marketing

The old adage, “Content is king” has never carried so much weight. Make sure to hire a great content team with a sharp eye for spelling/grammar mistakes and the know-how to capture the attention of an otherwise distracted or disinterested audience. 

We could have saved loads of money by hiring cheap freelancers. But the quality wasn’t there. Instead, we spent considerable amounts of time finding the right fit for content creation, from hotel pages to landing pages, and it has paid off. 

Develop a Strong Brand

Spend the extra time up front developing your brand. Find what makes you truly unique, and create a strong editorial voice, content strategy and social media campaign to strengthen your unique message.

The more defined your product is, the easier it is to build a brand: For instance, my company’s sweet spot focuses on travel in and out of Africa. Always start with the most simple and straightforward message of your product, and build your brand from there.

Focus on Your Customer Base

Focusing strictly on sales in the beginning of any startup is easy to do, especially for those who are self-funding. Revenue equals success, and all startups seek that. But this usually requires focus on the route to revenue: building a sustainable customer base.

Focus on creating relationships with existing clients and treating them well. Think of every situation as winning their business back over and over again. Make your customers feel as though they are part of your team through some interaction like contests on social media, giveaways, and frequent newsletters.

We cater to previous customers by providing them with a discount on their next trip. This has helped create some brand loyalty and positive reviews that help newer customers decide to continue working with us over our competitors.

Study Other Startups’ Strategies

Study your industry, especially your competitors that are doing well. Don’t mimic; you’ll immediately lose respect for that. Rather, find out what they are doing and see if you can learn from it.

We work with a few analysts who allocate time each month to studying the competition. You’d be surprised at what works for others, and also how many are mimicking your own services. Competitive analysis is fun and helps you create a better product by giving you insight into what works (and doesn’t work) within your industry.

Think of marketing as just as important to a startup’s growth as the product or service itself. As you grow and discover your brand’s “secret sauce,” you’ll create a truly unique marketing plan that is focused on your target customer and will build your brand’s authority. Start off with these five essentials and expand from there.

If it’s any comfort, your problem isn’t unique. As a three-time entrepreneur, I’ve faced this numerous times myself. Today, I help people overcome this obstacle — by harnessing the unparalleled power of video.

Building trust and credibility with potential buyers is absolutely critical to growing your business. While it doesn’t typically happen overnight, a well-made video can certainly kickstart the process. Here’s how:

Storytelling on Steroids

Sure, a picture is worth a thousand words. But a 60-second video is equivalent to roughly 1.8 million words. Imagine the story you can tell with that many words.

Not only can a video give audiences a better understanding of your product, but it also has the power to evoke emotion from your customers in ways other media can’t. Video gets people excited, helps them empathize, and makes them yearn for that stress-free solution you’re offering. Creating an emotional connection with audiences compels them to believe you understand their pain points and to trust the solutions you provide.

Of course, where you tell your story also matters: Don’t just keep it hidden on your website or social media pages. Thanks to digital video distribution platforms, you can quickly infiltrate all of cyberspace and ensure that your video is poised to target audiences whenever they browse their favorite websites or consume related content.

The Proof Is All Around Us

Video has helped many new startups and established companies take products or services to mainstream audiences. In fact, major brands have been capitalizing on this marketing approach for years.

In 2014, it took Chipotle just three and a half minutes to solidify its status as the thoughtful alternative to fast-food chains serving up greasy food made with GMOs. The company’s ad features a scarecrow that challenges the status quo in food production. It not only won top honors in the PR space at the 61st annual Cannes Lions International Festival of Creativity, but also helped build a highly trustworthy reputation for the brand — which is likely why its recent challenges haven’t totally sunk it.

A few years prior, Michael Dubin, founder of Dollar Shave Club, decided to create an irreverent, hilarious YouTube video (starring himself) to drum up business for his subscription razor service. Within two days, the company had more than 12,000 new subscribers. That video cost less than $5,000 to make and has since been viewed more than 23 million times (and Dollar Shave Club was since acquired by Unilever for $1 billion).

While video has proven its ability to catapult brands to unimaginable heights, but how do you create a brand video the right way?

1. Don’t start a war. If you insult your competitors in your video, nobody will sympathize with you if they retaliate. Plus, if they’re already established companies, they probably have the resources to one-up you.

Aside from the fact that videos focused on the best qualities of a product — as opposed to the negative attributes of a competitor’s — feel more trustworthy, there are a few more reasons you should keep it positive. You also don’t want to offend or alienate your target customers, who may have purchased or considered purchasing from your competitors. Finally, dwelling on competitors’ weaknesses can give the impression that you don’t really have any strengths to talk about, so ditch the inferiority complex.

2. Give people what they appreciate most — authenticity. Documentary-style videos give founders the opportunity to share their stories directly with audiences. These types of videos are typically found on company websites and can be shortened into commercial formats.

In video interviews, give genuine responses; don’t over-rehearse or memorize scripts verbatim — you’ll sound generic. People recognize and relate to what is real. Likewise, video is one of the best ways to introduce your team to the world, as we did in our 2015 holiday party video.

Sure, people can read team bios on your website, but video gives viewers an opportunity to see your team in their element. It’s OK for the video’s vibe to feel more relaxed and team-oriented, but it’s still important to boast a high-quality product. If it’s shot on a smartphone or poorly edited, for example, it can relay an unprofessional message to customers.

3. Turn customers into your best salespeople. Testimonials are a great way to build trust for your brand, but avoid stereotypical before-and-after photos and infomercial-type jargon. Show real customers talking candidly about why they love your product — and make sure they smile often on camera.

Making a killer video for your brand doesn’t have to be hard. Stick to these tips, and you’ll have one you can be proud of. Throw in the right combination of promotion and quality production, and it may even launch your brand to stardom.