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By James Conrad

Innovation is the driving force behind the success of any startup. However, because innovation means to break away from the pack, rebel against the status quo and follow the path that diverges to the road less traveled, does the idea of innovation fly in the face of management rules? In other words, is it possible to manage innovation?

Although founding and running a startup is an art, management is a science. The challenge that comes with managing innovation is that people with innovative minds are restless and don’t take well to being stifled in any way. In fact, many visionaries will scorn and revile authority figures who believe that change of any sort is subversive, run their operation with a hands-off attitude, turn a blind eye and a deaf ear to any new ideas, and reap all the benefits despite taking none of the risks.

On the other hand, for all their restless energy and relentless vision, truly innovative entrepreneurs are surprisingly modest, preferring to let their talents and their accomplishments do the talking for them. As such, they treat all intelligent people they encounter as equals, and have no problems communicating their ideas to anyone, for they believe that their role is not only to blaze new trails, but also to inspire others to follow their dreams with them. Although they strive for autonomy, they know that they cannot realize their dream alone, so another ambition they seek to achieve is to become the director of a successful team in which they foster co-leaderships.

One particular example of a successful co-leadership took place in 1949 when Soichiro Honda, an inventive mechanic who led a struggling motorcycle company partnered with Takeo Fujisawa, a businessman from Tokyo. “If you want your company to become successful, you must look far into the future,” said Fujisawa. The rest is history. Ten years later, the Honda Motor Corporation would become the world’s largest motorcycle manufacturer, and in time would become a major force to be reckoned with in the automotive industry.

James Conrad is a frequent contributor to Schmoozd.com. This article first appearedthere on April 16, 2012.

By MentorNight Crew

Running a successful startup without a doubt requires thinking outside of the box. As time moves forward, technology changes, public opinion changes, and ideas change. As such, an entrepreneur constantly needs to keep an ear and an eye out for new ideas, and re-think old ones.

One idea in particular that needs reevaluation is the concept of networking. The realms of fundraising and entrepreneurship, particularly in the world of startups have long been incredibly connection-driven. In other words, offers for jobs and other opportunities end up being afforded to people based not so much on what their talents are, but to whom they are connected. In other words, the exploitative practice of leveraging a person’s professional and business has become de rigeur, and this phenomenon is really just an exponent of the human tendency toward approaching interpersonal relationships in an insecure manner. Because it has long been believed that familiarity breeds contempt, we have often been advised to draw a sharp, clear line between business and personal relationships. However, all this really does is create a false barrier that inhibits personal connections.

The truth of the matter, though, is that friends made in the workplace can be some of the best friends a person can hope to have because we spend about a third of our day in close quarters with these people, often in the process of solving challenging problems. Therefore, to place them off limits as friends is as needless as it is counter-intuitive. No interpersonal relationship of any kind – particularly in the business arena – should be created for the sole purpose of leverage. In his recent article, “Let’s End Networking Now, Please,” entrepreneur Allen Gannet poses the question, “If someone is not good enough to be friends with, then why do business with them?” Moreover, Gannet observes that, “Our connections with people, even in our work life, should be based on relationships of genuine humanity, not shallow tit-for-tat interactions.”

Indeed, if successful professional relationships are meant to be based on trust, then more opportunities to build trust and communication should be created. As such, constructing mental dividers that differentiate whether or not someone is a friend or simply a business associate would only inhibit the growth of meaningful relationships within the professional realm.

This article was originally published on MentorNight.com on January 19, 2013. MentorNight is a group of Los Angeles mentors, entrepreneurs, and investors dedicated to educating and helping the next generation of internet startups. They meet monthly to teach each other about startups and technology, formulate business models and marketing, and help the next generation of geeks and entrepreneurs develop their own startups. For more information, visit MentorNight.com.

By Sarah Stockdale

Accounting sucks.

OK, that was a bold statement.

Let me rephrase: accounting is a source of pain for most small business owners. So, like most people, they take that pain and ignore it because it stresses them out. They shove it in a shoebox somewhere in their office and hope it goes away. That being said, proper books, and an awareness of how you are progressing financially is key to your success as a small business owner.

Good news! It is easier than you may think to get started on the road to being financially savvy.

Better news: I have three tips that will help get you on your way.

1. Ask key questions.
First, ask yourself four key financial questions to get a snapshot of where you are now:
- What are the start-up costs of your business?
- What are your sources of finance?
- What is the timing of your financial needs?
- What is your game plan for unexpected costs?

2. Track, track, track!
Compile as much financial data as you can, through an application like Wave, or by collecting receipts, spreadsheets, and bank statements. Once you have an idea of where you are spending your money, make a commitment to tracking your finances monthly and checking in on them weekly. Get acquainted with your income statement. You two should be very close.

3. Create a financial action plan.
Managing your money is scary, but now that you know how much you have and how much is coming in and going out every month, you need to set some concrete goals. Where do you want to see your business progress in three months? Six months? One year? What steps are you taking right now to see those goals through?

Online cloud accounting applications can help you get there faster. Check out Wave Accounting, a free online cloud application for some easy and fast accounting help!

Sarah Stockdale is the New Business Development Specialist for Wave Accounting, a digital startup that produces free online accounting tools for entrepreneurs and small business. Visit waveaccounting.com for more information.

By Aaron Benay

The great playwright and screenwriter David Mamet once said: “Life in the movie business is like the beginning of a new love affair: it’s full of surprises, and you’re constantly getting f*cked.”

After more than 10 years in the entertainment business, I understand why Mamet won a Pulitzer—because his observations are not only clever, but true. All independent business owners take their share of knocks. So it helps to have a thick skin. Here are some coping tactics I’ve developed in the trenches…

Everybody loves a winner. It’s tough to go out on pitches and sales calls when business is tough. Remember that your clients are potential buyers—not your therapist. Show no weakness. Successful people want to work with other successful people—or at least people who project “successful.”

If at first you don’t succeed, try, try again… My great-grandmother used to say this, and I thought it was corny. (Sorry Grandma Clara.) But there’s truth to this proverb in business. I once pitched a project 40 times without success and then sold it—to Leonardo DiCaprio. Every meeting is a fresh opportunity.

You control your reaction to adversity. When money is tight, it’s easy to succumb to panic/depression/your favorite vice. But you don’t have to. You can’t control the actions of others. However, you can control your own reaction to them—and work through the challenges.

Remember the important stuff. Work isn’t the be all and end all. When I get down, I seek out a hug from my three-year-old niece or revisit photos from a life-affirming vacation. Those are the moments that truly count. And that reminds me to be thankful for what I have.

Whether you work in Hollywood or not, as a business owner, the show must always go on!

Aaron Benay works as a screenwriting team in film and television with his brother Matthew. Together, they’ve written projects for major studios and networks including Disney, DreamWorks, Fox, HBO, Miramax, Universal, and Warner Bros. The Benay Bros. are currently working on the third installment of the blockbuster film franchise NATIONAL TREASURE.