Mark Jung, former Chief Operating Officer of Fox Interactive Media, explains that entrepreneurship is a journey that has to be experienced with all it's hardships. One should not be afraid to make mistakes, he emphasizes.
Jung talks about the five different phases that a start-up will entail in its journey from inception to transition. Phase one is the start-up and the inception. Phase two is a period of growth. Phase three is the unfortunate setback that every venture will invariably face. Phase four is a stage for rejuvenation. The fifth and final phase is a transition for either you as an entrepreneur or the company overall, he says.
Jung talks about the importance of selecting the right team in a startup. It is very important for a startup to have the right mix of people for the venture to be successful, he says.
Jung talks about one of the biggest challenges in the growth phase of a startup. Releasing and disseminating control is very essential for scaling companies. He explains this fact in detail and illustrates its importance from his personal experience.
Jung talks about the dark phase in a startup where entrepreneurs begin to question everything, including themselves. This is an important phase as it tests you, your own sense of perseverance and loyalty to yourself, he says. An entrepreneur has to be prepared for this phase as every company will eventually experience it, he cautions.
Jung talks about the irregularities in team dynamics. He stresses that the timing of conflict is very important and one needs to work together as a team to sort out issues. He also insists that if necessary, the team should get professional help.
Jung talks about the importance of empowering an entrepreneur's target audience in acquiring customers. Viral marketing is one of the ways to acquire and build loyal customers at a low cost, he adds.