Tips for making your start up a success
1. Know who you are and what your business is about. Nothing can sink a business faster than a business owner that’s unsure of their own vision(this problem is more common than you think). When I was a guest judge for a recent startup competition I was amazed at the number of new entrepreneurs that had statistics on their industry but couldn’t describe to the panel of judges who there were or what they did. If you can’t describe it. How are you going to be able to sell it?
2. Play to your strengths. As a business owner, I’m an ideas guy. An execution guy. A sales and marketing guy. But finances are not necessarily my strong suit. Whenever possible consider going to a professional for issues you don’t quite understand. And don’t be cheap about it. Paying for expert advice now will save you lots of money in the long run.
3. Market to your audience. I was shocked to learn that many new entrepreneurs don’t understand who they’re marketing to. It is a common belief that most new businesses go out of business within a couple of years. Part of that has to do with the fact that many don’t understand their own market or who they’re marketing to. Do your research and come up with a game plan for reaching out to your customers.
4. Starting a business isn’t a the way to make a quick buck. If you’re going into business thinking that you’ll become an instant millionaire, then you’re in for a rude awakening. Running a business is about coming up with a product or service others need and then selling it to them at a price they can afford. It takes hard work, dedication and innovation to run a business, particularly during the slow periods when no one is returning your calls.
5. Think outside of the box. A valuable lesson learned early in my career is to constantly re-invent myself and the business. When I started my firm I was just a telemarketer. A good one but again a dime a dozen. Then I became a consultant and an author and a lecturer, columnist and now a media personality. It’s about evolution to stay relevant and current.
6. Take chances that make sense. Starting a business is about taking a chance but staying in business is about trying new things that make sense. Cont'd on page 40
“ Start-ups” are the new catch phrase for anyone looking to go into business for themselves. If you want to get anyone’s attention you almost certainly have to use the term” start up” when describing your new venture. Back when I launched my firm (over 30 years ago)it wasn’t considered a start up ;it was just me opening my own firm. This got me to thinking about everything I went thru to start and run my business (and keep the doors open) and how it applies to today’s startups. Here are my tips….
A good strategy is a small part of the equation for a successful start-up.