Two of the most common excuses people give when deciding whether to stay at their 9-to-5 job or start their own business are lack of money and fear of failure. How can you maximize potential startup success?
Potential entrepreneurs must be willing to take on a certain level of risk if they want to be successful. Starting your own business can be scary and will test your mettle in ways you never even considered. The one thing you can definitely expect is an unprecedented challenge. This challenge will change your life if the endeavor is successful. The entire process should be viewed as an elaborate game of darts. It is the case because as Mary Kay Ash (of Mary Kay Inc.) once said: “if you don’t know where you’re aiming, you don’t have a goal.” As long as you keep throwing at the bullseye and keep the following four principles in mind, your chances of success will only improve.
Control Your Finances if You Want to Ensure Startup Success
Your savings and American Express business credit cards will be enough to turn your business ideas into reality. But at some point when you’ve hit a plateau and need to conquer that next level, outside funding will be necessary. You have to create a solid business plan before you going to any venture capitalists to inquire about funding.
Your local Small Business Administration provides tips on how to smoothly and effectively develop a business plan. Organizations like SCORE and Partners for Self-Employment are also good resources. They are not only excellent for business planning advice but for directing you to some potential investors. The potential investors may show interest to invest in your ideas.
Trust Your Startup Partners
Matt Kuttler, the founder of three different businesses, including ReStockIt.com, said one of the main reasons for his startup success was trust in his business partner. The colleague he was speaking of happened to be a friend he’d known since high school. This also helps foster a solid business relationship. The people you grow your business with should have the same goals, values, and work ethic as yourself. Everyone involved must share healthy mutual respect, along with good rapport to be able to constructively criticize one another.
Believe in Your Product
When you are presenting your ideas to venture capitalists, your presentation must include a shortfall or problem on the market that your business addresses. For instance, your media company will cover stories frequently ignored by mainstream media. Or, your new smartphone app will be the next ultra-addicting game. A product or service that’s an improvement of a product that already exists on the market and that meets consumer needs can be profitable if you express passion and belief in it.
If you don’t believe in your product or services, how you can expect that your customer will believe. This is important for your startup success.
Love What You Do to Ensure Startup Success
Rohan Marley, the son of the reggae legend Bob Marley, told Forbes he’s successful because what he does for a living makes him feel good. His family business, House of Marley, designs ECO-friendly products, including headphones, portable radios, and watches. Marley said his family carries on their father’s vision of “One Love, One World.” He said that his products help people and the Earth at the same time.