Essential for your business
If you’ve considered starting your own business then you’ll know the overwhelming feeling of knowing where to get started. Almost every idea here is relevant to both early stage and growing businesses. Enjoy and feel free to sent your feedback:
- Write a Business Plan. Take the time to do this. Even if you need to change it a few times the exercise is invaluable;
- Give it to friends, co-workers, even family to read. Your business will be immeasurably stronger because you took the time for this step;
- Start the business with your own savings or borrow from a bank. You’ll care for it a lot more if it’s yours;
- If you don’t have any money you can borrow from family or friends. This generally ends in tears so think carefully about this before you ask;
- Figure out what business problem you are solving. If you are just creating an elegant solution for a problem that doesn’t exist you will be out of business very soon;
- Solve the smallest possible problem that people will pay for. Complexity is expensive and time consuming;
- Know what your “unfair advantage” is and how to describe that to your customers in ten words or less;
- Getting the right investment partner is like marriage. Don’t enter into an investment agreement without careful consideration. Not all money are equal;
- Don’t start a company if you cannot assuredly come up with more capital than you think you’ll need. It’s almost certain that you’ll have to;
- Focus on the “how” you do things and not just on the “what” you do;
- There is no substitute for getting things done. All the planning in the world won’t get you to where you need to be;
- Stay focused. Don’t get distracted by features and fads.
Good luck and enjoy it!