The 5 Things You Must Do To Prepare For Launch & To Succeed As An Entrepreneur!#entrepreneurs#businessadvice#startups
These 5 Things Are absolutely necessary in order for you to reach your goal in becoming a super successful Entrepreneur and owner of a sustainable start up! Think Steve Jobs.#startups
So today, I am starting a 2 Part post from my experience and real world knowledge with regard to building a CAN'T MISS model, which if you stick to, your entrepreneurial journey will be one full of peaks upon peaks. So let's just dive right in! Well wait a minute that is definitely not Rule #1. Just a little humor to lighten the mood......#raisingcapital
1 - MARKET!
You want to get that smash out of the ballpark thought? Well forget going the Business to Consumer Route! I would say, if you follow my model, which is a Business to Business model, your chances of succeeding increase by 1,000%! Yes, you read that right! This doesn't mean that later into your growth cycles, that doesn't become a massive revenue generator. Trust me, it will. But for now, my advice is focus on a business to business model out of the gate. Why? Here's my informed opinion.
It will be a success.
Here's what I mean. You should be obviously focusing on a high growth industry. You should be taking that industry and drill down to find a, for a lack of a better word, "sub-industry". Within that target, you should then analyze where the customer is mostly being ignored and, form your business around taking care of the need that is there! BOOM, you have found your new business!
2 - INDUSTRY
So as I have stated, it should be in a high growth industry with an increasing marketplace. Here's where your creativity must come in!
You need to position your business where it is going to have a great technological, or high impact on that industry. You need to solve a problem or need! If you do this, you have a WINNING formula. Let's be clear here, it IS all about WINNING!
It should have a low-capital intensity, which obviously means, there is little or low competition in your targeted, sub-industry.
This will give you instant traction and, that is extremely important!! Hey, if this was easy, everyone would be doing it!#sheldonaddelson
3 - TEAM
You are probably saying, what? Hey, you're the entrepreneur, but I am talking about a start up and a crack team is necessary. Here is what your ideal team should be comprise of;
It should be large and diverse, and well educated.
Previous experience in start up's is essential. You want your team members to be already employed!
Don't worry, you will pull them away from their present positions. They could even be already successful entrepreneurs themselves!
They should be committed to working full time on the new venture, once it begins.
Ideally, they should be financially invested as well. This will make it much easier to get the money you really need, when its time to launch!
They should be singularly motivated by profits margins, not independence.
The above traits and characteristics are absolutely necessary to ensure your ability to succeed.#howtosucceed
4 - COMPANY
You should at this point, have your detailed business plan. When I mean detailed, I mean down to the last paper clip!
So, Detailed Business Plan
Your Competition should be based on dimension NOT price!!
Positioned to have a "BIG BANG" marketing campaign, Advertise, frequently, Early and with vigor!
Your CFO should be a wizard! You have extremely air tight financial controls in place, so prospective investor's feel comfortable about putting their money in.
Perhaps the biggest point that so many wannapreneurs get wrong is.......
liquidity, liquidity, liquidity! You think you need working capital, right? Well, TRIPLE IT!!
You should be incorporated. Duh? Well you'd be surprised how many sole proprietorships I have dealt with over the years. For obvious reasons you want to be incorporated. You should also decide if you should be a C Corp, S Corp or LLC.#venturecapitalresources
5 - STATUS
You need wealth. Whether that is through angel investor's, family money, your own money from previous successful ventures, crowdfunding, VC equity, whatever. You need a war chest..
You and your team should be extremely well connected through the industry as well as outside of it.
The old saying, "it is who you know", still holds water, trust me.
Every single one of you should be connected socially as well as professionally. Now do not misconstrue that to mean that, only the rich can be entrepreneurs. I am not even considering that, I am saying that within your social class, you should have status, connections and be networking tirelessly.
***I just wanted to say, I haven't posted in awhile, but I am back on the blogging track. I took a much needed few week hiatus. I hope you find this information interesting, helpful and you can apply it.
As always, I am a full service business consultant. If I could be of assistance to you, I would welcome the opportunity to discuss in detail, what I could do for you. I am extremely confident that I could assist your company and yourself attain greater success and profitability. Just contact me any time.
Thanks for reading and following. I urge you to share and feel free to comment!
KYC Marketing & Consulting