ABC’s of Starting A Business

October 15, 2006

It’s true that most businesses fail due to lack of capital…. but why else? Here are some ramblings from one who has been successful and, also failed at this task:

1. A great idea is only great if it meets a real need in a unique way. So, why is your idea different from and better then other options in the marketplace?

2. Passion and hard work are critical to success. Without both you are not likely going to succeed.

3. A solid plan of action (business plan) is a requirement. And this plan must be specific, actionable and measurable. Good entrepreneurs are those that can adjust as a plan needs to change.

4. Great people are as important as a great product. You must have both.

5. Remember that 80% of your business will come from 20% of your customers… find those customers and be sure to meet their needs and you stand a much better chance of success.

6. Focus on what is really important to drive your business. Remember, you have limited resources no matter how big you are.

7. Seek input and advice from as many “trusted” sources as you can. Your best advice will often come from your own employees and your customers…. but, you must be a great listener.

So… that is the beginning of my ramblings….. more to follow.

Rich

Bizvice:  Strategy, Marketing & Entrepreneurship

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: