Young Upstarts

All about entrepreneurship, intrapreneurship, ideas, innovation, and small business.

5 Things Every Startup Should Know

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If you are looking towards the end of 2017 and you plan on jumping out of your comfort zone for 2018, you may be an entrepreneur in the making. Entrepreneurial flair and tendencies are something which many people may have, a lot will act upon, but only a few will succeed.

If you are looking to build a business from scratch in the new year there are a few things you will need to know and consider.

1. Someone Will Always Have An Unfair Advantage.

It is a sad fact that in this world, people who are connected to the right people and know someone within business will be able to succeed much easier than you. By simply having the money, the contacts or the ability to get into a difficult field- someone will be able to do what you are striving for with much less effort. This doesn’t mean that you should give up though- you need to always fight for what you believe in and make sure that you work hard for your vision.

2. People Don’t Like Giving Their Money Away.

If you are looking for a little bit of financial aid when you start out as a business, you will know that investors and people do not like to give you their money without substantial proof that you will pay it back. Looking at shows like Dragon’s Den; even if you have the best idea in the world, you may not get the funding from a business person. This is why many start-ups focus of crowdfunding. They sell their idea on a site such as Kickstarter and invite people to donate to their cause and help them achieve their dream. It means that you can build a following before you even launch the product.

3. Don’t Quit Work, Yet.

Before you hand in your notice and hold up the proverbial finger to your old employers, give it a second thought. When you start out with a business you will not make money right away. You will need to make sure that you still have some stable income coming in before you jump in at the deep end. Once you find that the money you make on your business is easily sustaining your lifestyle, you can then quit and dedicate your time to the business venture you’ve created.

4. Plan first.

The main thing you must always remember when you are looking to run a business is to make a plan, make a plan of that plan, and then make a backup plan just in case. If you haven’t already guessed; planning is an important step in maintaining your business and allowing it to grow to its full potential. You’ll need to write a business plan, use king kong marketing reviews and write out a marketing strategy, and then plan your finances and accounts. There is a lot of forward thinking involved in running a business, so if you love making lists you’ll love this side of the trade.

5. Every Day is a learning curve.

No matter how many years you are in the industry, there will always be a new process, new software or new skills to learn. Keep your eyes on the prize and take the time to learn the things you think will be useful in your empire.

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Young Upstarts is a business and technology blog that champions new ideas, innovation and entrepreneurship. It focuses on highlighting young people and small businesses, celebrating their vision and role in changing the world with their ideas, products and services.

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