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Starting a Company
Starting a business is both a challenge and an exciting prospect for the entrepreneur. However, this feeling of excitement is hardly enough to make the business a success. In order to become profitable within 3-8 years, or indeed to make $1 million within the first 5-10 years is a challenge that requires specific research and action. Some of the most important elements to consider include profitable partnerships, expertise, a good product, an Internet presence, customer service, and branding.
When starting a company, I would follow two main approaches: avoid mistakes and pursue what works. I would for example follow advice provided by authors such as Paul Graham (2006). One main suggestion this author makes is that few successful start-ups have only one founder. My first step would therefore have to be to find a number of good partners. This will help on a variety of levels, including the practical elements such as workload, and the non-practical such as making good decisions or moral support during hard times. These are vital elements to help me continue the venture, even...
In addition to my circle of friends, I'll then also seek out the advice of experts in my venture, as well as general business experts such as accountants and business consultants. Furthermore, if I can get one of these experts on my start-up team, I'll be able to make a greater success of the venture than otherwise possible.
I think we are now at a very favorable time to start a business. As we emerge from the recession, business-minded people certainly learned many lessons. Especially those at the dawn of their venture now have the advantage of these lessons. One of the main pieces advice given by Tozzi (2008), for example, is to choose a product or service that people will need even during a recession. I will therefore search for ways in which to ensure growth even in times of recession.
Today, every business worth its salt has an Internet presence (Agarwal, 2010). This will be one of the first things I'll do once I start my business. The…
References
Agarwal, A. (2010). Founders of Two Successful Internet Start-ups Share Their Secrets. Digital Inspiration. Retrieved from: http://www.labnol.org/internet/lessons-from-successful-internet-startups/13611/
Graham, P. (2006, Oct.). The 18 Mistakes that Kill Start-ups. Retrieved from: http://www.paulgraham.com/startupmistakes.html
Gogoi, P. (2006, Jan. 18). Start-up Secrets of the Successful. Bloomberg Businessweek. Retrieved from: http://www.businessweek.com/smallbiz/content/jan2006/sb20060117_870197.htm
Greenspun, P. (2006, Feb.). Tips for Start-up Companies. Retrieved from: http://philip.greenspun.com/business/startup-tips/
Liss, D. (2002, Jul. 15). Successful Start-ups Launch with a Brand. BrandChannel. Retrieved from: http://www.brandchannel.com/features_effect.asp?pf_id=108
Tozzi, J. (2008, Dec. 19) Venture Capital's Favorite Start-ups. Bloomberg Businessweek. http://www.businessweek.com/smallbiz/content/dec2008/sb20081218_856857.htm
Wadhwa, V. (2009, Sep. 7). When it comes to founding successful start-ups, old guys rule. Tech Crunch. Retrieved from: http://techcrunch.com/2009/09/07/when-it-comes-to-founding-successful-startups-old-guys-rule/
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