Starting a new company
You are probably starting a new company, or you are already an entrepreneur, welcome to my platform filled with essential information about starting a company.
Here are the 5 golden rules to start a new company.
People are everything
Make sure you have a strong management team that has the knowledge and experience to build your company. If you are starting your company alone make sure you have the right advisors around you which are willing to guide you towards your goals. An underrated force with new entrepreneurs is the willingness to listen.
Are you willing to listen to your advisors?
Don’t be stubborn; listen to them in every phase of setting up your venture. The mistakes you make early on are difficult to adjust later on.
Minimum viable product (MVP)
Focus on a quick small launch of your product or service to get feedback from your first customers. Although you can do a lot of research and surveys it always turns out different from what you expected. After launching your product or service you get the most valuable feedback. Listen closely to their feedback and incorporate it into your business plan. A focus on releasing an MVP means that developers potentially avoid lengthy and unnecessary work.
Define your customer
It sounds pretty easy, but in fact, it is more difficult than you expect, to define your customer you have to analyze the need for your product and find out if your customer is willing to buy your product. Is your product a one-time purchase or is your customer possibly going to order from you on a weekly, monthly, or yearly basis? If it’s a one-time purchase look how much work it is to attract and service one customer. Getting an order from a new customer is pretty hard; to get a repeat order is way easier and cheaper because it is costing you less marketing and internal costs.
This is the most difficult golden rule and therefore I give more background about this in the video on my channel.
Worst case scenario
You are going to make it happen! Trust yourself and have faith in your plans.
Don’t let the people who only see the things which might go wrong ruin your plans, but be realistic and make a scenario where everything goes a bit wrong. In this scenario, you need enough capital to get true to this phase. Use your marketing budget wisely by trying and measuring the results of micro-campaigns. Analyze the results and eliminate the campaigns that don’t work for you. Once you have campaigns that are working for your product start investing bigger parts from your marketing budget.
Work in an industry that gives you positive energy
It can take a long time to establish your organization and during this time, it helps a lot if you are working in an industry that is giving you positive energy. All the people who are involved in your company will feel the passion you have for your product. Besides that, you will be able to endure setbacks easier, and it will be easier to go the extra mile.
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Disclaimer: Investing your capital is at your own risk. You can lose all your capital or a part of it.