Musings on Starting a Business

in #business • 6 years ago


  1. Watch the cash (daily)
  2. Competition is good. No competition is generally bad (there's no competition for a reason...)
  3. Don't be scared of niching down
  4. It doesn't have to be your 'passion project' - in fact, it's normally better if your business isn't
  5. Have an end goal - is this a lifestyle business (absolutely nothing wrong with that - don't listen to the nay-sayers!) or a growth business to be sold in the future?
  6. Find someone outside your business who's been there and done it (pick their brains - regularly)
  7. Make prospecting for new business part of your daily routine
  8. Surround yourself with energetic people
  9. Ask for money from the bank when you least need it
  10. Don't try to appeal to everyone (see point 3)
  11. Boot bad blood quickly - toxic members of your team can infect others, fast...
  12. Keep watching that cash balance (see point 1)
  13. Commit to it. Plan B's are a distraction
  14. Work out your lifetime value of a customer as soon as you can (it is a critical number to know)
  15. Move fast. Fail fast
  16. Raising funding is fine, but don't lose sight of the need to find (real-life) customers soon...
  17. Listen to customer feedback and adapt
  18. Know your numbers - understand your key indicators: quarterly, monthly, weekly, daily
  19. Remember that finding new customers is normally more expensive than re-selling to existing ones
  20. Enjoy the ride!

Posted from my blog with SteemPress : https://businessn2k.com/musings-on-starting-a-business/
#entrepreneurship #startup
6 years ago in #business by
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     6 years ago 

    Another round of great advice. Every serious Businessperson should be taking notes.

    1Sbi coming your way

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     6 years ago 

    Many thanks for your comment.

    Super thanks for the sbi! So appreciated :)

    Posted using Partiko Android

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       6 years ago 

      Huge help to newbies . Keep posting.

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       6 years ago 

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