AN EXPERT’S GUIDE TO CREATING A SUCCESSFUL START-UP

 

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New technology means that the time it takes for an entrepreneur to become impressively wealthy has never been faster.  But before you get ahead of yourself and tell your boss where to stick it, we would like to remind you that while technology has speeded up the rate at which start-ups can achieve phenomenal growth, it has also intensified the level of competition in the marketplace. The internet allows entrepreneurs to start some businesses for as little as $5,000. This has also created an environment in which it is more challenging to compete and grow. Success, therefore, requires new strategies and tactics to move quickly and stand out.

Don't Be. Become.

 

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GAIN FIRST-HAND KNOWLEDGE

 

The main initial error is not doing enough investigation, you might think you have a great idea that no one’s done before, but is that really the case? What else is out there? And even if it is genuinely new, perhaps the reason why no one has thought of doing it is that it isn’t really that good an idea.

TIME REALLY IS CURRENCY

 

We’ve all heard the adage ‘time is money’, and in the start-up world that is predominantly true, strong competition means time is your rarest resource. If you plan to do something in six months, then you may find that somebody else is already doing it, and you’ll lose the first-mover benefit. Investors know that even with the best product or service if you move slowly, it’s much easier for others to copy you. Investors realise that your time is their money. The longer you take, the more capital your business will need and the bigger your exit will need to be for anyone to make real money.

MAKE SURE IT’S FOR YOU

 

Any business venture, no matter the industry or stage of the company, involves risk. As a founder, you must be comfortable with risk. Everyone can be an entrepreneur, but that doesn’t mean everyone should. I would say that the number-one quality you need to have is resilience.

BECOME AN INTRAPRENEUR AS AN ALTERNATIVE

 

For those with a business mindset but who don’t want to assume all the risk of starting their own business, all is not lost. Become an ‘intrapreneur’ instead. Some companies promote entrepreneurial activity from within.

 

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A U T H O R
Donald Anthony

I M A G E 

Giu Vicente

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