Today, we have a treat for all of our readers. Businessman and entrepreneur Ali Mayar, CEO of Platinum Rapid Funding, will be shedding some light on the world of startups. We hope this serves as motivation for all of those out there that are business savvy. To learn more about Ali Mayar’s business ventures, take a look at this interview on Inspirery. Hope you all enjoy!
Starting your very own business are often very exciting, however the truth is that it can be extremely difficult to get a brand-new business up and running. Statistics suggest that out of every five businesses launched, four will close within the first three years; therefore the possibilities of success tend to be slim. Even so, if you’re serious about starting up and operating your very own business, you won’t allow mere stats to get in your way!
Before going into the world of startups, you should definitely keep these major tips in mind:
Write a Business Plan
If you’re not looking for external funding in the beginning, it’s appealing to discard the idea of writing a proper business plan. Even so, making the effort to write out a business plan, predictions and advertising strategy is an especially successful way to sharpen your vision. Here are two questions that your business plan should focus on: How is my business serve a specific need or demand? Does this business represent a major market opportunity?
Assess Your Skills and Capabilities
You need to determine your primary skills, and truthfully work out what your weak points are. Do not hesitate to request from your loved ones or buddies for their thoughts and opinions. Will the business you are intending to start permit you to take full advantage of your strong points? The most effective business owners understand their weaknesses along with their strengths, and are in a position to look for outside assistance where they need it.
Do Market Research
Just because you have something build or sell doesn’t mean that someone will necessarily buy them. One crucial step before starting a business is to research your potential market. Which demographic needs your products or services? Is there still room for a business like yours or is the market saturated? Can you describe your ideal customers? Without proper market research, many entrepreneurs have learned the hard way by failing to capture their target market share.
Don’t Be Afraid to Fail
The fear of failure can be paralyzing which is why many startups just play it safe. The problem is, playing it safe won’t set you apart from the competition. The road to entrepreneurship success can be quite bumpy and uncharted. It’s quite easy to get anxious or completely panicked, but you can’t allow fear to stop you from following a goal. So many people have failed in the past, it’s ultimately a learning experience. If you are lacking motivation because you’re afraid of the outcome, you may want to take a look at this video I found. Uploaded by a successful entrepreneur, Daniel Wallace shares this inspiring video geared towards you ultimately succeeding.