6 Vital Decisions You Must Make to Succeed!
We here at Accent Group are filling Entry Level Event Representative Positions with the possibility for Management Positions for the right candidates. We feel that these 6 vital points will help individuals succeed on a business, as well as personal level. If you want to beat the odds and win in the start-up game, please review these 6 vital steps.
1. Set goals- When you start your venture, you most likely have nothing to offer the people who you will try to recruit.
Set three kinds of goals: For recruiting others, create a mission that give the new venture so much meaning to those recruits that they could not resist.
The mission will only get you so far though–you also need a long-term goal for investors–something like going public in five years or finding a corporate acquirer. And you will also need to set short-term goals that help you learn what you need to do to grow without burning through your resources.
2. Pick markets- If you can set goals, you’re far from out of the woods. After all, you need to figure out who will use or buy your product. And to do that, you will need to pick the markets that you’re going to target.
Two hints for picking the right market–you have to have a personal passion for solving that market’s problem and the customers in that market must see your product as a compelling answer to a problem that none of your competitors are solving.
3. Raise capital- It goes without saying that everyone has bills to pay. So if you are going to hire people or buy supplies, you will need money. But where can you get it?
The best place to look initially is probably your customers. If you can get them to pay you more for the product than it costs you to build it–and cover your fixed costs–you are going to be in a good position. You might also try to get your suppliers to extend you favorable payment terms. If neither of those suffices, you can try tapping your own bank account or your credit cards.
And I’ve found that you may want to match your efforts to raise money from other people (friends and family, angel investors, venture capitalists) to the stage of your start-up’s development, moving up that ladder as you ramp your sales.
4. Build the team- You can’t do it all yourself, but resist the urge to hire friends unless those friends have skills in areas critical to your venture’s success that complement your own. I found that the most successful ventures do a great job of dividing up the work that must be done among the most talented people. And they create a culture that binds them all together to focus on shared goals.
5. Gain market share, Recommended Videos, How a Disaster on Everest Inspired an Entrepreneur, What a Serial Entrepreneur Can’t Resist, Leader in Motion: How Choreographer Bill T. Jones Collaborates, To grow, you must get customers to use your product and eventually pay. But I found that many customers are afraid to get too dependent on a start-up that could go out of business and leave them in the lurch.
To overcome that, you have to offer the customer what I called a quantum value leap (QVL), a product that solves a problem that customers care about better than the competition, and to give that solution away. If that QVL actually delivers those early customers will tell all their friends. And you can eventually upgrade the product and start charging customers to use it.
6. Adapt to change- You might think getting those five decisions right would be enough, but you would be wrong. That’s because customer needs, technology, and competitors all evolve and the very success you achieve by making those first five decisions well could doom your venture to destruction.
Unless you can adapt to those changes- seizing new opportunities and guarding against evolving threats- your customers will flee and your venture will be decline. I found that winning ventures follow three approaches to keep this from happening- one of these is to craft a vision of the skills at which the start-up must excel and to make acquisitions and strategic hires to close the capability gap.
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