How to start a business

If you are not doing what you love, you are wasting your time, Billy Joel.

If you decide to start a business, I hope that you find useful some of these tips:

• First, you need a brilliant idea, something new, different and relevant, a product or a service that you know the society as a whole or a specific group or particular niche need or want but can’t easily find, maybe it is scarce and in high demand.
• You must really know what you’re doing: you need a great knowledge in the field. You need to understand how it works from every level, angle, and corner, and you will also need to keep learning, growing, innovating, challenging yourself, and trying to be the best at what you do.

• You must love what you’re doing. When you have passion in your work, you will see passion in the results, something great will be produced. A project or company without passion is already doomed from start to utter failure.

• Define your goals with clearly defined tasks, resources, and deadlines, write a business plan: the overall business concept, how it will be financed and monetized, marketing and sales strategy, etc.

• Seek legal Advice. There are four categories of legal need that start-ups will typically encounter in the early stages: Corporate Formation, Financing, Customer and Client Agreements, and Day-to-Day Legal.

  

• “An in-depth investigation and analysis of your competition is one of the most important components of a comprehensive market analysis. A competitive analysis allows you to assess your competitor’s strengths and weaknesses in your marketplace and implement effective strategies to improve your competitive advantage,” EdwardLowe Foundation.

• You really need to work hard with stubborn perseverance and unwavering determination, to succeed no matter what life throws at you. Do not look back, but move forward and strive to achieve your dreams and goals, stand brave and strong, and above all never give up.

You need to believe in yourself and what you do. Let the naysayers doubt you, let the haters and critics complain, envy, and hate you, let the trolls criticize your work - just stand firm, be positive, grow, learn from your mistakes, challenge yourself, and continue the fight!

• You need to build a team with all the knowledge, skills, and talents needed, the right corporate culture, and the courage to beat expectations. Each and every person in the team needs to be actively engaged and committed to the project and company. You need to foster employee’s loyalty and their strengths (encourage and allow people to prosper and flourish with responsibility) to contribute to the overall mission of your company.

• Ideally, you will create the company with very few resources and manage to grow organically without external financing. As for money, you should consider to start small, use your own savings (so you will retain full ownership of the business and you will enjoy more control than other options), and keep expenses at the minimum. Then, ask for help from family and friends. If there aren’t other possibilities available, some investors and venture capitalists may provide not just funds, but mentorship, networking opportunities, and access to new markets for your business.