If someone can develop an app that provides
“hindsight” they would truly make a
fortune. Sadly, most startup businesses stumble out of the gate only to embrace
valuable lessons too late in the game. Can you benefit from any of these
lessons learned from startup entrepreneurs?
1.
Line Up Early Investors

Operating
capital is essential in any business whether it’s just starting or has been
around for generations. For the new business, it is important to have working
capital on hand to not only cover the day-to-day operations but also as a
“cushion” for any unforeseen circumstances. Too often new business owners look
for the big investors who want to minimize their risk by only investing in a
proven entity. This means they won’t be interested in a first position
investment. Instead, look for contributions from eager investors who are
willing to come in early. It might mean smaller amounts from more investors but
it could pay off in the long run.
2.
Bank Your Content
If content is
king, then do you know where all your content will be coming from? A lot of
excitement can be generated by launching a new website. All the social media
networks will be lined up and you’ll get started with a powerful push by
providing tons of fresh content. Unfortunately, that fresh content could
quickly dry up if you don’t prepare for the long haul. You should treat content
fulfillment just as you would with any other type of fulfillment: it has to be
delivered on a consistent schedule and maintain the standards you set for the
company.
3.
Be Smart With Your Marketing
There are many
valuable resources to tap into in terms of online marketing campaigns. The real
question is do you know what you’re doing? Just because you set up a Facebook
page and Twitter account doesn’t mean you’re work is done. Set aside some of
your marketing budget (yes, you should
have a marketing budget) for online consultants with a proven track record
of success. Let them be your guide.
4.
Reach Out
No company
should be an “isolated island.” You should be forming business partnerships as
an ongoing function of your operations. Suppose you are setting up a web
business to sell custom sneakers. Wouldn’t it make sense to partner with a
shoelace company? Think about how you can expand the reach of your business
through these partnerships.
5.
Manage Expectations
Every new
business startup dreams of fast success. The same can be said for anyone buying
a lottery ticket. Just because you think you’ve got it all figured out doesn’t
mean your business will perform according to plan. Expect the unexpected and
understand that a business is meant to endure. Your six month plan is every bit
as valuable as your five year plan and both should be grounded in realistic
expectations.
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