Jack Tsai: Important Startup Checklist
By Jack Tsai
July 28, 2017
This article was appeared was published to LinkedIn by LaunchX mentor Jack Tsai on July 28, 2015.
Your start-up will only become a successful business with the right preparation. This may sound simplistic; however, careless preparation is the most common reason why many initially promising businesses fail to flourish. There are many hurdles on the path to a successful business concept, but most can be overcome.
Young entrepreneurs have many important decisions to make when starting up or taking over control of a business. They are often not aware of the range of problems they may encounter, not to mention possible solutions to those problems. Therefore, it is absolutely necessary to consider both the entrepreneur himself or herself and the business as a whole when taking the leap into self-employment. Based on this overall view, the different areas such as; planning, financing and aspects relating to taxes, law and insurance, must be seen with the appropriate level of importance. Each start-up has to be viewed as an individual case for which an ideal solution must be found.
The following Seven points for success were published by the business magazine ,(start for your own business) and provide a good foundation from which to begin.
1. A good business Idea
The idea has to be good. People starting up a business know their own strengths and weaknesses, as well as those of their competitors. They know exactly how they are going to assert themselves in the market, whether it is because they offer a better product, a special service or because they have an innovative distribution channel.
2. Experience in the field
Ideally, an entrepreneur should already have some experience in the sector where he or she wishes to start his or her own business activities. Statistics show that those with previous experience have above average rates of success.
3. The will to succeed and confidence
Successful entrepreneurs spare no effort. They have to be willing to work between 50 and 60 hours each week and must be willing to go without vacation time. Because of this, the support of their families and friends is crucial. Only if you are confident in yourself and your idea, will you be able to assert yourself. Confidence means that you are optimistic and that you believe in your future. An entrepreneur has to face challenges throughout ongoing change and must not be discouraged by failure.
The business plan is the blueprint for the formation of your business. This instrument, which constantly needs to be modified according to the latest developments, makes it possible to act systematically and to spot problems early on. This allows that appropriate countermeasures can be taken sooner rather than later.
5. Financial control
It is not necessary for a young entrepreneur to be swimming in money. However, the success of a business can often take longer than anticipated. Therefore, financial needs should not be calculated too conservatively. Knowledge of business management enables you to act quickly while also keeping your finances and liquidity under control. Profits should be reinvested in the business.
6. Clear marketing concept
A successful jump into self-employment is only possible with a clear vision of how one would like to bring one’s product or service to the market.
7. Competitive advantage
Success has to be achieved over and over again by means of planning, development and research. You must not lose your competitive edge. In this regard, action is better than reaction.