Friday, September 22, 2023

Navigating a new business venture? 14 critical tips for success

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Shreya Christina
Shreya has been with for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

Entrepreneurs today have a wide variety of choices available to them when it comes to starting a new business. Whether they decide to operate in person, online, or a combination of both, the devil is in the details. Even if the company offers a product or service that is much needed in the market, it takes a lot more to run a successful business than just the offering.

That’s why it’s best to have a plan before making any sudden business decisions. To help things move in the right direction, the members of Business Council share advice for entrepreneurs navigating the start of a new business venture.

1. Look at long-term customer trends

New ventures are launched to meet the needs and wants of the target customers. To succeed, entrepreneurs must focus on the technological, demographic, and social trends that will define their audiences for the next decade, not just today. All too often, companies fail by focusing more on the “sunken costs” of today’s employees, systems and strategies rather than the things they need to succeed tomorrow. † Jerry CahnBrilliant old

2. Conduct a thorough market analysis

Conduct a comprehensive analysis of the market landscape. Understand your competitors’ every move, the whitespace, barriers to market entry and what consumers need and want that current providers don’t offer. Many new business ventures fail because entrepreneurs feel they are offering something unique and fail to conduct competitive analysis that can yield valuable insights. † Natalie LoweThe Orange Blow Fish Business Council is the leading growth and networking organization for entrepreneurs and leaders. Am I eligible?

3. Combine passion with knowledge

I believe the most important thing is to start a business that you are passionate and knowledgeable about. This allowed me to build a long career. Even on the hardest days, I can find my flow state because I’m motivated by something bigger than myself. If you’re passionate about what you’re doing and couple that with understanding, you’re more likely to succeed, even in difficult times. † Justin ArnoldFlexx Mobility & Performance LLC

4. Take advantage of every available opportunity

Take advantage of all the potential opportunities presented to you. As you venture into new businesses, the momentum will move you forward. Connecting with the right people, using all the resources around you, and taking advantage of opportunities will all lead to business success. † Srikar KarraBuiltGen

5. Get a mentor

Find a mentor who can guide you throughout your career and provide advice as your business grows. This could be someone you know well or someone you seek through a professional career development organization. † Kelley HigneyBug Bit Thing

6. Define the vision and purpose

Have a clearly defined vision and purpose for your new business venture. This sounds simple, but all too often people step into a new business without a full picture of the plan or mission they need to accomplish. Without clarity, it’s hard to stay on track when the going gets tough. Take the time to carefully define your vision and mission that you want your business to achieve. It will help you stay focused over time. † Brian McKittrickTexas Insurance

7. Make sure all potential partners are aligned

If you have or are looking for a partner or partners, do some real self-examination to make sure you are philosophically aligned. Too many businesses and partnerships fall apart because the founders/partners initially ignored or overlooked red flags while being “swept up” in the moment. † Jack ChangDGP Capital LLC

8. Focus on profitable passions

Find a company you truly believe in and weigh your options. See if this is the most profitable, and if you’re really passionate about it, go all in. Today it is so common for entrepreneurs to be distracted by all the business opportunities that are available online. This can lead to you never becoming a true master of your main niche and never reaching your maximum potential. † Dre MedicineGrow with our agency

9. Keep Financial Records

For entrepreneurs entering into new business ventures, keeping accurate financial records at all times is critical to mitigate financial risk. Even if you have a strong financial background, it is recommended that you engage an experienced professional — a CPA, bookkeeper, or accountant consultant — to ensure proper risk management. This allows you to focus on other things as well. † Lilit DavtyanPhonexa Holdings, LLC

10. Persevere

As an entrepreneur, it is important to remember that challenges and setbacks will happen, but they are temporary. At some point, problems will disappear and you will overcome them. Perseverance is also the key. If you’re really passionate about solving a problem, you won’t stop or be satisfied until you’ve done it. The last 20% of the project or distance is always the hardest to complete, but it’s the most important part. † Saravana

11. See everything as a learning opportunity

Be resilient. New business ventures are opportunities in innovation. That means the fun of experimenting and turning – and the reality of setbacks and learning through obstacles. See every effort as a learning moment. Learn quickly, improve, develop and celebrate the many small victories that align with the passion that made you an entrepreneur in the first place. † Lowell AplebaumVista Covac

12. Make Thoughtful Plans

When an entrepreneur considers taking on a new business venture, he must tick off the three M’s: mindset, money and motivation. They must have well-crafted plans based on relevant data, the financial stability to properly invest time and money in their venture, and the ability to cement the ever-ambiguous “why” we preach so much about in self and leadership development. . † Carson PorterREV Agency Syndicate

13. Understand the ‘why’

Make sure you understand why you do what you do. Without a solid ‘why’ you cannot see through your vision. Moreover, “because it makes money” is not a good enough “why”. That reasoning won’t interest investors, advisors, or potential employees either. † Jake Harelaunchpeer

14. Have a Scorecard

A scorecard is a list of critical metrics that are either leading or lagging indicators that allow you to see your business performance on one page. Understanding this, especially in a new venture, is critical to success. It gives the entrepreneur important data points, which show trends for the future and enable them to make critical and fast decisions. † Scott SniderLeaving planning institute

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