The comments all provide value but the key to success is knowing your values and the culture you want to or have built and finding employees that align to those values and can perpetuate the culture. Without that as a foundation of the business all else is just commentary.
I believe that you have to be in purpose to have success therefore, when starting a business:
1. Understand why you are in business and who are you helping?
2. Plan to focus on success because you only achieve success when you are on purpose, passionate about what you do and growing financially.
3. Be in a position to learn from others who have done what you are purposed to do at a higher level.
4. Be teachable, learn your trade, industry and master what you do
5. Share the wealth with others when you reach a level to show favor to others.
have a niche; have a target market; have a sound marketing plan; have a solid business plan; network like crazy!
Honestly there are a never ending list of answers for this question and they all might be right depending on the industry and the way this start-up is jointed to that industry. But what I find universal for any start-up is:
1.- How easy is to find customers?
2.- Do you enjoy the process of finding your customers and is it easy to train other people to do it?
3.- What are the margins that you would like to have? Are these margins realistic with what your competition is charging?
4.- What do you need to support your customers? Is it in line with the margins and talent available in your area/industry?
5.- Do you like what your business day to day operation?
Good Luck you are on the way!
Visit your local SCORE/SBA office or go to score.org
We have a network of over 13,000 retired executives on staff covering everything from startups to reorganizations. finances to transportation. And its free!
Then there is your local SBDC Small business development centers.
Have a plan and include on that plan a budget for marketing. Two things that kill a business; having no business plan and lack of capital. For the business plan go to the national score website. Download a template and design your business plan using this template. Make sure you're passionate about this business because your going to breathe it for a long time.
1. Clarity of Idea: The idea should be simple and clear. Need + Offer
2. Startup Fund: Depending on Scale and startup cost of business, you can chose source of funding. For a business like IT prodduct, the investment sometimes can be low. You can invest yourself, else get investors. However, getting investors early may not be always feasible.
3. Team: Find RIGHT team. Your partners should be experts in their field and should compliment your weaknesses. They should share your commitment and be equallu passionate. Checkout their long term goals and should be healthy.
4. Prototype: Validate your idea early by sample target audience
5. Plan: Keep yourself some money to sustain for a year. Chances are you will not achieve anything in a year....but you should be able to pull those "low" days off.
1. Get your credit in order
2. Get a good business plan
3. Get your financials in order
4. Test your product with friends and family first
5. Get the funding you need through lenders that won't affect your personal credit. The biggest mistake someone can make in is this economy, is get a loan from a bank. Big mistake!
Any questions, let me know.