Startups
The 10 Most Important Things To Consider Before You Start A Business
Starting a business for the very first time can be pretty overwhelming. Especially when you know the fact that 8 out of 10 businesses fail.
There are a number of reasons why businesses fail but one of the main culprits is “Bad Planning” and “Unanswered Questions Before Launch”. That’s why it is a great idea to get the main concerns answered so that you can lower the risk of failure and prepare for business success.
A DocStoc speaker who has worked with 100’s of startup entrepreneurs, shares his advice for The Top 10 Questions To Consider When Starting A Business.
This is a straight forward video and I believe it is essential to watch this before launching your first startup.
10 Questions You Need To Answer Before Launching Your Startup
Brand reputation drives the success of businesses, irrespective of what industry you are in. Currently, there are approximately 543,000 startups every month. 70% of these do not survive beyond two years, 50% do not exceed five years, and a third fail to cross the ten-year mark. Only a quarter of these businesses can survive beyond 15 years. (more…)
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Competition in business is natural. There is always another business that offers products similar to what you have, and you can’t avoid it. The wisest step to take is to become the best company among the swarm of like-minded business proprietors. It’s a competition that seeks to prove, once and for all, which company will stand out among the rest. It’s not just a matter of offering the best products, but also winning the hearts and minds of the people you want to be your customers. (more…)
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Harry Prasad
Mar 14, 2017 at 9:38 am
Wonderful video and truly motivational … it’s a lesson and must know for startup … Thanks for sharing such great things
karthikala
Sep 27, 2016 at 10:34 am
I really appreciate the kind words. Thanks for sharing that valuable information. Its good someone is promoting quality content. Nice explanation about these important things for consider you to start a business.
Disera D
Dec 22, 2014 at 3:36 pm
I really enjoy all the valuable information provided on this website. I’m pushing full steam ahead with my Call Center Outsourcing business and I’ve printed and bookmarked a lot of this information for reference.
Soumya Roy
Nov 29, 2014 at 8:31 am
These are really great tips and being a recent entrepreneur, I can really relate them to myself and my business.
Rigorous market and product or service research and existing competition analysis is very much important before starting up any business. Building a great product or offering a really useful service with a strong business model is another crucial part and finally the marketing. I feel the toughest part for a startup is hiring quality resources and retain them.
Starting up a new business needs tremendous strong nerve, risk taking ability, willingness to learn constantly and patience.
Thanks for sharing these simple yet very important tips.
Boby
Nov 25, 2014 at 8:37 am
Great video. I think having a backup plan after validating the business is super important. I love testing to make sure the product or new business I am launching will actually make money.
Jeremy Shale
Sep 24, 2014 at 1:22 pm
Hello!
The tips are absolutely correct. The 2 most important for me are: “Can I carry it through?” and “Am I sure in my idea?”.
If I don’t think the idea is at least 80% proof, I don’t get to it. Awesome tips, though! Cheers!
Samuel Brown
Sep 18, 2014 at 10:30 am
These are definitely some great tips that you should take into account before starting your own business, but in my opinion the vital advice is to have a “Plan B” in case something goes wrong. For example, one of my friends is about to invest in a man and van business, but he will not go for any loans from banks, friends and so on. He was working in USA for a couple of months and he and his girlfriend will invest only their funds in this enterprise. This is a decision I admire, because in the worst case scenario they will lose only the savings from the summer and then they could start a regular job, but at least they will know they took a shot. There will be no commitments to bank institutions, to friends etc. Anyway, my point was that even if you are really prepared and everything, just leave a small window.
Callum Johnson
Jul 29, 2014 at 12:16 pm
I had a simple plan for my business. It has three main steps – believe, be patient, celebrate. Just keep believing. Take risks! Don’t take them when you are not sure. You should become friend with your inner self. Wonderful video for starters. Thanks.
kawesa junior
Aug 9, 2014 at 3:18 pm
at least you have put some into action thanks
Razwana
Jul 9, 2014 at 5:40 pm
Joel – the simplicity of this is brilliant, and very relevant. The important thing I considered is – what’s the emotional connection between my service and the customer? If there’s no emotion involved, the marketing will be that more difficult.
Autumn White
Jul 7, 2014 at 10:50 am
Great Video!!! It clears a number of doubts that rise before starting any business. Thanks for sharing the video.
Naomi@new start ups
Jul 4, 2014 at 10:16 am
Hi Joel,
I think the best part of the video is the simplicity.
Not many people can see the light at the end of the overwhelming tunnel of tasks, meetings and to-do-lists.
He makes the process a lot easier and saves some people a lot of time and money
Naomi
Edmund
Jul 4, 2014 at 9:39 am
These are great questions to consider when I am starting a business. What is the vision for my business is another thing to consider as well. I realized that people buy my “WHY” more than the “WHAT” and “HOW”. It is also the main reason why Apple is such a successful company because they emphasize on why.
Luis V
Jul 4, 2014 at 3:16 am
Nice tips. definitely something i will be implementing when I start my soft drink business.