1/13/2021 Tip: 7 Keys to Startup Success

Today’s Quote

“Action is the foundational key to all success.”
~ Pablo Picasso

 

Today’s Tip

Research shows the following 7 factors are proven to improve your success as an entrepreneur: 

  1. Invest in Mentors, Metrics and Education
  2. Don’t Be Afraid to Pivot (primarily modifying your business idea based on customer feedback)
  3. Consider Having a Partner
  4. Take the Full Plunge (founders who work part time are much less likely to succeed than full-time founders)
  5. Don’t Underestimate How Long Things Take (most aspects of starting and growing a business take longer than you might think)
  6. Accurately Estimate Your Market Size (if your market is too small, you can’t succeed)
  7. Raise Enough Money for Your Business to Launch & Grow

 

Today’s Resource

The Fastest Way to Finish Your Business Plan

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  • Raise capital
  • Grow faster
  • Build the company of your dreams

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Trivia

Today’s Question: What entrepreneur, at the age of 27, became the youngest CEO to ever have his company ranked in Fortune magazine’s list of the top 500 corporations?

Previous Question: What extremely successful company started out with the founder selling rope out of his garage?

Answer: West Marine, which is now the leading distributor of marine supplies to recreational boaters.

The company was started in the garage of founder Randolph Repass under the name West Coast Ropes.

Most great companies start small, and with a sharp focus. Randolph Repass started with just ropes, and used this to get customers, better understand their needs and dramatically expand.

So don’t get frustrated if your company is still small. Spend time speaking to your customers to really understand their needs. And then cater to these needs to increase the size and success of your business.

 

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