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Secrets of Successful Business Startup Owners

Successful business startup owners often say that their achievements have to be attributed to their luck. They keep on saying that they were fortunate that they have started their particular business startups on the right place at the right time. To some degree, this might be true. However, it is unlikely that the success of these people can simply be attributed to luck. It’s not.

The truth is that these business startup owners were successful because they have made the right decisions at one point or the other. They have followed a strict set of rules that made them successful. Luckily, these rules are secrets no more. Here are some of the things that ensure the success of fledgling entrepreneurs these days:

They know how to take care of themselves

The most successful business startup owners know that their most important capital is their own minds and bodies. Therefore, those who wish to make it big in their respective industries must know how to take care of themselves to ensure their physical and mental prowess.

Eating healthy and having regular schedule for physical exercise are simple things that ensure the success of business startup owners.

They have activities outside their businesses

Focusing on the business is necessary to ensure its success. Too much attention, however, is not. Successful business startup owners often have other interests outside their businesses in order for them to have a much-needed break from the stress of handling a company.

Having a balanced life often keeps the business owner focused and relaxed that is an important secret to the success of the business.

They know how to lead

Financial capital and passion for the enterprise are not just the things needed for the success of the business. More than these, business startup owners must be able to lead the entire team to attain their goals. No business will thrive without the support of an effective leader who will anything for the good of the company.

They know when and how to make the right decisions

Once in a while, business startup owners would find themselves facing problems that they have to resolve immediately. A common characteristic of successful entrepreneurs is that they all know when to make a decision in order to solve a problem.

The success of the business is often not reliant on the “rightness” of the decision, but in the willingness of the owners to stand by their choices and accept the possibility that they have to amend their earlier decisions for the good of the company.

These are just some of the things that ensure the success of business startup owners. Following these is a big leap toward the victory that entrepreneurs want to attain.

 
More detailed information and useful advice can be found at Funded.com Created by Mark Favre, it offers expertise and assistance with developing and funding your concept, including a private forum for queries and discussions. If you need access to investors and funding providers, please do check our website. Funded.com

 

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Things to Do When Raising Capital for Business Startups

Things to Do When Raising Capital for Business Startups

Business startup owners often have a hard time securing investments from angel investors or venture capitalists. This reality, however, should not discourage entrepreneurs from seeking capital from potential investors.

The truth is, while it is difficult to secure financial support from these people, it’s not impossible to get the money that could boost the capacity of one’s business. Here are five things that could help business owners secure support from angel investors or venture capitalists:

Stop talking, start working

With the number of available tools out there, business owners are now capable of producing prototypes of their products even with a small budget. So instead of just presenting your thoughts using a PowerPoint presentation, you must allot some time and money producing an early version of your product.

These days, angel investors and venture capitalists prefer business owners who “show” their ideas rather than talk about it in front of the potential investors.

Expand your network

Securing referrals from established entrepreneurs can boost your chances of getting the attention of potential investors. With the number of startups seeking for financial assistance in the market, many investors are not paying attention to requests which are not referred by people whom they are acquainted with. Because of this, any entrepreneur who wants to secure capital for his or her startup should expand his network and get referrals from the right people.

Learn the market

Before approaching a potential investor, a business startup owner must first understand the market that he or she intends to work with. Understanding the business landscape, including your competition, will give you insights on how would you present your business to angel investors or venture capitalists.

Choose a long-time investor

A lot of entrepreneurs prefer having a lot of people investing on his or her startup. And while this is usually a good indicator of the status of the business, owners must also understand that many of these investors might choose leave the company after a few months of partnership. This could be disastrous, especially if no one from your pool of investors would stick around with you. In searching for capital, therefore, business owners must look into the possibility of getting investors who are really interested in sticking with the business for a long time.

Understand your investors

Finally, the business owner must try to understand the desires of his potential investor to boost his chances of securing investments. Some angels or VCs might want short sales cycles or a payout after a few years of partnership.

 

 

More detailed information and useful advice can be found at Funded.com Created by Mark Favre, it offers expertise and assistance with developing and funding your concept, including a private forum for queries and discussions. If you need access to investors and funding providers, please do check our website.Funded.com

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Mistakes You Should Avoid in Writing Your Business Plan

Mistakes You Should Avoid in Writing Your Business Plan

Ideally, all business startups should have business plans. These are the documents that detail the objectives and goals of the company. And while many believe that writing plans are not difficult, there are things that entrepreneurs must remember when it comes to producing business plans. These are:

Mistake #1: Not all startups need business plans

In reality, all businesses – including startups – must have business plans. These things are not just materials that can be used when trying to secure financial support from potential investors. It can also function as a “handbook” that can guide all the employees as regards the operations of the business.

Having a business plan will give an entrepreneur the opportunity to look into the positive and negative aspects of the business. Moreover, the plan will assure that the company will always remain on track

Mistake #2: Business plans have to include extensive description of the product

Business plans are not about promoting your product. And while it contains the visions of the owner for the company, the document should also contain a truthful representation of the problems that may face the company in the future.

With this, it must be emphasized that the plan should contain not just an extensive description of the product, but also a thorough explanation on how the owner wants to achieve his or her objectives and vision for the company.

Likewise, the business plan should also talk about the relevance of the product to its potential market.

Mistake #3: Business plans are easy to craft

Planning is an easy task, especially for business owners who’ve already thought of the things that he or she wants for his or her business. Unfortunately, while it is easy to write a business plan, crafting something that would be effective for the company is a different thing.

It must be emphasized that a business plan is only effective when it serves its purpose for the company – that is, if it assists the owners and the employees in achieving the goals of the business startup.

Business plan writers, therefore, must consider all the necessary aspects of the company in order to produce an output that could function well for the business startup.

More detailed information and useful advice can be found at Funded.com Created by Mark Favre, it offers expertise and assistance with developing and funding your concept, including a private forum for queries and discussions. If you need access to investors and funding providers, please do check our website.Funded.com

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Taking Action: Establishing a Successful Business Startup

Taking Action Establishing a Successful Business Startup

There are various factors that have to be considered before one can establish a business startup. This is a very important reminder to every person who eyes the creation of his or her own business. Some people tend to believe that having a good business idea and a competent business plan would ensure the success of a business. Unfortunately, it’s not true.

The reality is that the success of a business startup greatly depends not just on the idea and the plan but also on the actions taken by the owner. What will happen to a potentially revolutionary product if its creator fails to sell it to investors who would assure its distribution to the market?

The bottom line is, a business startup will not flourish if the owner fails to take the appropriate actions and measures that will help the company. It’s like publishing a book – a person can do the best research and write a flawless manuscript but would not be able to publish it because he or she fails to approach people who would critique and actually decide on publishing it.

This is also true when it comes to business startups. While it is necessary to spend some time working on proposals, market analysis, and PowerPoint presentation, one must also accept the fact that it is more important to actually approach potential investors.

Try approaching customers to assess your product or service.  You would be also able to understand more about the market. This may help you in establishing your business. The key – stop with your usual activities and start taking actions that would enable you to establish your business startup.

This is not advice to those who have already perfected their business ideas and plans. Actually, these are also applicable to students and other people who are interested to start their businesses but have no idea where to start from. Instead of waiting for that evasive business idea, why not get involved in projects or activities that might spark your interests in a number of fields.

Take action, for it is the key to a successful business startup.

More detailed information and useful advice can be found at Funded.com Created by Mark Favre, it offers expertise and assistance with developing and funding your concept, including a private forum for queries and discussions. If you need access to investors and funding providers, please do check our website. Funded.com

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Easy Steps To Develop Your Business Startup

Easy steps to develop your business startupBusiness startups are not supposed to stay as business startups forever. In fact, it is the dream of every business owner to expand their companies as soon as possible. And while everyone agrees on this assessment, no one has really developed a sure-win process that would help a business develop. With this, the question remains: How can one develop their businesses?

The answer, of course, varies depending on the nature and the current status of the startup. Here are some things that you can do to help your business expand:

  • Initiate projects that would get the attention and entice your potential customers to avail your services or buy your products. Think of something creative – offer discounts, encourage partnerships, and gather your friends and family to an event that would create a bandwagon.

 

  • Try to be the talk of the town by providing your customers with something different. Deviate from the usual tactics employed by business establishments and work on something that hasn’t been done before. Use the power of social media, as well as other available tools.
  • Get the trust of your potential customers by getting the support of experts and people who can entice others to try your product or avail your services. Keep in mind that having “endorsements” is a sure way to develop your business startup.
  • Usually, new businesses get the chance of having customers who are interested in trying new products or services. As the owner, you have to take this opportunity to make them come back. Don’t let them forget you. Step up and work on new business strategies that will make your business memorable.
  • Small changes in your services may entice your customers to come back regularly. Be creative and take this opportunity that really could help you develop your business. Keep in mind, however, that changes may also drive your customers away.
  • Listen to your customers’ feedback and try to adopt this, especially if you think that it could help your business as regards its performance.
  • Finally, look at the customers of your competitors and see if they are getting bored of their regular routine. If so, try to develop something that would encourage them to check out what you offer.

More detailed information and useful advice can be found at Funded.com Created by Mark Favre, it offers expertise and assistance with developing and funding your concept, including a private forum for queries and discussions. If you need access to investors and funding providers, please do check our website.Funded.com

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Honest Things All Business Startups Owners Should Do

When talking to potential sources of business funding, startup owners tend to present exaggerated information as regards the status of their companies. No one can blame them. After all, investors prefer companies that show potential in getting big in the industry that they are working on.

Don’t get it wrong. Exaggeration is not a bad thing, especially if it can be classified under the “optimism” category. There’s nothing wrong with saying that you see your company as the next big thing if you have the numbers to back it up. The problem, however, is that people tend to exaggerate to a point that they present fabricated data and unachievable goals.

In these cases, instead of securing investments, entrepreneurs will find themselves with a series of negative responses from their potential business partners. For those who do not want to experience this, here are some honest things that all startup owners should do:

Create a realistic financial projection

Investors want to see financial projections that promise a huge increase in the company’s market value in just a few years. As the owner, you have the right to believe that the worth of your business Continue reading “Honest Things All Business Startups Owners Should Do”

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Take Someone to Lunch: The Importance of Talking to an Expert Before Starting a New Business

Conversations are very important for people. And this is more important if you are someone who is planning to start a new business. For would-be entrepreneurs, keep in mind that nothing can match the value of wisdom that you could obtain from someone who has experience in the field that you would be entering. Therefore, taking someone to lunch – especially those who have knowledge on what you want to do – is a must if you are thinking about starting your new business.

In the United States, hundreds of entrepreneurs are joining millions who have taken a plunge into the world of business ownership. Unfortunately, however, not everyone knows how to swim.

Perhaps you are excited about what you are planning to do. But are you really ready for this? Ask yourself, do you know all the things that you have to do? If your answer is not a resounding yes, then it’s better for you to take step back and think through things. After all, you would not want to drown, do you?

This is where “taking someone to lunch” comes into action. In the real world, if you don’t know how to swim, you talk to someone who knows how to. You might even look for Continue reading “Take Someone to Lunch: The Importance of Talking to an Expert Before Starting a New Business”

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Finding Alternatives to Convertible Bonds

For many startups, convertible bonds (also known as convertible debt) are one of the most common sources of financial support. This type of simple and inexpensive agreement helps entrepreneurs strengthen their companies and prevent it from collapsing immediately after its establishment. Despite its enticing promises, however, there is an apparent negative side to convertible bonds – the presence of debts.

In various articles, several successful entrepreneurs have noted the increase in the number of startups that are burdened with debts because convertible bonds. Perhaps some investors would argue that the bonds are nothing but equity investment. Technically and legally, however, these are still debts which are yet to be converted to equity in a future investment round.

Convertible debt is not an issue in startups that are doing well in the market. However, in bad situations, the bonds (technically, the debt) should not be seen as the company’s savior but rather its possible cause of collapse.

Some well-established entrepreneurs note that the problem with these types of financial support is that it gives the investors the opportunity to call for the debt anytime after the end of the so-called conversion period. Like what was stated, this is not an issue in successful startups. But for those that are facing problems, this might spell the company’s doomsday. Imagine an investor calling for the debt at the time of your company’s struggle to stay in the business – simply unacceptable.

With the increase in the amount of funds funneled into startups across the United States, the problem with the ballooning of debt due to convertible bonds must be addressed. This problem is not obvious in most startups in Silicon Valley. In other areas, however, it is very evident.

With this, company owners should be made aware of the negative aspects of the agreements that they are tempted to accept. In the case of convertible debts, entrepreneurs should consider looking into other possible financing deals such as what some entrepreneurs dub as the “convertible equity.”

While convertible equity has the similar functions of convertible bonds, the former’s difference from the latter is very significant: there is no debt. Convertible equity is the convertible Continue reading “Finding Alternatives to Convertible Bonds”

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5 Characteristics Of A Successful Startup

Hundreds, if not thousands, of startups and growth companies are established in the United States each year. And with the rise in their number came the increase of articles that cover every single detail concerning this market. Many of these articles provide tips and other useful information for startup owners. Some articles, for instance, outline things that would-be entrepreneurs must avoid doing. Some, on the other hand, list a number of signs that signal the possible collapse of a startup.

This article is not too different. But instead of showing the negative signs that signal the failure of a company, it opts to enumerate the opposite. Here are five characteristics that signal the apparent success of a startup:

Presence of steady customers

This is very important. Failure to have a steady line of customers who are willing to pay for the products or services spells doom for any company. Thus, before establishing a startup, would-be entrepreneurs are urged to the study their respective markets. Are there enough customers who will sustain the business in the long run? Will the products or services validate the assumptions of the customers about the startup? What will entice the initial customers to return and avail (or re-avail) the products or services?

These are just some of the things that owners must know before starting a company. The point is, the presence of a steady line of paying customers is the most important sign that will signal the success of any startup.

Have clear objectives and strategies

The most successful companies know what they are doing. It’s as simple as that. Startups that operate in panic or simply survive because of instinct will most likely fail. In order to survive and be successful, would-be entrepreneurs must have a solid agenda and a well-thought of strategy. Having a list of objectives, goals, and vision assure that the company will never go astray.

Cautious and Thrifty

The increase in the number of startups and growth companies may be attributed to one thing – the rise in the number of institutions that offer early stage credit or other forms of financial support. Because of the availability of funds, a number of startup owners tend to forget that the one of the purposes of having a company is to earn money. One must never forget that the ability to conserve early stage funds is an important characteristic of a startup that will surely succeed.

 Transparent

It’s understandable for some companies to operate in secret. Coca-Cola and other popular brands, for instance, heavily guard the contents of their respective secret formula or recipes.

And while it is reasonable to keep some things out of the public eye, having too much secret may jeopardize any company. Startup owners must consider the implications of keeping too much from the employees and customers. People tend to get suspicious, especially when there are a lot of question marks surrounding the business. This is definitely not a good way to start a company.

Effective Communication

Finally, companies that exhibit effective communication not only with the customers but also with the employees are bound to succeed. After all, communication is the key to a harmonious working relationship. Owners must realize that communication is not just about sharing positive news concerning the company. It’s also about conversations on problems and challenges that are being faced by the startup. Effective communication in a company, in a nut shell, is about professional people talking about the truth and nothing but the truth.

Unless there are cataclysmic events that would affect the operations of the company, any startup exhibiting these five signs will surely succeed.

 

 

More detailed information and useful advice can be found at Funded.com Created by Mark Favre, it offers expertise and assistance with developing and funding your concept, including a private forum for queries and discussions. If you need access to investors and funding providers, please do check our website.