How to Successfully Start a Business So You Don't Become a Statistic
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Business > Management
Jun 22, 2007
drproactive
How to Successfully Start a Business So You Don't Become a Statistic
According to US Small Business Administration, more than 50% of small businesses fail in first year of business while 95% fail within the first 5 years. Brian Hazelgren, author of Tactical Entrepreneur says, There has to be a solid, sound strategy in mind of taking care of the short term aspects of business, but also keeping enough focus on the future of how do we actually grow this business. Get everything lined up now, so that you are successful and have good solid foundation to operate off of. Brian has experienced the ups and downs of entrepreneurship. Learning from his failed business ventures, he has developed proactive tips and strategies to assist others taking the leap to becoming successful entrepreneurs. Avoid the pitfalls of operating a business: 1. Use mentors and coaches. Find successful people who have been in the frontlines of operating a business. 2. Read as many books as you can on entrepreneurship, marketing, and business planning. Gather as much information as you can. A combination of different resources is available for successful business startup: 1. Use tools and technology to help setup your business. 2. Decide on what kind of people you are going to employ and what job skills you are looking for. 3. Keep up with what other companies have done and what business practices are out there. 4. Research buying patterns and mind set. 5. Constantly research competition and buying trends of the competition. 6. Keep in mind what is unique about your business, who your buyers are, who your competitors are and what is your distribution strategy. 7. Use software to help compile a strategic business plan. Some of the simplest ideas are the most beneficial: 1. Open an email account, and develop a website. 2. Business cards and brochures are simple, yet powerful tools. 3. Develop marketing strategies by compiling data about buying patterns of people, what they like, what they are buying and where they are buying it. Use promotional programs to create a unique selling advantage. Explain why your business is unique. List your products and how they are made. Creating the right type of advertising scheme will make clear to you where to spend your resources. A solid business plan is needed to present to potential investors. Present them with a plan they can read through to get a better understanding of your business. Keep to the point and convince the investors that they will get a substantial return on their investment. The investor ready business plan will keep the investors involved, engaged, and leave them wanting more call to action. If you can present this type of business plan, you will have a high chance of getting the capital you need. Any business can be successful with determination and a solid action plan.
Dr. Proactive Randy Gilbert enjoys producing "Inside Business Success," hosted by Jan Schleicher who presents her interview with Brian Hazelgren based upon techniques from his book. You can hear the interview for free by going to: http://www.insidesuccessradio.com/Guests/Brian-Hazelgren
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