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90% of startups fail.
In today’s blog, I am going to cover: How you can start a business with a strong foundation? How do startups succeed?
I will provide you with an entrepreneur checklist of things you need to consider before launching your great idea.
First things first…
Before we talk about success, let’s start with failure. How is it that such a huge number failed at starting a business?
It is because there is no market need for their products and services.
Unfortunately, the foundation built in the beginning was not strong and not researched well-enough that a lot of things were overlooked.
These businesses just went on with it, relying on their guts and luck that maybe it would all work out.
Although, business needs some luck too, researching about the market, your target customers, competitors, channels, and problems you are going to solve and improve are essentials to achieve a strong business strategy.
I have been a witness to businesses that just can’t make it because they’ve been stubborn and loyal to their idea without researching about the real world. I have been a victim of this too.
I had businesses that failed in the past because my mind’s not open and clear enough with the things I am going to discuss in this blog.
Even when I started with 8Letters Bookstore & Publishing, I also encountered the same issues six years ago which made us lost money. Thankfully, we realized our mistakes and pivoted towards the right direction.
Don’t make the same mistakes!
The Entrepreneur Checklist – Key to Startups Success
How great is your business idea? Evaluate!
We were often told that a business idea springs from a problem that’s overlooked and requires a solution.
Every problem creates an opportunity.
But what kind of problem are you trying to solve? Is this really a problem? Will it be worth the time? Are you capable of this solution?
Does this idea tap your strengths? How much do you know about this business?
And most importantly, how much do you understand? Can you even describe this business idea in 25 words or less?
How is your solution?
Worthwhile solution? Will people be willing to pay for it? Evaluate the solution by asking your target customers if they are willing to opt and pay for this solution.
Sometimes, we’re so confident with our idea that we’d respond, “Definitely. I’d buy this idea!” But you’re only one person. You need more social proof that people will find your solution worth their money.
How’s the market?
Before you quit your 9 – 5 job and pursue your passion, you also might want to check out the market situation.
How big is the market you are trying to enter? Or is this a new market you are trying to create?
Marketing research is deemed critical in starting any type of business. With the results of this research, you can easily spot business opportunities. You’ll know which area you can grow.
It also lowers the business risk because you’ll know what works and what doesn’t.
And if you do your homework right, you can even outsell the competition.
How’s the competition.
The competition is part of the market whether you like it or not. And it will be great to study and research about them. What have they been doing for years?
Have they overlooked something? How can you make this product or service better for their customers?
Most importantly, why is their customers loyal and keep on supporting their business? If you enter the game, will your business have the same appeal?
This worksheet will help you answer the above questions about your business idea and branding. Or get the whole Passion Hustles workbook for only $49!
How much do you want to earn from this business idea this year? Is this realistic?
How can you make it happen? What strategy will you implement? What is your marketing plan? These questions will keep on coming and again, you have to answer them as honestly as you can.
The basic rule of marketing is knowing your target audience in the most in-depth way, that you know their character, what they value, where can you find them and how can you connect with them?
Setting a goal is easy, but what follow is a series of putting your business, services and products out there!
Setting a goal will help you visualize how big you want your business is going to be? Or maybe you simply want to run a small business, and that’s okay.
What’s important is you dedicate enough effort, time and money in this business so that it starts running!
Now that you got your business idea and goal settled, you may want to check the following steps in Starting a Small Business Successfully.
The Entrepreneur Starter Pack in Starting a Business
Starting a business can put a lot of pressure on our shoulders. It can be overwhelming too!
That’s why I worked out an ultimate entrepreneur starter pack. An entrepreneur needs to be organized and disiplined.
You cannot choose when to show up or when not to show up. You have to show up every time.
To stay motivated, I surround myself with my favorite colors to stay stimulated. Why not? If I feel home in an environment, I’d feel more energized and inspired in goals I want to achieve. This has been proven and tested (by me, of course). 🙂
Stay on top of the game with the following:
- Deck Organizer – When it comes to cubicle decor, this desk file organizer or desktop file organizer has you covered. You can easily store files, important papers, office supplies, and much more with desk accessories for women’s offices and cubical accessories.
- Accessory Kit – Pretty and practical and in my favorite rose gold color!
- Weekly Planner – Slay your week with this daily notepad from Sweetzer & Orange. Clean and easy to read, this weekly list pad lets you decide what’s important!
- Technivorm Moccamaster 59607 KBG, 10-Cup Coffee Maker – Easy to Use: The Moccamaster brews a full 40 oz pot of coffee in 4-6 minutes using one switch
- #Girlboss by Sophie Amoruso – Vanity Fair reviewed it as “Rather than present a get-rich-quick manual or a list of business tips, Amoruso teaches the innovative and entrepreneurial among us to play to our strengths, learn from our mistakes, and know when to break a few of the traditional rules.”
Looking for more entrepreneur books to read? Check out my list of 7 Business Books You Must Read to Become an Entrepreneur.