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5 things you need to do to launch a successful business

 Launching a new project requires a lot of effort. Of course, requirements vary based on the type of project you want to build; The challenges faced by manufacturers are different from those faced by traders and consulting firms. But once you have the business concept and the necessary funding ready, there are some general basic requirements that should be met regardless of the type of project.

5 things you need to do to launch a successful business


We've talked with entrepreneurs, consultants, and professors about the requirements for starting a new venture, and in this article we've put them together as a set of actionable steps. Apply these steps to your project, and you will be ready to launch a successful project, God willing.

check your idea

Inas Ibrahim, founder of Talem Advisory, a new consulting firm in New York City, says the biggest mistake new entrepreneurs make is to start working on an idea before making sure there is a demand for it in the market. If your startup is aiming to sell an app the world has never seen, make sure that the world actually needs your app. Perhaps the reason it is not there is that no one needs it. If there is a need for it, make sure that people are willing to pay for it.

“Don't work on an idea until you check it out,” says Inas Ibrahim. “Make sure there is a market for it. Make sure that customers want it. Sometimes, the vision of an entrepreneur may not align with what the customers want.” Market research can help you with this, as it is important for startups with big dreams. If you are aiming to build a giant company, check the ability of the market to meet your aspirations.

“Entrepreneurs find out about this after they start talking to investors,” says Inas Ibrahim. “The idea may be sound, but its market may be too small to be bankable by a big investor, angel investors, or venture capitalists. If the whole market was less than $500 million, for example, you might not find a big investor who would accept your project.” Inas Ibrahim says: “Don't work on the idea until you check it out. Make sure there is a market for it. Make sure that customers want it. Sometimes The entrepreneur's vision may not align with what customers want." Market research can help you with this, as it is important for startups with big dreams. If you are aiming to build a giant company, check the ability of the market to meet your aspirations.

“Entrepreneurs find out about this after they start talking to investors,” says Inas Ibrahim. “The idea may be sound, but its market may be too small to be bankable by a big investor, angel investors, or venture capitalists. If the entire market was less than $500 million, for example, you might not find a big investor who would finance your project.”

Support your plan and budget

Even the best plans can't take into account everything. Startups should be prepared for surprises, and prepare for every emergency.

“Make a plan for how the business is run,” says Leonard Green, founder and chairman of The Green Group, a New Jersey-based accounting, consulting and tax firm and professor of entrepreneurship at Babson College. “It is a form of decision making before you start making decisions.”

The plan should include everything, from the startup's vision, to its structure and organization.

Green says that when budgeting for a startup's needs, you should assume that your company or project will not generate even a penny during the first year. "Even if you get some sales, that probably won't be enough. You'll still have to cover rent, utilities, inventory, salaries, and merchandising."

Building the right team

Perhaps the most important step in the startup phase of a startup is putting together a team that works well together and can deliver goods and products. “Successful entrepreneurs are communicative by nature, so they have strong networks, which gives them a direct advantage,” notes Mark Coppersmith, a veteran tech entrepreneur and senior fellow at the University of California, Haas School of Business in Berkeley.

Your teammates should share your ideas and vision for how to run the business. “The key here is that entrepreneurship is like team sports,” Cooper-Smith says. “You have to build the team early on around shared values. Because if you bring in employees and partners who share the same values ​​and vision, it makes decisions easier.”

Coopersmith evokes the late Peter Drucker, the management expert who wrote 60 years ago that companies do two things: marketing and innovation. In other words, the goal of companies should be to manufacture and sell products. “I would like to ensure that my team has these two skills,” he says.

In addition, you need a team that is pragmatic and able to work together in difficult times. Sit down with important team members and make plans for all contingencies. “What would happen if your partner became ill? Or went through a divorce? Or business suddenly fell into disrepair and we had to borrow? You have to decide how you are going to deal with such things in advance, so that you deal with them collectively.”

Looking for support

The entrepreneur's journey seems individual. But before embarking on such a journey, you need to make sure that your loved ones and friends support you. It's essential to your emotional health - and the health of your company.

“I always say that starting a startup takes the efforts of an entire village,” says Margo Girard, co-founder and director of marketing at Memi, a company that promotes wearable technology designed for women. To help you overcome difficulties and obstacles."

Gerrard quit her job as Marketing Director at Diane von Furstenberg to start Mimi with partner Leslie Pearson in 2012. Her first entrepreneurial venture made her plunge into a whirlwind of emotions, feeling excited, frustrated, hopeful and sad, sometimes all on the same day. She has relied on her loved ones to help her carry on and move forward on the right track.

“I see myself as a cheerleader and motivator for the company,” Gerrard says. "When everyone says 'No', I say 'Yes, yes, yes' at the top of my voice. When I am feeling down, sad and upset, I look for support and help from my family, friends, and husband."

Interact with feedback and refine your business model

When Bayard Winthrop designed his concept for US-made T-shirts, he gave hundreds of potential customers prototypes and asked them what they thought. How does the dress feel? Is it rough? Or too soft?

If you don't get such detailed feedback from your potential customers, says Winthrop, founder and president of San Francisco-based American Giant, you can't be confident that your idea is a good one. "We've done everything, from putting the pictures on the website, to making 100 of the sweaters and putting them in people's hands," he says.

American Giant, launched in 2012, is credited with successfully rethinking everything in the shirt industry. Before launching the company, Winthrop asked customers about all aspects of the clothing: the cuffs, the fit, the cap, even the zipper. The fabric alone took six months to set.

“In today's shirt and blouse industry, getting the right clothes is like cooking a good meal,” Winthrop says.

Feedback and feedback helped Dr. Mitch Battle, co-founder of Docphin, refine his technology. He designed his platform to help healthcare professionals quickly access research articles published in medical journals. His focus was primarily on speed.

But there was a problem, the initial registration process on the site was cumbersome, which prompted many users to exit the site. Docphin reviewed itself, asked a few questions to early users, and lowered the average recording time to two minutes. Users returned in droves. Now, Docphin serves about 500 hospitals across the country.

“For us, it was all about figuring out what value the end user wanted, and how we could deliver it as quickly as possible,” says Patel. “What we found is that the real value the user wants is speed.”

For start-up entrepreneurs, the need to adjust the course of the project is endless. “You should always be on the lookout to improve your business,” says David Rush, co-founder and CEO of Earshot, a Chicago-based company that helps companies acquire new customers through social media. Rush's initial project was an app called Evzdrop, which allowed strangers in the same location to communicate with each other. Customers told Rush that they wanted to be able to access large social media networks. Seeing it was a good business opportunity, he adjusted his course of action, and in October 2013, Evzdrop switched to Earshot.

“You have to analyze the data, and know what you can learn about the competitive landscape, the market you are trying to serve, or the problems you are trying to solve. You have to keep developing your product, and you should never be convinced,” says Rush.

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