Many people dream of founding their own company, but it is not always easy. Because many hurdles and challenges only appear during the foundation. How great would it be if you could learn from the mistakes of others in order to then start your own business faster?
Careful Preparation Required
Is starting up the easiest thing in the world? Or do you just write the business plan for the account? This is a mistake. With good planning, you are less likely to fail! Because a well thought out plan serves as preparation and forces you to deal in detail with your business idea and the calculation. It also provides security, structure and ensures that you have to deal with topics that do not necessarily correspond to your background. Good planning helps to save money and time and to avoid difficulties in the future or to see risks in advance.
Customer Benefit Is Important
35 percent of founders gave too little thought to the customer benefits of their business. However, this is crucial if the main target group wants to be convinced of their own idea. Therefore, the question “Who is my customer and what does he really need?” Must always be at the beginning.
The start up phase of the company begins with the start of self employment. Especially at this time it is necessary to have enough reserves to close liquidity gaps due to a lack of sales or expenses that have not been calculated. When drawing up the finance, these reserves as well as other start up costs, acquisition costs or growth costs must be sufficiently taken into account.
Don’t Wait Too Long
In any case, your products should be developed before you put them on the market. On the other hand, you shouldn’t act always perfect and wait too long. Otherwise you may run out of resources or a third party will be on the market faster.
Assess The Risks In A Right Way
The weaknesses and risks should not only be dealt with regularly in the own business idea. In order to be able to correctly assess these and any resulting strengths, you have to know them.