Every startup company, venture, organization (whatever you want to call it) will go through good times and bad. In order to survive the tough turns and not falling of the trail, it’s important to keep everyone on the same page and to be supportive.
Here our a few suggestions that will help you stay afloat through the good times and the bad.
Frequently, I find that startup ventures simply do not have a financial plan. They know their business in and out but when you ask them about their financial methods of keeping track of operations, they look at you like you asked them how many planets are in the galaxy.
Agreeing on a structure, having a plan, and making sure there are checks and balances can help mitigate a lot of issues in the near future. It is stated that approximately 80% of small business fail within their first year with the primary reason being the lack of cash. Here are a few suggestions to help keep your business from going under:
After you understand what your true talent is and the value that you bring to an endeavor, it is time to think about what type of business partner you need. Having been a part of few startups, here is a collection of 5 distinct factors that I look for when choosing who to start a company with:
Every Entrepreneur uses different methods to validate an idea for starting a venture. So the next time you think you got that great crazy new idea, follow the 3 steps of venture screening to help you determine if you should pursue it or not.
***Note: any of the following can be done individually but it is always a good idea to have a discussion with a few friends, family, and people you trust.
Starting a service-based company, especially a Web 2.0 website or 3.0 depending on your site, is far less costly and easy to start then any product-based company. Follow the 5 principles of starting a Web 2.0 company and you’ll be sure to survive the tough water.