Want To Start A Business? How To Stack The Odds Of Success In Your Favor

Chances are, you’ve heard the cautionary tales before you even started your business.

"Most small businesses fail!"

"What are you going to do for retirement?"

"Do you really think that you’re the first person who has ever had this idea?"

The cold truth is that they’re right on all counts. Most startups fail. You will need to reconfigure your retirement. You are most certainly not the first person who has ever had your idea. But you might be the best person to execute it. Just because the statistics are not in your favor doesn’t mean you shouldn’t try. You need to try harder, work smarter and stack the odds of success in your favor right from the beginning.

Know Thine Business

You might think your idea is a game changer, but do others agree? Is there a market for your product or service? You need to have your market research down pat right from the get-go.

Figure out your demographic and become very familiar with their specific needs and how you fill a market niche. Study your competitors and start to think about how you will be able to preliminarily scale. You don’t need to work out every single detail, but you should have a solid roadmap that is malleable enough to withstand the changes that will come and solid enough to provide your goals and metrics for success.

On the flip side, be aware of the danger of over-researching. Do not get so mired in learning what your demographic’s favorite breakfast cereal is that you put off doing the important work of launching your business.

Play To Your Strengths
Some entrepreneurs fall into the fatal trap of wanting to micromanage every aspect of their business. I know your business is your baby, but it takes a village of talented people to bring a startup into healthy adulthood. If you want to grow and avoid burnout, you need to cut the cord.

Play to your strengths. If you dominate in sales but are terrible at web design, don’t waste your valuable time learning the basics of WordPress. Find someone who shines in that area and devote your mental resources to making sales calls.

The ability to effectively delegate is one of the best possible skills you can acquire. Not only will you clear your plate to focus on more important tasks, you’ll also be involving others intimately in the business. This gives them ownership and pride in their work. They’ll be more likely to exceed your expectations and approach their work with passion and creativity.
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