Launching a startup is no easy feat. You will face challenges, your team will encounter stressful situations, and you might begin to question if your startup can succeed. Understanding these startup risks from the beginning will increase your company’s chances of success.
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How to Create a Strategy, Vision and Mission
How to Create an Advisory Board
How to Get Funding
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All companies face risks. Startups are no exception. As the entrepreneur considers seeking financing from third parties, it is important that they recognize that once financing is obtained, the business no longer exposes only the personal resources at risk, but also that of their outside investors.
Every company is composed of individuals with different skill sets and has different roles that must be filled in order to succeed.
An entrepreneur’s favorite word is “yes.” We are perpetual optimists. Success is always possible. If you ever stop believing that, shut your operation down immediately and find something else to do that will make money.
A fair number of really smart, well-prepared entrepreneurs get tripped up, stumble around and eventually fall to the ground when they make their startup funding pitches to the Angel Investment Group that I am a part of.
There are many motives to start a business. In a market system at its simplest form, the purpose of a business is to make money. However, you must never forget your “raison d’être,” your company’s real reason for being.
You can be a successful entrepreneur.You’ve just graduated and are ready to put all of that knowledge and energy to use. Admittedly, a great deal of your practical knowledge was picked up outside the classroom – like the time you broke into the Dean’s office with.. how long ago was that? Nevermind, the statute of limitations hasn’t passed.
How do we get there? Remember that your organization’s vision is the destination.
Entrepreneurs live a hard life. You are constantly getting beaten up. In the face of such challenges, it is easy to get discouraged. When you get dispirited, it is nice to have a place to turn for motivation. I have adopted “ten phrases to live by” (in business and life in general).
Greek historian Herodotus once said, “Great deeds are usually wrought at great risk.” The great company you are building will not come easy. It may require you to go “all in” (and take a prudent risk) to make it work. But what does that mean and when do you undertake such a risky action?