Are You Ready to Launch Your Startup?
The number of entrepreneurs who strive to launch a new startup business these days is on a steady rise. Recent graduates and 20-somethings (understandably frustrated with the average 9-5 office job in today’s economy) make up the majority of entrepreneurs today. Unfortunately, many entrepreneurs lack the focus they need to compose each piece of the puzzle before they actually take their leap of faith and launch the business they have always dreamed of.
Starting a business is a delicate balance of research, planning, strategy, and gathering every single component. Launching a business is a beginning, but the precursors to your actual launch are vital.
Gary Vaynerchuk, CEO of Vayner Media, has some choice words for true success as an entrepreneur: “Success means being equally patient, as it is being persistent. You need to push from both ends to be truly successful.” Not many people are able to find this balance. That’s why startup failure is all too common.
Millennials grew up with overly idealistic values. Schools taught that anything was possible for the future. The millennial generation heard things like, “It doesn’t matter if you’re awful at math — go ahead, become an accountant. Just do your best. Everyone’s a winner.” Participation medals were given in schools. Kids received awards for coming in last. Did that teach kids anything about how the real world works?
Fast forward 20 years and things became quite clear: Everyone is not a winner. Simply trying your best isn’t good enough. The market is cutthroat, and you certainly will not win any awards for coming in last.
What to Consider Before Launching a Business
- Strengths and Weaknesses. We all love to discuss what we’re great at – when it comes to weaknesses, not so much. But by identifying your own weaknesses and improving upon them before you even think of launching a business, the final result becomes far more powerful.
- Competition. Identify your main competitors, and watch them like hawks. Follow their every move on social media, set up Google alerts with their names, find out what events they will be at, etc. Competitors are a scary thought, but sometimes they may become collaborators. You never know, but here, research is key.
- Timing. Deep down, you will know when the time is right to launch your startup. The key is not to rush the process. What happens if you rank your website much faster than expected, clients come in quickly, and you have no secretary to handle the front lines? Consider every piece of this puzzle.
- Plans B, C, D and X. When starting a business for the first time, it’s likely you will need a plan B. You’ll probably need another plan after that — in fact, you might need 100 back up plans before you get it right.
To sum this all up for any aspiring entrepreneurs – don’t panic. Identify your strengths, acknowledge your weaknesses, be both patient and persistent, and fail enough times to learn how to get it right.