Undoubtedly, starting a new business can be one of the greatest periods of time in an entrepreneur’s life. Launching a start-up isn’t easy, but there are ways to make the process as straightforward and manageable as possible. Here are just three key steps central to starting a new company, and why the right attitude and the support of professional and personal allies can bring entrepreneurs big rewards in the long-term.
Understand Your Motivations For Starting A Company
While it can be a time of excitement and adventure, launching a start-up isn’t a walk in the park, and many entrepreneurs work very long hours to get their idea into the marketplace. (Even after launching Tesla and SpaceX, for example, entrepreneur Elon Musk is still said to work over 100 hours per week.)
Without a real passion for your business idea, in other words, it may be difficult to sustain the ups and downs that any good company goes through in its formative stages. When it comes to launching a business, an enjoyment of the process itself can be a great motivator; conversely, if you’re not passionate about your business plan, you may want to take a hard look at what is giving you reservations about the prospect of starting a company.
Surround Yourself With Supportive Allies
As a general rule, most entrepreneurs will face an almost dizzying array of challenges at the beginning of their careers. In an age when 90% of start-up businesses fail, it’s more important than ever for entrepreneurs to surround themselves with positive people. This is definitely not a time when entrepreneurs will want to be dealing with naysayers and toxic attitudes: Everyone vents their frustrations from time to time, but if colleagues are consistently clouding your worldview with feelings of anxiety and apprehension, you may want to give them a pass for the time being.
Understand Your Funding Sources
In today’s economy, funding for start-up businesses can come from a variety of different sources. When launching a company, many entrepreneurs draw on sources ranging from family and friends to venture capital firms to meet their funding goals. Where you’ll want to go to seek business financing will depend on how much money you’ll need to start your business in earnest, and each source of funding will have its upsides and downsides.
If you don’t need much financial outlay to move forward, for example, you may want to rely on personal savings, small bank loans, or crowdfunding to begin a new stage of product development. If you’re ready to start hiring employees or if you need to rent office space, however, you might want to look into local VC funding sources, larger business loans, or even start-up incubators to achieve your objectives.