FRESH STARTERS
Strategies For Your Business Success
Whether you are thinking to startup a new business or have recently started one, there are few questions that we would like you to think about.
If you answered NO to any of the above questions, chances are that you are neglecting some factors that will certainly have an impact on the degree of success of your endeavor.
We invite you to talk with an Avvila Advisor to provide you with some insights about the factors that might inhibit your startup development.
Strategies For Your Business Success
Whether you are thinking to startup a new business or have recently started one, there are few questions that we would like you to think about.
- Do you have a solid motivation to startup? - Many individuals decide to startup a business looking for a job alternative. They may have just graduated and found out that there are fewer job openings than professionals available or they may have just been laid off. The business can potentially become a job or profession replacement with the same sort of challenges but not a life enhancer. How much the business truly represents an objective that you have in life versus just an alternative way to make money. Are you the true owner of an incredible business idea?
- Have you assessed your current capacity to succeed in your new business venture? - Even if you are the owner of an idea, you must have what it takes to make it happen and be willing to do it. You may have a natural talent for music but that alone does not guarantee that you'll be a famous musician capable of making tons of money and impacting others with that talent
- Do you have a (three-year) plan? - Many people would argue that a small business does not need a plan, that things are relatively simple and that they can go-on without it. Yet, the sustainability and financial success of the business depend on the quality of the plan. When confronted in a war, even the most unskilled soldiers need to follow a plan to minimize deceases and potentialize the impact of their participation at war. If you enter the battle field with the correct mind set, the mind set of a business owner, you should not leave things to chance
- Have you considered and addressed the potential risks of failure? - Very few fresh starters truly assess the potential shortfalls of their business. Studies suggest that a portion of businesses failures are related with the financial struggles that short demand estimates generate. Challenges are also related with finding the right people, under-estimating the cost structure and so on. The classical What If question is mostly posed when thinking about the dreams, scarcely when thinking about the challenges
If you answered NO to any of the above questions, chances are that you are neglecting some factors that will certainly have an impact on the degree of success of your endeavor.
We invite you to talk with an Avvila Advisor to provide you with some insights about the factors that might inhibit your startup development.
