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Friday, October 24, 2014

16 Undeniable truths about starting your own business

The following post is for those who want to get into starting their own business or for those who have already started and need a fresh reminder on what they should focus on.

the fittest blogger | 16 undeniable truths about starting your very own business

I have read many books on raising capital and building the perfect start-up. Throughout many of these wordy books, there have always been a few things that have stood out for me.
I managed to congregate many of my favorite quotes that left meaningful insights that readers will be able to find value in:

1. Networking will always be more important than cold calling.

2. "Do the work. Out-work. Out-think. Out-sell your expectations. There are no shortcuts."

3. Always specify your target markets/users before testing your concept.

4. "Ideas are really nothing, it’s all in the execution of that idea"

5. "Being comfortable is the enemy. Staying hungry forces you to push yourself to continue to survive, grow, and evolve."

6. "People love to help. You don't have to be insecure and know it all."

7. The companies that win are the ones that put users first. Google, for example. They made search work, then worried about how to make money from it. And yet some startup founders still think it's irresponsible not to focus on the business model from the beginning.

8. You have to present it simply, particularly when it comes to people:

“When people buy something, they don't want a lecture."

9. The most inevitable thing about running a business is that there is going to be naysayers, you must admit to yourself that people will not like your idea.

10. Every day, identify 1-2 actions you can take to further develop the project. Even if they're small actions, the process will help you focus on being proactive instead of constantly responding to things.

11. “Investors are buying the users rather than your clever idea or company.”

12. "If a business is all about you as an individual, no one will want to buy it."

13. Create a map for success. As you arrive at business systems that work well, write them down so that you can hand a how-to manual to your successor.

14. "The naming of a product is so key. It has to make the consumer want to try it."

15. The marketing plan when starting should be “Whatever we can do, basically, for cheap or for free.”

16. Never sit on a good idea.

Over the next few weeks I will go over each concept in detail. Comment below with questions and anything you would like me to elaborate on.

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