You're starting a new business. What do you need to succeed?

In my arena, that is F&B, it’s extremely costly if one does not do his/her homework before investing in the business. The most sure-safe way is to try from home. Cookie, salad bowls, sauces or paste, you can start from home and sell from your own social media platforms: Facebook, TikTok etc. This is an economical way to start a business, to get validation from your client, before making the big move to a restaurant or cafe.

You can't stress this enough, validating an idea is key with the market. Many new entrepreneurs want to create something shiny and then find a market for it, which is a sure way to burn through all of your money without getting good customers or traction. If you think you've identified a problem, go and talk to potential clients about it. Don't sell anything, just try to get their perspective and understanding of the problem, how bad it is, and how much (if any) they are willing to pay for it. Only when you have enough evidence and commitments (even a signed contract in advance) should you start building a product.

Running a business is like running a marathon. Besides the typical team, idea etc.. What people really need is grit, patience and determination. Running a business is really hard and it will test your inner self. There are days, weeks and even months when you will feel defeated. Those are the times when you cannot give up, just like a marathon. You need to push through and come out on the other side.

In my experience, validating ideas involves thorough research, testing, and feedback. I start by conducting market research to assess demand, competition, and potential obstacles. I then test my ideas through prototypes, experiments, or pilot projects to gauge feasibility and gather data. Additionally, I seek feedback from target customers, mentors, or industry experts to validate assumptions and refine concepts. By iteratively validating ideas through research, testing, and feedback, I can increase confidence in their viability and make informed decisions about pursuing or refining them further.

Think Elon Musk. Lots of people think that innovation comes from flashes of genius. Occasionally, this is true. But most times, innovation doesn’t work this way. Innovation is a discipline, with its own, fairly simple, rules, and so is entrepreneurship. Both are work, but innovation is the most important work of the organization. Innovation is the tool of the entrepreneur. It creates opportunity. The single most rule is: learn how to respond to failure and success. Failure rarely goes unnoticed and is easier to recognize than success. The proper response is not to do more analysis and study. The right response is to get out from behind the desk and talk to people. Listen to what they say. Do what Elon does. Fail fast. Learn. Fix it fast

A meticulously prepared plan not only attracts investors but also serves as a roadmap for your team, fostering strategic alignment and guiding success. Crafting a comprehensive business plan entails meticulous groundwork that covers every aspect that a successful entrepreneur should consider. Delve into exhaustive industry analysis, scrutinize competitors, assess market demand, and delineate distribution channels. Anticipate potential obstacles and devise contingency plans. Equally crucial is formulating exit strategies, demonstrating foresight and adaptability. Tools such as LivePlan facilitate this process, ensuring thorough coverage.

Business plan needs to be based on the experience carried in the industry and a profile to be created about the business. Define the targeted customers, the sales pitch, the budget for launching the business.

Acquire an extensive comprehension of your market, encompassing client requirements, market patterns, and competition environment. Acquiring this knowledge will enable you to strategically position your firm and efficiently cater to the needs of your target audience.

The biggest thing here is understanding who you're courting money from. Traditional institutional financing looks for completely different things in a business plan than do VCs and Angels. Hard money lenders look for different things. Private relationship-based lending look for different things. You should 100% know the difference in investors . You need to understand if you're doing a debt loan or Equity or a convertible note Etc. A lot goes into riding a business plan. Two of the most important things are your executive summary and your vision statement. If you cannot articulate clearly your vision no one will give you money.

Writing a business plan outlining your goals, target market, products or services, marketing strategy, operational plan and financial projections is very crucial. A well thought out business plan serves as a roadmap for your new business venture, helping you to clarify your vision, attract investors and navigate challenges effectively.

Choosing your business's structure isn't just about the boring legal stuff; it's about setting the stage for your future empire. Think bigger! It's about ensuring you can grow, bring in investors, or even sell your business one day. It's not just a step; it's a strategy for freedom and flexibility. And while it might sound complex, it's actually about aligning your big dreams with the right framework. A little effort now can save you a world of trouble later.

Choosing the right business structure is crucial as it impacts various aspects of your business, from tax obligations to personal liability and even the way you run your operations. It's important to note that the structure can evolve as your business grows. For instance, you might start as a sole proprietor and later transition to an LLC as your business expands. Engaging professionals like lawyers or accountants can provide valuable insights to help you make an informed decision. For our company's, we adopt a member owned/board managed approach to our LLC formations. This alleviates allot of potential future burden's relating to founder disputes or member disputes and streamlines the process for critical business decisions.

Select the appropriate legal framework for your business such as a sole proprietorship, partnership, limited liability company (LLC), or corporation. Enroll your firm, acquire essential licenses and permits, and guarantee adherence to all local, state, and federal rules.

Creating your business structure as one of the most important things and setting up your company. You need to look at tax implications . You need to look at asset protection for your personal property. You need to look at how many employees you're going to have. Who are you going to be seeking funding from? Are you going to have partners? Do you have a board in place? Are you going to franchise? Hundreds of questions to ask here. I would suggest a great business attorney, a tax strategist, and a CPA that is familiar with the business models. You will also want a great bookkeeper. Your books are one of the most important items to keep the IRS off your back. Learn the difference in structures. They each have pros and cons

I highly recommend you to consult a legal or financial advisor to determine the best structure for your new business which will ensure legal complience and optimal operational efficiency. Choose a structure such as sole proprietorship, partnership, LLC or corporation based on factors like liability protection, tax implications and ownership flexibility.

Secure funding? Consider a different approach first: build a valuable product that solves a real problem. This builds a solid foundation. Show the market your worth, and funding will follow. It’s simpler and often more effective. I have done this over and over again with my companies. It’s the better path to sustainable profitability.

Obtain the essential financial resources to launch and sustain your business. Funding can be obtained through various means, such as personal savings, loans, investors, or grants.

Securing funding is an important step in starting a new business if you lack the capital yourself. However, it's important to note that the source of funding should align with the business's growth strategy and vision. For instance, venture capitalists often seek high-growth and scalable businesses, while crowdfunding might be suitable for businesses with a strong community focus. Additionally, entrepreneurs should also consider non-traditional funding sources such as bootstrapping or revenue-based financing, which can provide more control and flexibility. Always remember, NOT all money is good money. Be sure the firm you work with brings more to the table than just money. Many will talk a big game but only few only deliver.

Personally if you have a great product or service that solves a problem and you can clearly articulate the vision and show a clear path to profitability you will have no problem getting funded. You need to understand whether you're looking for institutional investment or private investment. You need to clearly state what their return will be and when. Are they Equity partners? Do they get a REV share? Did they get paid on exit? All the above? None of the above? Clearly having answer to all the questions

What is there in a team? These are not your employees. These are not the people you are going to contract. These people are advisors. You should have advisors on your board that you can consult for any question that may come up in the particular industry that you are starting in. If you're starting in restaurants you want to have advisors in the supply chain, advisors in the Health industry, advisors in hospitality, etc... don't confuse these with your board of directors. Advisors are just that advisors. They do not get paid they simply give you great advice. They've probably already been there before. Who else would be on your team? All of your distributors your CPA your Tax Advisor your attorney you get the idea.

Building a team is important for any new business. However, it's not just about hiring individuals with the right skills, but also those who share your entrepreneurial vision and passion as well align with you cultural values. A team's synergy can significantly impact a startup's success. Utilizing modern tools like AI for recruitment can help identify potential candidates more effectively. Also, consider the gig economy and remote work options, which can provide access to global talent and help manage costs. More times than not, the team you start with will not be the team that scales with you. This is most prevalent in startup companies where this is the CEO's first venture.

Establish a robust network of connections, mentors, and collaborators that can provide assistance, guidance, and potential business prospects. Networking is essential for achieving growth, acquiring knowledge, and surmounting obstacles.

Qualquer tipo de negócio, especialmente startups, é um " people business", ou seja a dimens?o humana ( pessoas) tem um aspecto ascendente sobre outros. O empreendedor precisa em primeiro lugar ser criterioso na escolha de potenciais de sócios. Nem sempre melhores amigos ser?o bons sócios. A complementareidade deve ser sem buscada numa sociedade. O racional para escolher os primeiros colaboradores, além das skills técnicas e comportamentais, deve ser o alinhamento com a miss?o e valores da empresa.

You don't just need a team. You need the right team. They need to be a fit for what you are building, not an empty shell who just show up. The right team makes all the difference.

Building a strong and supportive community goes a long way; keep in mind that organic growth takes its time as people get to know you more and assess your credibility, value and commitments to a positive future.

O processo de lan?amento e valida??o de um produto ou servi?o passa por alguns aspectos importantes como; Teste no mercado: Ofere?a seu MVP para um grupo seleto de clientes potenciais e obtenha feedback. Isso pode ser feito por meio de entrevistas, pesquisas ou testes beta. Analise os resultados: Com base no feedback recebido, avalie se há demanda pelo seu produto ou servi?o. Observe se as pessoas est?o dispostas a pagar por ele e se est?o satisfeitas com a solu??o oferecida. Ajuste e itere: Com base nos resultados da valida??o, fa?a ajustes no seu produto ou servi?o e repita o processo de teste até encontrar uma solu??o que resolva de forma eficaz o problema do seu público-alvo.

Timing is the most important stuff to be successful ! See how the market’s needs are aligned now or later or you already missed the bus !! So not shy in acknowledging and adapting to time than succumb to distress. Second I believe internalization of the inherent value-add we are offering to target market segment is key to be successful in new business. That drives passion, thought leadership, creativity in all aspects - ideation, customer discovery, prototyping, beta testing, using feedback for advantage and doing an incremental roll-out. Finally I feel building back-up plan - both emotional and financial, having purposeful partnerships, cross-functional advocacy network, access to some lobbies and market watchers are key too !!

Forge a crystal-clear business plan and immerse yourself in market insights. Fuel your venture with diverse funding streams and anchor it with a solid legal foundation. Carve out a compelling brand, amplify it online, and weave through the digital and real-world with strategic marketing. Excellence in product and customer service is your beacon. Cultivate resilience, adaptability, and a network of allies. Keep learning, evolving, and remember: every challenge is a stepping stone to triumph. Your business odyssey awaits!

In my experience, to succeed in starting a new business, consider the following key elements: - Clear Business Idea - Market Research - Business Plan - Funding - Legal Structure - Team - Product/Service Development - Marketing and Sales - Customer Service - Adaptability I think success involves a combination of careful planning, execution, and the ability to adapt to new situations as your business grows.

Get the support that the ecosystem provides. Acceleration Programs, Investment Readiness Programs, PreAcceleration Programs, Incubation etc. they all give invaluable insights into the process, regardless of the development phase the business is in. Mentors, coaches, experts, business angels, fellow entrepreneurs, they all can give perspectives that not only can save time, money and other resources but can provoke to rethink the whole business model, strategies and put a new direction to the business.

Consider these: Building a strong brand nurturing relationships, Staying adaptable Prioritizing customer satisfaction for success