There are many risks involved, but launching and managing a small business can be incredibly rewarding.
Mike Broderick, Co-Founder & CEO, Turning Technologies argues “if you believe that entrepreneurship is for you, here are some tips from someone who has been there that can be a useful starting place.”
“First, have a a terrific team. We built Turning Technologies from the ground up into the world's largest response technology company, growing at a steady pace even in the midst of the most challenging economy in generations.”
It's impossible to overstate the importance of those factors. But there are some broadly applicable elements to our success that just about any entrepreneur in any field can apply. Here are three tips to help launch and grow a successful company:
- Analyze real-world challenges to find a winning idea: For some successful startup founders, it all begins with a great new product or service idea that seemingly comes out of nowhere. But most entrepreneurs consciously seek productive paths to innovation, evaluating existing practices to identify processes or systems that can benefit from innovation.
- Create a compelling story: Once you have a new product or service that can make your customers' lives easier or more fun and productive, tell them about it in a way that resonates with them. Analyze your target markets, and find out what makes your customers tick, then position your solution as a way to make them more productive and effective.
- Make a commitment: If you've done your homework on starting a new business and growing an enterprise, you'll realize that it typically takes a great deal of time and dedication to make it succeed. Make sure you're mentally prepared for that and all it implies, including the need to work long hours for little or no compensation initially.