What do you think are 3 important aspects to starting a business?

It’s an exciting time for small businesses.  Over the last several years, we’ve seen an explosion of new age entrepreneurs with big ambitions.  Through skills and crafty leverage of the digital revolution, we’ve seen small businesses grow into multimillion dollar companies overnight.

So what are these small businesses doing right?  What tactics or tools are they using to accomplish such astonishing feats?  Amazingly, it’s extremely simple and it all goes back to the basics of marketing and sales.

Find something that’s in demand, and market and sell it with a passion.  Simple enough, right?  All it really takes is a bit of education and time spent to stay on top of everything.  If a startup doesn’t know what its main objective is and how it plans to get there, then it’s bound to fail.  Conversely, if entrepreneurs carefully plan out every step, the chances of building something sustainable is always within reach.

That said, here are three things all entrepreneurs must first look into before embarking on starting their own business.

  1. Business plan

This is common sense.  A well-thought out plan helps people to maintain focus on their primary objectives.  Not only that, it also provides them with a clear map on how and when certain tasks must be accomplished. Without a plan, an idea is nothing more than an unachievable dream

 

  1. Technology

Many small businesses often fail because they fail to educate themselves on the obvious facts of technology.  Things such as computers allow for automation, which means businesses can free up more time to focus on refining what’s at the core of it all—what they’re trying to sell.  Failure to get caught up on how and what to use to increase inefficiency ultimately means a business will fall behind its competitors.  The word technology applies to both the businesses using it and the people it services.  Facebook, for instance, is a social platform that allows businesses to engage and keep in touch with its consumer base, and underutilization of technology such as these only serve as detriments to a business in the fast paced digital age.

 

  1. Talent

Talent and drive are crucial to a healthy work environment, and of course the survival of an organization.  Employees that hold themselves accountable and are driven to always deliver on what they’re assigned are obviously keepers.  However, talents in managements should also be considered if it means a leader is necessary to bring out the best in all personnel.

If the above three bases are covered, any small businesses should have a very probable chance of growing and becoming what its founders envisioned it to be.  Once established, every small business will face obstacles such as market conditions and typical office politics.  Nevertheless, any solid foundation can survive a momentary storm, and that’s what entrepreneurs should aim for.

— June 14, 2015

What Do You Think?