8 Steps To Land A Successful Startup

Plan ahead with a fixed budget 

Founder and chairman of New Jersey’s firm the Green Group, Leonard Green advices that it is essential to steer one’s business in a planned course than to just go with the happenings and be lost at sea.

"Have a plan for how the business will be run,” Green recommends.

The assessment in underpinning, structuring of business startups and compensation policy (LLC, sole proprietorship, S Corporation) should be planned well in advance before making the final call.

Additionally, for budgeting startups, one must expect zero revenue from their business in the first year. "Many times when you have sales, you don't have collections for a few months. You still have to cover rent, utilities, inventory, salaries and promotion," he adds. 

Efficient team play

For the bloom of any business industry, success depends largely on those that carry out and execute the plan. Similarly, startups that get hold of the right set of people that work efficiently as a team and deliver goods on time, are heading in the direct of success.

“Many good entrepreneurs are by nature connectors of people, so they have a strong network, which puts them at an immediate advantage," states Mark Coopersmith, a longtime tech entrepreneur.

However, for startup achievement, the teammates must be in the same league with in running the business. They must all share a common goal and work together on the game plan.

"The crucial element here is that entrepreneurship is a team sport. Build the team early, and build it around shared values because if you bring on employees and partners and you agree upon common values, you can use those values to come to decisions," advices Cooper-smith.

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