Loading...
Answers
MenuWhat should be the top priorities for an entrepreneur when starting a company?
This question has no further details.
Answers
Making sales and figuring out what potential customers want.
Really, everything else can be done after you've proven that there really is a business opportunity.
When I give talks on this subject, my first suggestion.
Only start a business around something you've been doing every day, for the last 10 years + will continue doing for the next 10 years, every day, with or without pay.
This level of drive means you'll have expertise far surpassing other people + you'll stick with your niche, independent of any external circumstance.
Sticking with any one niche/topic/activity for decades is the best determiner of success... because no competition can touch you...
100% before you can do anything else any of these other experts mention: You have to know exactly who your customer is and the problem you're solving for them. Do not go build a product without knowing these two things. Always know your customer first; that audience you are so passionate about you want to always find products to make their lives better.
I decided to embark on the entrepreneurial journey over 20 years ago ... and haven't looked back. I love what I do, but being an entrepreneur isn't for everyone. The first two things you should do is (1) make sure that those who share your life with you are on board and (2) make sure that being an entrepreneur is really what you want.
Once you've checked off these two items, then I recommend looking at your business from the outside first and gradually looking inward. Here's a list of priorities:
1. Your Customers - no company is successful without customers. So, as a startup, you need to know (1) who are your customers, (2) how do you reach those customers, (3) how much are those customers willing to pay.
2. Your Team - determine the personnel gaps that need to be filled and have a plan to fill those gaps. These don't have to be employees. You may be able to fill some gaps with contractors, consultants, advisors, etc.
3. Your Business - determine your corporate structure and file the appropriate registrations. Now is the time to make sure you separate business from personal.
There are great insights from other entrepreneurs. I think about these as top priorities.
a) Self Exploration : Belief, Purpose and Emotions that drive you. Spend time to know
b) Self Expression : Ability to network, articulate and interest people to create an audience
c) Being Helpful : Take every effort to help others even in your worst situation
d) Jobs and Outcomes: Making effort to understand the jobs the prospective customer aims to complete from a very empathetic point of view.
Message me if you wish to understand in detail why I believe these should be priorities. mcoach.in
Determine market demand and viability of the business.
After that establishing proper structure for liability protection.
Read "The myth of the idea" https://www.bookbuzz.biz/idea-5-minimal-viable-resources-key/. Map what the author calls Entrepreneurial Pool of Resources (EPR).
I recently shared my experience on the key elements I've learned starting a business. I was part of a founding team on my first one (which sold to Airbnb), and founder on the second, a marketing consultancy active within startup community.
Here's a link to the article: hope it helps and feel free to reach with questions.
https://www.benjamin-david.com/2017/08/ben-tuff-six-things-ive-learned-one-year-into-business/
Ben
I agree with what everyone else is saying but would add a level of detail. I have spent 20 years developing and launching innovative technologies and business models in enterprise/B2B with some many lessons learnt. My key lessons would be:
(a) Having a product that the customer really wants (or has been actively looking for), that the buyer will pay/commit resources (time, personnel etc.), even at pre-product level. You can do this for both B2C and B2B
(b) Finding potential customer(s) that you build a relationship with where they give you a lot of feedback beyond the product because you need to understand the ecosystem you are selling into
(c) Knowing that the buying decision process and timeline in advance - ensuring that your buyer can get this purchase done
(d) Estimating 2x more for everything – double the amount/time etc for costs, delivery, decisions etc.
(e) Understanding that the stress and emotional journey levels are going to be very high and can be isolating. Free remedies include meditation, exercise and finding a group of people you can talk freely with about what’s going on
(f) Figuring out whether your risk and timing tolerance matches your product’s sales cycle
(g) Listening well and asking questions – reflective listening is really helpful with customers, providers etc.
(h) Don’t assume anything – sometimes the “pain point” or question you think you are solving isn’t so bad for the customer or that they frame it in a different way – be ready to learn all the time
(i) Read “the Lean Startup” - it is very helpful
You can do all this without spending hard cash but it takes a lot of time and patience.
Happy to jump on a call if that is helpful.
I agree with all the previous answers and find them very important to start a company.
As an entrepreneur and traveler, I have opened businesses in different countries and cultures.
I offer coaching based on the Five Elements and suggest to take all those key elements, in balance with nature's wisdom, when starting a company:
1. Clarity of your intention and purpose (Element Ether)
2. Clarity of your vision including: your product or services, what differentiates you in the market, who is your target, demographic, direction you like to take and strategy (Air Element)
3. What are your main motivations? How can you motivate others to join your project as collaborators, investors, partners, ..? What are your main potentials and how can you develop your leadership skills for this project? How can you motivate people to purchase your product/services? This is also related to your brand, image,.. (Fire Element)
4. How can you find the relationships and create the connections that are required for a positive, successful influence and integration in the market? How can you attract the right people? (Water Element)
5. What do you need to make it happen? Investment, space, product development, permits, licenses, ... This step is related to time and resources management to guarantee a successful investment. (Earth Element)
When all those points are clear, you can create a clear strategy and manifest the project step by step... from the base, up.
I wish you success on your project!!
Here are links to read more:
Blog about: Five Elements to become a successful entrepreneur:
http://dharmi.com/five-elements-become-successful-entrepreneur/
--
Blog where I share some of my experiences:
http://voyagemia.com/interview/meet-dharmi-method-gps-life-midtown-edgewater-east/
Sales or retained users depending on your business.
If your product is not selling anything, but your users are coming back for more, that's a sign that you have something.
Make sure to install your Google Analytics right for this and have a look at the coherent analysis.
Customer experience is priority in any kind of today's business. First get to know and define the real vision/purpose of your business in relation to the world, your community or your customers... Why do you do what you do? Then think about how you can achieve that vision/purpose, in general terms, and then what is the resulting product or service you are providing. This way you will see the critical path of your business. Anything that you see on that critical path, is your top priority, above money, above anything, and the rest is secondary. Focus on your purpose!
Related Questions
-
As a solo freelancer of my company (Incorporation), what are the best practices to grow my business, get more clients, and hire people?
I'm reading a book called, "Disciplined Entrepreneurship: 24 Steps to a Successful Startup" written by Bill Aulet. The 24 steps are broken down into six categories: 1: Who is your customer? 2: What can you do for your customer? 3: How does your customer acquire your product? 4: How do you make money off your product? 5: How do you design and build your product? 6: How do you scale your business Your technically asking a good number of questions and I'm thinking this book might be a good starting point for you.JF
-
I have an Idea in (IoT) , what is the approach that I should use to make sure that this idea is new and feasible?
Is it new? To find out if the idea is really new, be thorough in your online search. Search base on descriptions of the the problems it solves, how it is used and the benefits. You should also search Google Patents or the USPTO.gov site to look for existing patents in this area. Does it need to be new? "New" is nice, but in a rapidly developing market space like most IoT applications, there may be a lot of room for "better" or "improved." If there is competition, find out how well it is being adapted and used; you may still uncover new opportunities. Is it feasible? This is clearly a loaded question. To determine market feasibility, you will have to answer a number of individual questions, including: - Will the product address a real problem and deliver tangible benefits - Can you make a product that performs the way you want it to? - Will anyone want it if you do? Why? - How many of them are there and who are they? - Can you market it at a price they will be willing to pay for it? - How can you reach and sell to them? - Do they know they want this, or will you need to educate them? - What obstacles will you need to overcome to make a sale? - What will compete with this purchase, both directly (other products) and indirectly (other ways to solve the problem)? I hope that helps. I have been doing a lot of work in the IOT space and would be happy to walk you through a process to help you answer your question.JM
-
I've grown from being a solo PR consultant, to adding an assistant. Now maxed. How to take the next step? Get new clients or hire senior help first?
Clients before hire/ income before expense BUT start the interview process now tooKF
-
How do you come up with a clear action plan/ roadmap/ checklist to get you from idea to launching a business?
To start with, create a "No-To-List" of non-action items. It will help you keep your focus intact on the actual and planned goals. It will also help the team's focus to move in unison. Talking about "To-Do" list of laundry items, start with assessing your internal capability, external requirement, and map the two to find the loosened nuts and bolts. Once you finish up with above exercise, create a list of action plan items that could help you move from possessing idea to establishing business. However, do ensure to plan your business model in the beginning to prevent from doing recurring redundant task. Let me know if you've tried creating any such checklist. You can DM me the same or we can hop on a quick call to discuss the fine prints.SB
-
What is essential for the skeleton of a business plan?
1. Lucid understanding of the objective behind business plan development 2. Customizing the content plan (skeleton) per objective 3. Adopting planning the business approach than writing a business plan 4. Knowing "How-To" and "What-If" Hope above to be of some help. Looking for anything specific? Feel free to reach out.SB
the startups.com platform
Copyright © 2025 Startups.com. All rights reserved.