How to Avoid Being Just another Start-Up Statistic

Actually you do want to be a statistic, as is everybody who tries their hand at business and entrepreneurship, but you want to fall into the bracket of those who are considered to be the right statistics. Otherwise as suggested by the topic and its intended interpretation, the type of statistic you don’t want to be is that of the founder or co-founder of a failed start-up, to the extent that that failed start-up is the only attempt at business and/or entrepreneurship you can point to.

Get your first few failures out the way

This is the mentality you need to approach your start-up with and every subsequent start-up, that being hoping to succeed and doing everything in your power to succeed, but expecting to fail. You’ll be lucky if your very first start-up is a success, but in the world of modern-day start-ups, the number of failures you have under your belt make for somewhat of record of embellishments.

So basically what I’m trying to say is not that you must go at it with the view that you’re going to fail, but rather just to get busy working. This is the only way you learn about how it should be done and more importantly, how it should NOT be done, with some lessons that can be carried over into just about any area of business any of your subsequent start-ups will be engaged in.

Implement a professional operational structure from the beginning

From the first day of the operation of your first start-up, a professional structure needs to be put in place, with the likes of the Frisch Financial Group adding a lot of much-needed credibility and professionalism to any business operation. This way, you’re able to attract potential backers and investors much easier, firstly, and secondly, you’ll instil a culture of professional conduct to your operation to the point that it becomes second nature, giving you an advantage which will help you in the all-round implementation of all your business practices.

Document EVERYTHING

A simple log-book of what you’re doing will do as a means through which to document everything, but in this day and age something like some pre-start-up success (or even failure) can be edited professionally and then turned into just another revenue stream. More importantly however, this will give you some records to go back to either to go over what you shouldn’t repeat by way of mistakes or to rinse and repeat any scalable mechanisms of growth and success.

Revisit old ideas

By the time you’ve had your first bit of success with any of your start-ups, often you’ll find that you can quite easily revisit some old ideas which didn’t work before, refine, tweak or change them up and then simply make them work in a brand new way.

Consolidate

Success breeds success and once you’ve tasted some success with your start-up, now is the time to consolidate through diversification or through the solidification of your existing revenue streams. In other words, protect your assets, one of which assets it the knowledge you’ve built up, so something like consultation for extra income should definitely be explored.

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