Entrepreneurs are people that do more than imagine great things. They develop their ideas into new products and services that, when marketed correctly, benefit the lives of millions. Launching a startup is an exciting moment but people that are new to the business world often fail to realize the massive amount of effort and planning that is needed to get them to that point. Many may also struggle with the continuous challenge of finding funding and getting more visibility after their launch.
How long does launching a startup take?
There is no set amount of time that is spent on getting a company from its initial idea to its launch date. Some spend years brooding over an idea before they decide to take it seriously. Most will spend several months to a year negotiating with backers and working out the details with co-founders. Most experts recommend speed because the world and its needs change so rapidly. Formulas and advice now exist to help entrepreneurs to make their idea a reality in a matter of hours.
Why do startups fail?
The three most common reasons for failure come from a poorly thought-out idea, a lack of adequate funding and a team that is either not dedicated enough or is unable to work together. Additional problems include not listening to the potential customer base, failing to consider the amount of competition already established in the market and not advertising aggressively. Addressing these basic problems and eliminating them will guarantee success more than worrying about branding and logos.
Is it necessary to work 20 hour days?
There is an assumption that business owners, inventors and creative entrepreneurs spend all of their lives at desks, on their phone or traveling from one investor meeting to the next. Studies show that people that choose this lifestyle do invest more of their time to their work than the average employee. However, most put in only an average of 50 hours a week. Holding back from pursuing a dream business because of children, other jobs or too many other interests is really not necessary.
The best advice and helpful suggestions about launching a business will always come from those that have already succeeded. Mentors make it easy to avoid common mistakes and increase profits sooner. Visit http://www.excellence-expected.com to get the expert answer on the questions many have about their own startup.