Entrepreneurs open thousands of start-up businesses, but only a few succeed. Serial entrepreneur and angel investor David S. Rose offers a thoughtful, comprehensive checklist to help you establish a start-up that will flourish. Using the format of 25 “key action steps,” he provides sage advice and insight to help you understand and tackle the challenges you will encounter along the way. Entrepreneurs would be well served to keep this manual close at hand and mull over it, not just read it once and put it aside. Rose discusses how difficult it is to find the right mentor, but getAbstract finds that his guidebook provides much of the insight a mentor might provide to anyone involved with planning, running or investing in a start-up.
Nitty-Gritty for Start-Ups
Entrepreneurs who are starting a business can choose among countless reference books, but they’re not all geared for 21st-century companies. A start-up firm generally intends to open strong, grow rapidly, hire employees, and – with success – find a larger company to acquire it or eventually go public.
To create and operate your new business profitably, heed 25 “key action steps” for “starting smart”:
- “A compelling business model” – Base your business on a great concept that you can convey in your business model. This creates a baseline to establish the benefits you’ll offer your customers. You must ascertain whether you can make a profit. First, ask if the profits you can generate selling a product or service exceed the cost of producing it? You want to give positive answers to these questions: Is the product right for a large pool of potential customers? Would customers buy it at a high price? Can you generate a large profit from the sale of individual units? Will the company’s viability increase as it grows?
- “A lean business plan” – Focus your business plan on generating value. ...
Founder and CEO of Gust, a platform for funding start-ups, David S. Rose established several businesses and serves as an angel investor.