7 Must-Haves for Starting Your Business (BTU 8/16/17)

From the desk of Earl Boyd, EW’s Director of Entrepreneurial Services (he is also the instructor of our Philly Start It. Grow It. business skills class):

  1. Define the problem you solve/need to meet – One of the major reasons for business failure is the product/service offering does not solve a problem people are willing to pay for.  Businesses exist to solve a problem/meet a need for the market place.  People buy products and services for that very reason.
  2. Know if it is, what you think it is – New business owners are notorious for starting businesses without conducting  research.  Before investing your money, time, and energy learn about the facts related to your market and industry by doing some research.  EW can help to streamline your market research, learn more here.
  3. Avoid doing the wrong things first – Most new business owners start by doing the wrong things first (i.e. establishing a legal structure, leasing space, securing licensing, etc.).  You should make sure you understand what your business is before embarking on these issues.  There are 5 Steps to starting a business, and the first one is defining the idea.
  4. Not enough money can be worst that having no money – Oftentimes starting a business without enough money only allows you to get into deep water that you cannot get out of.  Identify the amount of money and resources it will take to make the business work.
  5. Spend time determining how you will get customers – New business owners get fixated on the facility,  raising the money, designing their logo, incorporating, etc.  However, a business is not a business until someone is spending money with you.  The most important thing in starting a business is determining how you will get customers.
  6. How is my product/service different – The success of all businesses hinges on defining how your product/service is different from others that are the same, similar to, or a substitute for yours.
  7. Your commitment and willingness to make it happen – That speaks for itself

To continue to expand your business skills knowledge, learn more about our Fall 2017 training schedule here!


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