Effective steps for a startup CEO

A City Bank survey says 90% of businesses close down in the first 5 years of their operations

Your WHY should be strong

• Why you are doing the business in the first place ?
• Is it because you are fed up with your job ?
• You find the idea of doing business glamorous ?
• You want to give it a shot and see how things turn up ?
• You come across a business opportunity which you think will make you lot of money ?

If you are starting business because of above reasons chances are you will fail in business.

Why ? Because lets face it starting & running a business successfully is not a easy task ;you are going to face lot of problems,rejections and frustration so if your reason for starting the business is not strong enough you will be always worried about result and may quit in between.

Therefore you start any business because you are really sold out to the business idea and your are really passionate about solving peoples problem.

Funding of Business

As blood is required for the body money is required for the business so make sure you have a proper funding plan for the business.

Also come out of this belief that never take loan for the business and use your own funds for the business .You will never grow your business. Use credit whenever necessary

Financial Management

As a businessman you are an expert in the domain of the business but unless you are covered for the financial side of the business it is very difficult to succeed in the business.

So financial management of business is very crucial-like how to raise money,how to control cost,tax management etc. so make sure you hire a professional who can take care of all these aspects

Marketing & Sales system

As discussed above it is very important for you to be sold out on the business idea fully. As you are sold out to the business idea now it is your duty and responsibility that you spread this idea [product, service] to maximum number of people.

Take it as a mission and go aggressive.

Remember if you are not sold out to your product or service how can you expect your customers to buy it.

To do this it is important to have a strong sales & marketing system

Business=Revenues=Sales

Buying a House

Many individuals who wants to start the business or who are in business hold the beliefs around money which can become a big hurdle for their business. One such belief is House is an asset [See the Video]
When you are about to start a business it will demand money from you as well as lot of flexibility (Location change,funds etc) so if you end up buying a house who will get a stuck and will have no flexibility to run business

Provide for your family expenses

Ideally you should start your new business when you create a fund which will provide for the expenses of your family for at least one year.

This will really help you in focusing on your business without any worry.

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