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Saturday, September 19, 2020

Executive Insider

3 Things To Think About Before Starting a Business

Woman entrepreneurs

The startup phase is always an exciting one. It’s full of promise and possibility and for many serial entrepreneurs, they get a rush out of creating something new and fresh. But the startup phase can also be full of uncertainty and doubt, which can make it really easy to lose interest or dismiss an idea before it even gets to market.

Knowing What to Pursue and What to Abandon

The secret to a successful startup has to do with knowing what to pursue and what to abandon. After working with businesses for over 25 years, I have been able to distill which businesses you should take a chance on and which businesses are better left in your idea notebook. For most entrepreneurs, the most successful business ventures have three important factors.

  1. It Makes You Excited.
    Building a business from the ground up takes a lot of work and dedication, and when things get difficult, it’s your passion that keeps you motivated to move forward. So if you don’t love the idea, the industry or the business …don’t pursue the business idea.
    After twenty-five years of working with business owners, it is very clear when you ask a successful business owner what they do for a living. You will see a noticeable change in the way they compose themselves. They love what they do and while that doesn’t guarantee success, it certainly doesn’t hurt when things get difficult and the business has yet to prove itself in the marketplace.

    Corporate business executives

  2. It Taps Into Your Talents.
    You wouldn’t start a restaurant if you weren’t at least a decent cook. You wouldn’t start a fashion line if you didn’t know how to sew. And you wouldn’t start a marketing firm if you hate sales and marketing. So when it comes to finding a business idea that is worth pursuing, you should factor in your talents and think about whether they cater to your strengths.

    Corporate business executives

  3. You Know People.
    Being an amazing chef who has a passion for fine dining, doesn’t mean that you should open a restaurant. There is a lot more to it than that, and this last tip is one of the most important ones that will help guarantee your success (or failure).


Corporate business executives

Ask yourself the following questions:

  • “What financial resources do I have at my disposal? Do I have the startup funds to make my business a reality?”
  • “What life experiences do I have that would make this business successful (education, training, in-field experience)?”
  • “What skills do I have? What can I do that other cannot?”
  • “What connections do I have in the industry?”

Now if you are an amazing chef with a passion for fine dining and you have the financial backing to start a restaurant, that is a completely different story. The connections you have and the skills you possess are the real determining factor on whether an idea can come to life and be successful.


Have you read?

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Ireland’s Billionaires: Richest People In Ireland, 2020.
Ranked: The 73 Most Powerful Countries In The World For 2020.
Study: The Least — And The Most — Educated States In The U.S. In 2020.

David Finkel
David Finkel is the author of 12 business books, including his newest release The Freedom Formula. He is the co-author of Scale: Seven Proven Principles to Grow Your Business and Get Your Life Back (written with Priceline.com co-founder Jeff Hoffman), and a respected business thinker. Finkel's weekly business owner e-letter is read by 100,000 business owners around the world each week. Finkel is the CEO of Maui Mastermind, a business coaching company. Over the past 20 years, Finkel and the other Maui coaches have personally scaled and sold more than $2 billion worth of businesses. David Finkel is an opinion columnist for the CEOWORLD magazine.