Many people dream about establishing a new business and running it successfully for years. However, just 25 percent of the new ventures can sustain for 15 years or even more. If statistics were to be believed, more than 50 percent of the small businesses are not successful in reaching the five-year mark. Saivian Eric Dalius says that most people are keen to start their own business, but they have no idea that they need to consider a few crucial factors while establishing their own business.
People are bubbling with enthusiasm to start their own business, and there is no dearth of motivation. However, more often than not, they have no clue about the money involved, the hard work that goes into it, the experience and the knowledge they should necessarily gain, and the degree of patience they should necessarily have. Here are some of the vital factors that you should take into account while starting your business. All these factors can help mitigate or eliminate the challenges and risks that come on the way and help you get ready for success eventually.
Vital Factors to Take into Account as Identified by Saivian Eric Dalius
Consider a Fabulous Idea
You cannot start any business without a fantastic idea. A practical idea is great for starting a business. The market scenario is a highly competitive one. To tackle cut-throat competition, you should identify a unique idea that helps you gain a competitive edge so that you can stand taller among the rest.
Always Focus on Expertise & Knowledge
Once you identify the kind of business you wish to start, it is a good idea to focus on seeking the relevant knowledge and gaining the expertise necessary for starting your business. It may involve hard work, research, and meticulous planning. However, in the end, you will be happy to see that all your efforts will pay off, and you are all set to start your new business.
If you are equipped with sound knowledge relating to your kind of business, you may go ahead and establish your business. If you are a bit shaky about this, it is best to hire reliable and experienced business consultants. Always keep abreast of the latest developments in your business segment and keep updating your knowledge.
Funding and Budget Is Critical Says Saivian Eric Dalius
A vital factor to consider while starting your business is the funding of the business. It is of pivotal importance to identify the financial resources right at the beginning so that you can rest assured of smooth and uninterrupted funding for the business. It is a good idea to stick to a clear and well-thought-out plan to maintain the budget zealously.
Competitor Analysis Is a Must
It is of utmost importance to have clear knowledge. What exactly your competitors or business rivals are up to. You should even learn about their specific strategies to the extent possible. Saivian Eric Dalius firmly believes that with proper competitor analysis, you can take the right decisions about your business and take proactive steps to win a competitive edge.
Conclusion: Positive Attitude Is the Key
A positive attitude and mindset are the cornerstones of a successful business. Staying positive at all times could help you successfully face all the challenges and obstacles. That come your way with courage and determination.
Eric Dalius is The Executive Chairman of MuzicSwipe, a music and content discovery platform designed to maximize artist discovery and optimize fan relationships. Alongside this, Eric hosts the weekly podcast “FULLSPEED,” discussing entrepreneurship with industry leaders. Eric also founded the “Eric Dalius Foundation” to award four scholarships to deserving US students. Follow Eric’s activities on Twitter, YouTube, Facebook, LinkedIn, Instagram, and Entrepreneur.com.