Working Solo or with a Team?
Many factors determine whether the business will be successful and most businesses fail rather than succeed. Every business today starts out as a small operatiion as out of a home or perhaps, out of a garage. People work very hard and for very long hours, determined to make the business a success. However, if the person does not have enough advisors to help plan the business nor a knowledge of marketing, he/she in all likelihood will fail.
The business has a better chance of succeeding when many competent and skilled people are involved in the early planning stages. People who try to run their businesses alone, often fail. They lack many of the skills needed to keep the business in operation. Each of us has talents and have acquired many skills from the jobs which we have held over the years. These core competencies can be used in planning a business.
Deciding Who is in Charge
None of us has the whole picture. People need other people for skills and knowledge in areas where we are lacking, and this is true in business, as there are many aspects which need superior focus. For instance, an entrepreneur needs a management team which can assist in the planning and operation of the business. Hav ing a team of people with a diverse set of skills will ensure success.
Depending on the type of business, the entrepreneur needs someone who is knowledgeable about the market that he is trying to reach. Knowing what the demand is and what the competition is doing are essential. A leader who knows how to position himself in that market will be instrumental in creating money-making opportunities.
A strong leader with exceptional skills is necessary to lead the group. Joel Kurtzman, author of Startups That Work says that a leader "along with a strong vision, ability to lead, and charisma, must also have discipline, focus, the ability to adapt and learn, as well as a keen sense of listening."
Who Will Buy the Product?
Having an understanding of the market and how to penetrate it is essential. The business owner must know what market he is in, the size of the market, and be careful not to oversestimate the size of the market. Being more focused on a smaller market in the beginning will help the business owner to achieve his goals. Overestimating the market size could put him out of business.
The successful entrepreneur will know the target audience he is trying to serve. This will involve conducting research into the demographics of the population, such as average incomes, age occupation, gender and other factors. Identifying the target audience early in the game wil help the entrepreneur to focus his efforts on reaching the people who need his products and are more likely to buy them.
Once the entrepreneur decides who his target audience is, he must decide how he is going to reach them. It might be by word of mouth, through advertising, in publications, or over the Internet. Some products are best sold through different means and it is essential that the business owner know how to reach the target audience.
In conclusion, having a management team with a diverse set of skills and knowledge of how to market the business will make a startup business more successful.
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