Important considerations for startup businesses

| Dec 8, 2014 | Trade Secrets

If you are aspiring to create a start-up business, chances are that you believe that your pillars of success are based on innovative products and services, a unique business proposition and offerings that no one else has thought of before. Indeed, these are elements that can help propel a business from being just an idea to being a successful enterprise, but there are a few myths that small business owners may believe (at the outset) that could hamper their overall success.

Knowing about these myths, and how to avoid them, are key. 

Success through a CEO – One of the most common myths is that a startup cannot grow without a smart, dynamic CEO. Indeed, a person with these qualities can help a small business, but it takes more than just one person to create success.

Being everything to everyone – Startups are known for being quick, nimble and agile. In other words, they can be great to a great number of customers. However, trying to do this may not be easy, and it could stunt a company’s growth. Innovation is great, but a commitment to a solid business plan is better.

Being “cool” can win the day – Apple’s cool factor is an indelible part of its brand. Because of this, some startups may focus on being cool, unique and provocative. While this may be fine in separating themselves from the herd, a new business should focus on establishing solid business practices to go along with their “cool factors.”

The preceding is not legal advice.