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Successful Founders Weigh In: 10 Key Things to Do When Starting A New Venture

Inc. | Doug Cantor | Mar 31, 2022

10 essential things to start a business - Successful Founders Weigh In:  10 Key Things to Do When Starting A New Venture

Successful founders weigh in on the issues you need to think about--and the ones everyone forgets to--when you're getting ready to launch.  Check out 501Words for more information.

1. Define Your Purpose

"Begin by writing out a paragraph that is your brand story, authentic to only you. The who, what, where, and why of your purpose. This process is a great community-­building exercise--editing and wordsmithing your company's ­essence. Take that paragraph and con­tinue to whittle it down until you've created a tag line synonymous with your mission."-- Donie Yamamoto Founder, Vital Pet Life

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"Read it out loud and see if it sounds like something you could really say to your friends and family. Strip out all the jargon. If you can't say it out loud on a single breath of air, it's too long." -- Ethan Rasiel Co-founder and CEO, Lightspeed PR

5. Find Your Market

"Market first, problem second, idea last. I don't fall in love with an idea too quickly. Instead, I spend time up front understanding the market structure, confirming that there's a widespread, high-value problem to solve. If you've picked the right market, you can refine the problem you are working on. If you pick the right market and the right problem, you can refine your idea. The hardest thing to do is to pivot to a completely different market. Not impossible, but it's a painful transition." -- Ajeet Singh Co-founder and executive chairman, Thoughtspot

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"When you aren't confident that your product directly serves a large enough market, you'll tend to open up your aim to a broader market, and you'll end up targeting no market at all. An overly broad message doesn't speak to anyone. A wide positioning just confuses potential buyers across a lot of various categories. A long feature list may lead you to believe your product will find a wider audience, but you risk never being the right solution for any single use case. ­Instead, have faith that if you pitch and serve one ­customer amazingly well, other customers will conform to your ­product, not the other way around." -- Joe Procopio Founder and CEO, TeachingStartup.com

 

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NCFA Jan 2018 resize - Successful Founders Weigh In:  10 Key Things to Do When Starting A New VentureThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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