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

March 31, 2022 Entrepreneurs, Start-ups, Small Businesses, FinTech and Alternative Finance, Fintech International, Fintech Interviews and Podcasts, Innovation and Resources, Leadership, Productivity, Competition, Human Capital, Health, Voices No comments

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

See: Startup advice is confusing. Here’s how to make sense of 6 common contradictions

"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

See: Decentralization of Startups (and Capital) Spur Economic Growth and New Startup Cities Across the U.S.

"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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