UPDATED March 17, 2016 8:30 AM
How to Build a Successful Company
Introduction
Startup companies have been growing at a tremendous rate over the past few years. These new companies are comprised of eager individuals whose willingness to drop everything and work on their idea keep it alive. Unfortunately, most of these endeavors end in failure. What can prospective entrepreneurs do to be successful? What tools and knowledge are necessary for the success of a new company?
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Blueprint Business
A successful business is one that is planned out extensively before it becomes anything of substance.
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Engage-Build-Sell
When you start with very little money, the financial decisions you make heavily influence the outcome of your company. In order to make good decisions with your money, you must think about what has an impact on the product and tailor to that.
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Make Connections
Connections with other individuals is an extremely important aspect to the success of a company. People buy from people they trust. In order to form this trust, one must have a relationship with the other.
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Build a Blueprint, Form Connections, Then Build a Product
Before creating a company in the real world, create it on paper. Make your mistakes and your alterations on paper where it is free. In the real world, a mistake comes at a cost and during initial stages of a company, money is a very tight commodity.