I’m at the Entrepreneur Magazine/UPS Growth 2.0 conference in Miami today, speaking on starting a business.
I”m pushing getting going today, with the idea of quickly starting a new business. Some highlights:
- Don’t wait until all the lights are green before you pull out of the driveway.
- The right business for you is one that matches who you are, what you like to do–but always with the eye on what people need, want and will pay money for.
- Do focus from the beginning on giving value, offering something people want to buy.
- Don’t get lost in the details in the beginning; think about directions, which way to go, without having to have every step set in stone.
- Major error: not having all the people involved in the start fully understand who does what and who owns what. Get this agreed upon and written down in detail. Never underestimate the value of having a written document, in normal business non-legalese terms, that sets these basic agreements down so everybody can see them.
- Avoid trying to offer the lowest price. Offer value first, and price accordingly. Low-cost, high-unit strategies require a lot of capital.
- Find a good business lawyer you can trust.You should still research your legal options yourself and cut down legal costs by knowing the basics before you start, so you can ask questions and understand the options; but you want a relationship with a lawyer.
- The most important concept in marketing is focusing on a well-defined target market. This is especially true at the beginning.
- Match your strengths and weaknesses. Do what you do best.
- The second most important concept in marketing is who isn’t your target market, and why not.