How to Choose a Company
3 Things You Need To Know As An Entrepreneur
It’s tough out there for aspiring entrepreneurs. You have to take the right risks and make the right sacrifices for long-term success.
One of the smartest things an aspiring entrepreneur can do is learn from other successful entrepreneurs who are a few to several steps ahead in realizing their goals and those who made deadly mistakes.
Here is there a advice for aspiring entrepreneurs who think they're ready to enter the market:
1. Pick a big, growing market.
Don’t pick a small problem in a small, stagnant market. Pick a big market on the rise that can help lift your startup off the ground.
2. Choose a scalable business model.
A linear relationship between cost and revenue is where many entrepreneurs get in trouble. A linear model requires a certain amount of input in order to create an output meaning to produce more revenue, you must spend more money.
3. Figure out how to mitigate as many risks as possible upfront.
It can be tricky to predict and plan for risk especially since, in a fast paced market, the rules are always morphing at the mercy of someone who found an exception.
Source: Forbes
Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.
Houston Small business consulting.
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