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How to successfully start up a business

Your «starting up» project will only become a successful business through preparation. This may sound simple. However, careless preparation has often been the reason why many businesses - which seemed promising at the beginning - either have not come into existence at all or failed shortly after starting up. There are many hurdles on the path to a workable business concept. However, they can all be cleared.

Young entrepreneurs have many important decisions to make when starting up or taking over a business. They are often not aware of the range of problems they will be facing as little as the possible solutions available. Therefore, it is absolutely necessary to consider both the entrepreneur himself and the business as a whole when taking the step into self-employment. Based on this overall view, the different areas - planning, financing and aspects relating to taxes, law and insurance - must be given the appropriate importance. Each start up has to be viewed as an individual case, for which an ideal solution has to be found.
The following ten points for success put together by the business magazine «Cash» in a supplement called «Start für ihr eigenes Unternehmen» (start for your own business).

1. The will to succeed

Successful entrepreneurs spare no effort. They have to be willing to work between 50 and 60 hours per week and to abstain from holidays. Due to that the support of their families and friends is crutial.

2. Self-confidence

Only if you are self-confident, you will be able to assert yourself. Self-confidence means to be optimistic and to believe in future. An entrepreneur has to face up to challenges and permanent changes and must not be discouraged by failure.

3. Good business idea

The idea has to be good. People starting up a business know their strengths and weaknesses as well as those of their competitors. They know exactly why they are going to assert themselves on the market, whether it be because of the better product, the special service or the innovative distribution channel.

4. Business plan

The business plan is the guide for the formation of your business. This instrument, which constantly needs to be modified according to the latest developments, makes it possible to act systematically and to spot problems early enough. That way, appropriate countermeasures can be taken at the right time.

5. Financial control

Young entrepreneurs do not need to roll in money. Keep in mind that success usually does not set in as quick as you may think. Therefore, financial means should not be tight. Knowledge of business management enables you to act quickly and to have finances and liquidity under control. Profits should be reinvested in the business.

6. Clear marketing concept

Only with a clear idea about how to launch your product or your service on the market, the step into self-employment can be sucessful.

7. Competitive advantage

Success has to be achieved over and over again. This includes planning development and research. You must not lose your competitive edge. If you decide to act, and not to react, you have already won half of the battle.

8. Support from managers

The power of a young entrepreneur is increased if he/she can take advantage of the knowledge of experienced managers. Possible consultants are financiers, lawyers or successful entrepreneurs. They can open doors which might be difficult to open on its own.

9. Cooperation

We all have different knowledge. By building up a network of cooperation a young entrepreneur gains access to additional know-how, which otherwise tends to be very expensive.

10. Clear business structures

A successful business is based on clear structures. Its employees are motivated and know their tasks. Its clients know their contact person.

 

 

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