Starting a New Business

The World of the Start-Up: 2 Pros Share Their Best Advice

To operate a successful start-up, our advice is that you need a strong team, enough cash to cover you, and a plan on how you can prove your idea works.

It’s hard to create a start-up, especially if you don’t have reliable advice on how to do so. The current market is quite hard to manage, especially when you take COVID into account. That said, we’ve found two sources on how start-ups can have a chance at success. Borrowing the advice of one major small business influencer and an article that understands the start-up world, we can point your business in the right direction.

For a Start-Up Success, it takes a Team

Often, we have this Hollywood ideal of solo-entrepreneur, who slaves in his garage to uncover something incredible. But, when you think of Steve Jobs and Zuckerberg, they all had a team. Gary Vaynerchuk’s blog is a great resource for small business tips of all kinds, and he has some amazing lessons for new businesses in particular. His post about “Advice for First-Time Entrepreneurs” is one great example, where Gary talks about how you’ll end up having to throw yourself into your start-up in various ways. Operating a start-up isn’t just a one-person job. In fact, your start-up will require lots of time and resources, as well as a good network of support that you can turn to for information and advice.  

I think the best concept Gary mentions is one I’ve spoken about before: Cash is like oxygen. If you don’t have it on hand, you can’t breathe. In other words, you’ll probably face problems whether you like it or not. But if you don’t have the money on hand to stay afloat, your chances of survival will always be slim.

To be a Start-Up Success Story, You Need a Plan

Roger Rule from Entrepreneur has an older piece about start-ups that still rings true in 2020, titled “Creating a Winning Startup Plan.” To summarize Rule’s point, your company won’t survive unless you develop a strong business plan. We talked about this in a similar piece about starting a small business. It’s like trying to drive somewhere new without a Google Maps. You might get there, but it will be much harder. Have a clear vision and being able to turn that it to metrics increases your chances of success.

Not only that but having a proper business plan can even help you with getting loans for your start-up or raising capital. Every house needs a solid foundation, and a business plan is that foundation.

Key Takeaways

There are three final points to remember when looking for advice on operating a start-up:

  1. It takes a team. Make sure you have a strong support network. Your start-up won’t survive if it’s forced to contend fully for itself. Instead, make sure that you aren’t going into the  
  2. Cash is like oxygen. Always have enough available to make the climb. It always takes more than you think. A good rule of thumb is multiple your calculation by at least 1.25.
  3. A Business Plan is the Foundation. Make your business plan early and make it hearty. Your business plan is the document that operates as a blueprint for what your company can do and how it will achieve its goals.

There will always be someone telling you what you can’t do. Prepare, and you can get more success out of your small business.

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About the Author

Brian Cairns, CEO of Prostrategix Consulting. Over 25 years of business experience as a corporate executive, entrepreneur, and small business owner. For more information, please visit my LinkedIn profile

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