Launching a new company is not an easy undertaking. That’s why —according to Bloomberg—eight out of 10 companies fail within 18 months of opening for business. While there is no formula that can guarantee success, Chuck Sacco, entrepreneur-in-residence and director of External Relations for Drexel University’s Close School of Entrepreneurship, as well as the director of its Baiada Institute for Entrepreneurship, shares 10 tips that are bound to steer entrepreneurs in the right direction.
- Solve a big problem: working on something that’s hard is far more worthwhile than something that is easy.
- Be specific about your ideal customer: know exactly who customer number one, two and three will be.
- Talk with 100 potential customers about your idea: this is the only way for you to get the right amount and type of feedback.
- Get teammates: entrepreneurship is hard when you’re going solo.
- Find your passion: entrepreneurship is a long process, so make sure you are fully committed to your idea.
- Build something before you know what problem you’re solving: otherwise you will end up building the wrong thing.
- Be afraid to change your idea: very few startup ideas survive without some changes along the way.
- Focus on making money at the start: if it’s a great idea and customers love it, money will find to you.
- Be afraid to fail: learning from failure is the most important trait of great entrepreneurs.
- Give up!