Wednesday, August 27, 2008

10 Tips for Starting a Business - Tip #10 - Get Going

You've done your research. You've developed a great plan. You've assembled a super team. You have an exit strategy.

Now, you have to launch. Execute your plan. Take action.

The first action you need to take, if you haven't already, is to be aware of any legal or tax restrictions or implications. It's best if you contact your attorney and accountant for advice. You can also read up on local, state and federal requirements.

Sometimes you don't need money to start. Other times, you do, but you can be creative in finding money. If you have savings or friends and family who are willing to bet on you and your team, you can get going. Banks, angels and VCs usually want to see that you have started and have a revenue stream or amazing intellectual property protected by patents before they'll jump in.

As you take action, you'll probably deviate from your plan. Things will happen. You have to be resilient and open to the possibilities while having enough focus to not get sidetracked. For example, Teroforma was originally going to sell its tableware via its unique website directly to consumers. But so many retailers were interested in their wares, they are now more of a B2B model.

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