5 Steps on How to Start a Business and Get It to Market, Quick and Lean

June 29, 2020 12 min read Opinions expressed by Entrepreneur contributors are their own. You’ve had a great business idea, you’ve already developed your target customer and determined the size of your market, and now you need to figure out how to reach your clients. You need to get there fast — if you drag your feet, you’ll fail to gain momentum while eating up your capital and may watch your competitors fly right past you. This is where many founders stumble. It’s hard to strike the right balance between getting your product to market quickly and taking the time to prepare yourself for a successful launch.  Startups are agile and can rebound from mistakes easier than large corporations, but the competition is fiercer. So if you don’t get a head start going to market, other businesses may end up dominating your niche even with an inferior product, just because […]

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Billion or Bust? 4 Questions to Assess the Strength of Your Business Idea.

June 15, 2020 7 min read Opinions expressed by Entrepreneur contributors are their own. While the health crisis is far from over, the business world and consumers alike have mostly overcome the “survival” phase and are starting to adapt to what it will mean to live and operate, post-pandemic. Now faced with a “new normal,” budding entrepreneurs are reassessing business ideas that had been on the backburner and exploring their potential in the current circumstances. But while many businesses have successfully launched during times of economic downturn — Mailchimp, Airbnb, and Whatsapp, to name a few — that doesn’t mean it’s the right time for everyone. Related: Sign Up for our Online Start Your Own Business Course Now When it comes to post-crisis strategic thinking, aspiring business founders must consider how the needs, wishes, and budgets of consumers have changed for the long term. So if you think your business idea has potential, […]

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4 Tips for Starting a Business in an Economic Downturn

June 8, 2020 7 min read Opinions expressed by Entrepreneur contributors are their own. COVID-19 has forced millions of companies to reassess their business models, but what about the businesses that are still just ideas in the minds of aspiring entrepreneurs? As mass layoffs and desperate bailouts dominate the news, few people are talking about what it’s like to launch a business in the current climate.  But like other crises throughout history, the coming recession will create genuine opportunities for founders. As Michael Loeb, founder and CEO of Loeb.nyc, said, “Moments like these are like forest fires. The blaze will cripple some businesses, but they will also provide the heat to release new seeds into the soil. Many amazing companies have been born from the ashes of economic downturns and market crashes.” The 2008 housing and financial crash saw people in the U.S. seeking affordable accommodation without long-term commitments. That’s when Airbnb emerged as […]

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