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businessplansample · 3 years

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Launching a Startup Comes Down To Making A Few Key Decisions

Taking an idea to market comes down to making not more than five to ten key decisions. Not a hundred, just a few. And you only need to get a few of them right. Here are three important decisions every entrepreneur has to make to launch a successful startup.

A successful startup is made up of a collection of good decisions. It is led by entrepreneurs who are not afraid to make decisions, follow through on their decisions, and use the lessons they learned from earlier decisions to make better future decisions.

If you’re starting and fear the uncertainty of the startup journey, think about your launch phase in terms of the decisions you will need to make using a backward approach. Start by listing the different key areas of your startup like product, marketing and legal. Next, list all of the key decisions you may have to make in each of these areas. Finally, try making those decisions. Mentors and other entrepreneurs can help you with this mini Business Plan Sample. Pay special attention to how and why they made those decisions.

What you will learn is that taking an idea to market comes down to making not more than five to ten key decisions. Not a hundred, just a few. And you only need to get a few of them right while keeping in mind that rarely will one decision fail your startup. Just like a successful startup is made up of a collection of good decisions, a failed startup is made up of a collection of bad decisions. Unless you’re not willing to learn from bad decisions, you will always have a shot at success in business.

Here are three important decisions every entrepreneur has to make to launch a successful startup.

1. Do I Start?

The most important decision of all is whether you are truly committed to starting and pursuing a startup venture. You may only need to make a few key decisions to launch a startup product successfully, but launching your solution doesn’t mean you have a successful startup. The real work begins when you put your product into customers’ hands. Are you ready for the journey?

We mostly see the statistics on the successes and failures of launched startups when the truth is, most startups fail before they even launch a product. Every other key decision is based on whether you are committed to seeing your product launched and used.

2. Building Your Team

Unless you will take the responsibility of building the product, your hiring decision will be the most expensive decision you will make. Choosing the right person or team can mean the difference between success and failure.

A good hire is not only someone who can build a good product. It’s someone who can help you build the right product. It’s someone who will challenge your assumptions, clarify your plan and help you execute as if they were your co-founders.

3. Defining Your Product

You can open a Word document and list all of the features and functionalities you want your solution to have or before you do that, you can study the competition, interview a few of your competitors’ customers and use the insights you gather to better understand what buyers need and expect from a better solution. That’s one of the key decisions you need to make.

You can adopt an agile methodology that uses an iterative development process centered around customer feedback and rapid development or you can decide to follow a more linear and structured development approach that starts with scope definition followed by development, testing and launch. That’s another important decision you should make and that your team should help decide on.

When it comes to product-related decisions for your first product launch, it’s as simple as answering two questions: what to build and how to build it. It can certainly take time to answer those questions, especially if you’re looking to go the extra mile, for example, by deciding to run validation experiments and speak with mentors. At the end of the day, all you need is to know what to build and how to build it.

If you truly commit to your startup, build the right team and make educated product hypotheses to solve the identified problem, you have made ninety percent of the decisions you need to make to take an idea to market successfully. In the process, some of the other important startup decisions you may have to make include answering these questions:

How do I attract the first users or paying customers?

What is the best legal structure for my startup and when should I incorporate it?

How do I fund my startup?

In conclusion, just like anything else in life, an outcome is the result of actions that start with decisions. In an early-stage startup, the outcome you’re looking for is to launch a product your customers need. To achieve this outcome, you only need to make a few key decisions. Most importantly, you need to act on those decisions.

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businessplansample · 3 years

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13 Books on Money to Transform Your Finance Management

One of the most obvious measures of our success is our wealth. That said, that statement alone can be taken in various directions. Some people think it’s a matter of how much wealth you have. We, on the other hand, believe that it’s more of how much you’re able to retain and manage from month to month and year to year. Below is a list of books on money that we believe will transform your way of thinking about money management in several ways. From sparking interesting conversations about it to making plans for your financial future, this list covers many aspects of finance management.

To help you find the best books on money to reach your personal finance goals, we’ve done the research for you and have formed this list of criteria.

Relevant – Even though money has been around for a long time, the economy has changed a lot over the years. We want to ensure you the books recommended are offering relevant advice that would be ideal in any financial environment.

Offers a system – Financial advice is great, but it doesn’t always stick. Each book should overall provide tips and habits that will allow you to build a system to help you manage your money.

Sparks conversations – Reading about money is one thing, but these books should also encourage you to talk more about money with those around you to some extent. Even though we all have our own ways of managing money, discussing money can have merits in some circumstances.

Practical – While these books provide general financial advice, they should remain practical in that the advice should be obtainable for people to achieve. Most people don’t have the funds necessary to start a real estate business, but they can put away a few hundred dollars into a savings or investment account every month. Practical books will help you achieve your goals.

1. I Will Teach You to Be Rich

As the title of the book suggests, Business Plan Sample, this book delivers on a plan to be rich. The author, Ramit Sethi, has a background in personal finance and provides a detailed six-week plan for living out a “rich life.” This book on money covers a wide variety of aspects like using credit cards and maximizing rewards from them, opening a high-yield savings account, and automating accounts where you can save money with no effort from you at all. This book is filled with nothing but pure actions that are outlined and sectioned off in a good way.

2. The Automatic Millionaire

Another one of the great books on money that will help you build a system is The Automatic Millionaire. Written by David Bach, a financial writer, this book focuses on our ability to automate our finances and builds a system based on that. The idea with this book is to give you the knowledge and information to put together a system in an afternoon that will make a large impact on your financial future for the better.

3. The Simple Path to Wealth

The principles from this book on money were first presented by the author to his daughter through a series of letters. As such, you’d expect there to be plenty of actionable advice when it comes to investing and overall saving. Considering the direction of the book further, this book is light and has a casual tone to it. That said, it won’t shy away from complicated explanations. It’s one of the highest-rated personal finance books around and it’s clear why it is.

4. Retire Before Mom and Dad

This is a book for those who are looking to be involved in the FIRE movement. FIRE stands for Financially Independent, Retire Early, and it’s clear why many people are striving for this or considering it. This book delves into the principles and acts as a primer for this movement and going down this path. That said, it also considers other principles that make FIRE more attainable or easier to achieve, even if you’re not planning on retirement in the next few years.

5. When She Makes More

Money is a topic that most people shy away from, and it makes sense. Money is a status thing and seeing someone making more can cause unease or resentment. Money can also strain relationships and overall cause harm. People fear talking about money and it’s those emotions that cause problems in the first place. This book on money is powerful as it provides opportunities for women to be talking to their partner about money. After all, stereotypically speaking, men are meant to be making more money than women and it’s a sore spot when it’s the reverse. This book is fantastic because the author, Farnoosh Torabi, lives a life where she is the one making more than her partner. Getting into details, this book looks at the realities and the various rules she’s set up with her partner. She also discusses ways to maximize earnings while minimizing conflict.

6. Women & Money

SuzeOrman is a financial advisor who most notably ran a show called The Suze Orman Show from 2002 to 2015. In the show, she received calls from viewers who asked for financial advice and whether or not it’s a good idea to buy various items. Orman has years of experience working in this field and pools a lot of her knowledge into the various books she’s published. Women & Money is one of the more recent ones. This book in particular talks about how women earn, invest, and save while also giving practical advice on retirement, marriage, and other topics. Whether you are 20 years old or 60, this is a good choice if you’re looking to learn more.

7. Think and Grow Rich

This famous book has been around for almost 90 years and still holds some relevant information. While this book on money won’t tell you about 401Ks and building a portfolio, Business Proposal, it takes a turn to the mindset of building wealth. Through this book, you’ll learn more about desire and persistence as opposed to strategy or money management. While this is an odd book on our list, we believe it’s still important as the stories and the lessons are still relevant to your money attitude today.

8. You Are a Badass at Making Money

As you can guess from this title, this book takes a lighthearted angle to personal finance. Similar to “Think and Grow Rich,” this book also focuses on the mindset of earning and keeping money. While this book lacks any sort of actionable financial advice, it’s compensated by the fact it’s inspiring. It’s an ideal book if you’re looking for a new perspective to making money and could spark conversation with friends, family, or your partner. On top of that, it’s a nice motivational booster.

9. The Millionaire Next Door

Another inspirational focused book that you’ll want to pick up is “The Millionaire Next Door.” Many years ago, Thomas J Stanley, Ph.D. and William D. Danko, Ph.D. did extensive research into the millionaires of America. From the various interviews they’ve conducted, they created a profile of America’s wealthiest citizens and discovered common connections amongst them all. Stanley wrote it all in this book that has garnered over 1,700 five-star reviews and provides tremendous insight into what it’s like to be a millionaire. This is all explained through seven habits that all of these individuals have in common. Again, there’s not so much practical advice here, but it prompts you to take a closer look at their overall lives and what you can do to change yours to be like theirs. Even if you’re not planning to be a millionaire, the lessons in there are all practical such as living below your means and rejecting traditional consumerism.

10. Spend Well, Live Rich

For those looking for a good book for budgeting and personal finance for beginners, this is a good pick. Author Michelle Singletary reflects on her life with her grandmother who raised five children on a modest salary. By watching her grandmother, Singletary devised principles that her grandmother used to support that kind of lifestyle with what money she had. Through those principles, you can find inspiration in her story while learning about how to stretch the money that you already have.

11. Your Money or Your Life

The core of this book is financial independence and lays out a plan to reach that goal. While this book is the longest in this list, it does provide advice on pretty much every aspect of financial independence you can think of. Free Invoice Online It covers things like mindset requirements as well as investment moves that you should be making. Even if your plan isn’t to retire early, there is plenty of advice in this book you can use.

12. Broke Millennial

Amongst millennials, this book on money is a favorite for its simple and relatable language. It touches on a lot of the struggles and issues that millennials are faced off with today—things like living with your parents in your 20s, dealing with student debt, and even dealing with friendships and your finances. Between all of this, the book does offer plenty of practical advice and things to consider for those within this age group. It covers a broad overview of checking your credit score to even buying your first home. Even if you’re not there, chances are likely that the information mentioned in this book will be relevant for quite some time.

13. Get a Financial Life

Another millennial-focused book is “Get a Financial Life,” which covers a lot of the basics for personal finance. This book is more direct with its advice since it covers things like doing your own taxes and paying off debt. The goal of this book is to provide a foundation for you to establish a financial life and it does so in a good and clear manner.

Final Thoughts

What a lot of these books teach us about money is that success doesn’t come overnight. It’s something that takes a while to build up. But it also shows just how changing your way of thinking or taking a few small steps can mean changing your financial path for the better. There are many great books on money, and these are only the start.

About StaylI

StaylI.com is the premier source of Business Plan Sample, Business documents , Business Proposal and Online Invoicing, Tools and Resources for Entrepreneurs. Think, Build, Succeed.

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