Pic Source

At the first step of your startup, you need to think about whether you have what it takes to succeed. It’s important to remember that 97 percent of startups do fail within their first year. You might think that this is an exaggeration, but it isn’t. Very few startups actually succeed on the market, and that’s why you need to make sure that you have the right skills and knowledge.

It is possible to start a business completely green with no prior experience, but it’s also dangerous. Instead, you want to make sure that you have the knowledge that will help you make your new business success. So, what type of skills and knowledge are we talking about here?

Money Management

One of the main reasons for startups failing is overspending. It’s difficult to stress how dire it can be to overspend in business. Though, it is worth pointing out that by overspending your business is almost automatically less competitive on the market. You won’t be able to drop your prices in response to marketing trends. Nor, will you be able to keep your business efficient. You might not have the skill to manage money in your business, but you can learn. It’s all about budgeting.

You need to think about what you want to spend money on, what you need to and what you should avoid wasting money on completely. A major decision that you’ll have to make right away is whether or not you want an office for your business. Or, can you run it from home? If you can run it from home, you’ll probably find that it’s far easier to manage costs. Cutting the office out of the business model takes a lot of the costs with it.

Marketing

startup

Pic Source

You also need to understand how to promote a product, find a target audience and ensure that the product in question is attractive or desirable to them. To do this, you need to understand all the different factors connected to marketing and buying behavior. It is possible to study these factors on a masters of marketing course. This would be useful because while you’ll still need to hire someone to run the marketing for you, you’ll be able to recognize whether you’re paying for a great service, or not. You will be able to avoid the dud marketing campaigns, wasting money on tactics that won’t have an effect.

Of course, the other alternative is that you could run the marketing campaign for your business yourself. But this will take up a lot of your time, and you might find that this isn’t the best solution.

Charisma

startup

Pexels

There’s no course that will teach you how to be charismatic and charming, but it is a skill that you can require. It’s an important one too because if you’re not at all charismatic, you won’t be able to connect with the people that you’re hoping to buy or invest. Look at some of the most successful companies in the world, and they all have a figurehead behind them that people recognize. Do bare in mind though that in most cases, the figurehead is not the owner of the company. Sometimes it is like Disney where Walt Disney, while long gone is still remembered for his dream. On the other side of the field, you have businesses like Marvel who employed Kevin Feige to be the figurehead and shape the plans for the brand. So, you’ll need to decide whether you can complete this role yourself or if you want to hire someone to attend those investment meetings.

At the very least though you should have mastered the art of the handshake. Believe it or not, the right handshake can be a very important part of the business game. If your handshake is too loose, it won’t show that you are confident in ideas that you are presenting. Too tight and it can make people uncomfortable. It’s not an exaggeration to say that the ride handshake could be the difference between securing a deal.

Leadership

startup

Image Link

Last but not least, you need to make sure that you can get people to follow you in business. To do that, it’s important that you learn some of the crucial managerial skills. There are plenty of business management courses online that you can take before you set up your company. It is strongly advised that you do this because without firm leadership a business can struggle to keep a straight path towards future success.