Here's how you can evaluate the key factors before starting a new venture.

Know what's out there! Start by conducting thorough market research to identify your target audience and their needs. This ensures there's a solid customer base for your product or service and allows you to tailor your offerings accordingly. Validate your business idea by engaging with potential customers and analyzing competitors. Remember, even the best product fails if no one wants to buy it, so make sure demand is strong and sustained.

Market demand is the holy grail of any business. It's the difference between a thriving enterprise and a flop. Ignoring it is like throwing a party and hoping people show up without sending invitations. It's just plain foolish. Do your homework, people! Figure out who your potential customers are, what they want, and how much they're willing to pay for it. Otherwise, you're just building a castle in the air. Don't get me wrong, passion and innovation are important, but they won't save you if there's no market for your product or service. So, get out there, talk to people, conduct surveys, analyze data, and make sure there's a real demand before you invest your time and money.

Market research is crucial to understand what your customers' needs and wants are. It is similarly important to recognize that those needs and wants change over time with different economic pressures. Research, gather data, then gather more data. Position yourself and your company to shift their position if necessary.

In my experience, a solid grasp of market demand and financial health is the backbone of any successful business. It's about knowing your audience, their needs, and their willingness to pay for your solution, while also understanding your financial limitations and creating a realistic plan for growth. Ignoring either of these aspects is akin to building a house on sand – it might look good for a while, but it won't withstand the test of time.

Have a plan to finance your goals and price out each step to the best of your ability. Hire an analyst if necessary to project out costs for you. This step should not be overlooked, purchasing too much inventory, and not having the funds to ship it to your customers, or store it over its life cycle can hemorrhage your available capital.

I cannot stress this enough, be willing to change. Moreover be willing to accept that there may be a better way to do things. Learning from your competition allows you to absorb what works and helps us steer clear from what doesn't. Don't allow your ego to cloud your judgement. (This is true in life, and in business.)

When evaluating your company and what it offers, it is important to identify where you want to stand out from the competition. When you are confident you've identified what sets you apart, make sure you effectively communicate that to your audience.

This happens all too often with little success, the expression "Rome wasn't built in a day." was true back then, and it is now. Nothing wrong with planning for tomorrow but make sure you have today figured out. When you are ready to scale, ensure you have a solid plan in place. Know the How, Where, When and Whys. (Not a fan of the What, I assume the what is self-evident)

By conducting thorough research and analysis, entrepreneurs can make informed decisions and set themselves up for success. Taking the time to assess these key factors can help entrepreneurs mitigate risks, identify opportunities, and ultimately build a strong foundation for their new business.

Identificação com o negócio, não faz sentido uma pessoa que sempre trabalhou com finanças focar em abrir uma franquia de comida saudável sem nunca ter pisado em uma cozinha. Ter uma visão mesmo que macro do empreendimento se faz necessário para conseguir delegar e acompanhar as tarefas dos especialista…