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What do entrepreneurs need?

LincolnLincoln subscriber Posts: 2 Member
I'm building a website called Armchair where entrepreneurs can share ideas with each other. You can sign up to be notified when the public beta launches at http armchair dot business. (Sorry, can't post links yet.)

My question for you guys is, what does an early-stage entrepreneur (such as you) need in order to start a successful business? Here's what I've got so far:

1. A specific business idea/plan
2. A network of people to help you out.

What else do you think entrepreneurs need?


  • Ryan O'BlenessRyan O'Bleness administrator Posts: 1,137 Site Admin
    I would add: 

    -a pitch deck
    -funding/enough money to start up
    -a set system to keep track of accounting/cash flow 
    -marketing know-how
    -Set goals and objectives. 

    These are just a few ideas, but cases will vary and there are surely other aspects to consider. 
    Ryan O'Bleness
    Community Manager
    StartupNation, LLC
  • Helen LarsenHelen Larsen subscriber Posts: 58 Bronze Level Member
    It's important to have a chance for good promotion also. 
    And many other options, please, tell more about  "A network of people to help you out." What do you mean? 
  • LincolnLincoln subscriber Posts: 2 Member
    I mean that in the broad sense of, maybe you need to talk to a programmer about the feasibility of your idea before you invest a lot into it, or maybe you need to talk to a marketing guy to know if there are similar products in the same space.
  • Helen LarsenHelen Larsen subscriber Posts: 58 Bronze Level Member
    Yes, exactly!
    Every startupper needs advices for his website: SEO, analyse of UI design, hosting reliability...
    Marketing advices: presentation of the products, prices, offers, the appropriate sources for promotion, what social networks to choose.
    Financial advices: what business model to choose, to tell the laws for some special fields, accounting rules..

  • Shirley D HallerShirley D Haller subscriber Posts: 4 Member
    Finding the right product or service is the first challenge in my thoughts.
    Strategic business plan
    Defining your audience and ways to reach them
    Plan for continuous business operation
    Effective management
  • McCandlessMcCandless subscriber Posts: 52 Bronze Level Member

    The foremost thing is a sound proposal. Having decided on proposal one has to explore possibilities of financing the same, may be with own or borrowed funds or both. The necessary machines,marerials along with manpower need to be put in place.

    To be a successful enerpreneur, one need to have necessary drive and vision to put all factors of production to work and organise marketing thereof.

    The success or failure of the position depends ultimately on marketing skills of the entrepreneur.

  • salenadamsalenadam subscriber Posts: 99 Silver Level Member
    Simple things to do entreprenuer needs are:
    Make connections.
    Have a good business model.
    Educate yourself continuosly.
    Make sure someone actually wants your products.

  • atif qureshiatif qureshi subscriber Posts: 7 Member
    I think you need a successful business plan first as an entrepreneur. Secondly, you need to get equipped with the right tools to fasten your startup growth. If you don't have knowledge about it. You can hire someone to do the job. Moreover, you will need an effective online presence for your startup. But everything comes up after product development.
  • Urvi KashyapUrvi Kashyap subscriber Posts: 18 Bronze Level Member
    An early stage entrepreneur would need a tons, a whole list would appear if you google it. But one thing every one forgets telling people and it is the most desired quality to have to succeed in establishing a business, that is SHEER WILL POWER.

    Now, the literal answer :
    1. You have to have a PLAN/ IDEA that solves a problem statement in either direct or indirect way.
    2. Research on any other company/ business providing a similar service/ product.
    3. Execution methodology, i.e. the tools/website/supply chain or any other way to implement your idea.
    4. Marketing : In the era of digital marketing, you can start off with digital efforts like SEO and then gradually shift your focus to SEM.
    5. Feedback : You have to have a feedback loop for all your work. It could tell you about your input efforts and output you gain from it so that you can perform corrections and learn from your input, sometimes you may also get to celebrate seeing your feedback loop.

    But do remember, To achieve all this, in fact to start with this you have to have sheer will power. That is where the game begins.
  • Tom AdamsTom Adams subscriber Posts: 70 Bronze Level Member
    Fist of all you need an idea and then you need to make a business plan 
  • Sandra YanceySandra Yancey subscriber Posts: 34 Bronze Level Member
    • Do market research
    • Get feedback
    • Learn from your mistakes
    • Start building your team
    • Hire the Right people.
    • Last and important one.. Have Patience
  • marketinggalmarketinggal subscriber Posts: 28 Bronze Level Member
    Great idea Lincoln. I signed up on your site. In addition to the points, you mention entrepreneurs, especially first-timers need the motivation to keep going when the going gets rough - which it will in all startups based on my experience.  
    How about a section with success stories from your members that point out specific actions as takeaway lessons. Like training and support combined. 
  • melodyspencermelodyspencer subscriber Posts: 26 Bronze Level Member
    • Resiliency. ...
    • Focus. ...
    • Invest for the long-term. ...
    • Find and manage people. ...
    • Sell. ...
    • Learn. ...
    • Self-reflection. ...
    • Self-reliance: While there is a lot of help for the entrepreneur, in the end, they need to be resourceful enough to depend on themselves.
  • Anna GreenAnna Green subscriber Posts: 12 Bronze Level Member
    I would suggest you to add in your list after idea/planning is line of credit, which is basic need of every business and second is promote your business well. For start you can use social media to gain relevant audience.
  • Justin evansJustin evans subscriber Posts: 69 Bronze Level Member
    edited August 2018
    My question for you guys is, what does an early-stage entrepreneur (such as you) need in order to start a successful business? Here's what I've got so far:

    1. A specific business idea/plan
    2. A network of people to help you out.

    What else do you think entrepreneurs need?

    Well i must say these both factors are necessary to run a successful business but if we prioritize it so you should have a good business idea/planning. Its the initial step your business or startup must have a unique business idea/planning can get you a network of people. 
    I'm qualified Software Engineer and Marketer Performing my responsibilities with due professional care and competence. Recently I am working on projects for On Demand industry like ODTap and Cabstartup
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