Starting a business requires time, dedication, and a significant amount of resources. If you already have the right temperament and attitude for the job, you’ll need these essential resources to launch a successful business.
Without adequate funding, your plans for success will collapse fairly quickly. Most startups opt for acquiring venture capital from investors or crowdfunding their businesses on a well-known platform like Kickstarter or Indiegogo. Other ambitious entrepreneurs opt to bootstrap their businesses using their own funds.
According to Ryan Pitylak, CMO and co-founder of ZenBusiness, bootstrapping a business can become a precarious situation if you don’t have a sizable savings account at your bank. He says, “If you have little to no savings, you might be tempted to bootstrap your business by risking your livelihood or going into debt. This just needlessly increases the stress and pressure of starting your first business.”
The other important resource you need is business knowledge for formulating a good business plan. If you start a company without knowing how your industry or the business world works, you won’t know which steps to take for lasting success. This is why it’s important to study the work of experts or acquire a trustworthy mentor.
Ryan Pitylak also says, “85 percent of new entrepreneurs have never started a business before. They turn to the Internet, podcasts, or books for advice, which give them conflicting advice. It’s usually better just to have someone who knows how to start a successful business guiding you through the process.
Ryan Pitylak’s company ZenBusiness provides mentorship and guidance from business experts, as well as FinTech solutions and other helpful tools through its all-in-one platform for new entrepreneurs.