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How to Start a Business

How to Start a Business

Someone asked me yesterday what is the first step to start a business. This person worked for a company their entire life and didn’t know whether they should first incorporate a company or find a product or service

I think the best approach is to find a market/audience who needs your product or service. The market should be sufficient in size to ensure the company can be profitable and reasonable to target. After this, speak to a real buyer who could potentially buy your products and services and find out what they need.

Even if you own/manage a company, you still to serve people and be social. Your success depends on your ability to create mutually beneficial relationships.

You have multiple stakeholders to serve including:

  • Customers
  • Team members
  • Investors
  • Vendors/service providers
  • Society you live in/governments

Pursuing a “passion” is okay only if you can satisfy your stakeholders first.

By Leon Apel

Leon Apel works virtually with talented team members from North America, Europe and Asia on projects designed to improve life on earth.

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