6 Must-Read Articles for Every New Startup

With more than 800,000 new entrepreneurial businesses registered in the United States in the year to March 2020 alone, is it fair to say creating a startup business could be one of the best ways to go for long, sustainable income? 

There is no right or wrong answer to that question. But for every new startup, keep in mind a business requires more than having “the best business idea” because of different factors we’ll cover more of in a bit.

In this article, we’ll share 6 insightful articles we’ve read from credible sources that write about what you, as an entrepreneur creating a startup business, need to know before diving in:

6. 9 Essential Skills You Need to Start and Run a Successful Business (StartupNation)

Before you consider starting a business, ask yourself if you’ll be ready to answer different problems you may not have full knowledge of. 

The 9 essential skills highlighted in this article go beyond just knowing your niche and audience. It also highlights specific interpersonal skills to help reduce the burden on your shoulders through effective communication with your employees.

5. 10 Biggest Challenges That Startups Face (LinkedIn)

Challenges for a business can come in different forms. In this article, author Ravi Kikan - online sales and marketing for ZingHR - highlights the fact that as long as you can identify a recurring need of consumers and solve them better than anyone else, your business can thrive in any situation.     

He then discusses further what entrepreneurs forget to do and why taking risks and managing finances can make or break a business. 

When you’re forced to take a couple of steps backward, always keep pushing forward. As renowned British author, J.K. Rowling once said: “It is impossible to live without failing at something, unless you live so cautiously that you might as well not have lived at all, in which case you have failed by default.” 

4. The Top 12 Small Business Startup Costs To Budget For (ForaFinancial)

This article is for first-time entrepreneurs who have little to no background in finance or running a business. The author breaks down the list into two parts: the start-up costs (expenses before opening your business) and recurring costs (expenses once the business is running). 

Initial costs defined are market research, equipment, fees, and rent. Recurring costs, depending on your type of business, include inventory, staff, advertising, website, utilities, and insurance.

What makes this article such a good read is how easy it makes it for readers to understand each startup cost by adding examples from different niches.

3. How to Write a Business Plan for Your Startup (QuickSprout)

This article is primarily for those in the process of creating a startup business. It goes into detail on the different areas you need to define before launching a business.

After reading this article, you will understand the importance of organizing your thoughts all in one file or spreadsheet where you outline your company’s objectives, target market, competitors, and finances.

They’ve also added links that direct you to over 500 free guides relevant to specific niches. These include:

  • Websites
  • Blogging
  • Ecommerce
  • Marketing
  • Human resources
  • Technology
  • Startup
  • Finance
  • Entrepreneurship
  • Customer support
  • Office
  • Management
  • Project management
  • Sales
  • Security

2. How to Get a Startup Business Loan (Business.org)

You’ve been running your business for a while and discovered a new product or service relevant to your niche that’s been trending in other states. You’ve finished doing surveys and research; you believe this could be the secret formula for sustainable income for your business. The only problem is the capital.

This article will help you get the capital you need as they walk you through their 6 step plan on how any startup business can get a business loan.

Business.org’s 6 step plan for a loan:

  • Create a business plan
  • Itemize your business costs
  • Prove you qualify for a loan
  • Determine the type of loan you need
  • Carefully choose a loan provider
  • Consider alternative funding options

1. 5 Strategy Execution Skills Every Business Leader Needs (HarvardBusinessSchool)

You’ve crafted the perfect business plan that will help you reach your goals. You’re ready to put them into action. Everything should be smooth sailing from here on, right? 

Wrong! Truth is, business owners are faced with difficult decisions every day; for a plan to run perfectly, it will require the right strategy. This article aims to educate business owners, managers, and consultants on different strategies they can implement to meet their business goals.

The 5 strategy execution skills every business leader needs to have are:

  • Navigating the tension between innovation and control
  • Mastering the four P’s of strategy (perspective, patterns of action, position, & plans)
  • Aligning key jobs with strategy
  • Measuring value creation beyond financial performance
  • Managing strategic risk

This article also includes a link to a free strategy formulation ebook and their other online strategy courses where you can gain more insight into different tools, skills, and techniques. 

Key takeaways:  

In all kinds of business, two things need to be done. One, preparation is everything. Take time to learn all areas of your business and be willing to accept ideas from others; there’s no need to risk your business’ future by being unprepared. 

Second, if you’re not willing to take any risks, your business will eventually plateau at some point. You can continue to move your business forward by leveraging the power of social media through your social media pages and understanding which social media platforms will help you reach the right audience for your business.  

Reminder:

You don’t have to read all these articles all in one day. Depending on your level of expertise, some of the articles listed above may not be of use to you any more. 

When you do read, make sure to understand what you’re reading by taking down notes as much as possible and be sure to bookmark articles to revisit in the future.  

“It's not about ideas. It's about making ideas happen.” - Scott Belsky

Author:

@Derick Quinanola

Date:

11-01-2021

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