Starting a new business: are you ready?

1. Is this your only choice or one of many?

The first and most important thing is to be clear about what you want to do and what project you want to do. Only then can you go to the next points on this list. Perhaps it was not even that you doubt your project. Maybe you have a good option just in case. It is worth starting a business only when you are absolutely sure that this project is exactly what you want.

Many think that the most opportunities are for innovation. A known idea with the right attitude and model may be the difference between a successful and underperforming firm. Despite the advantage of unique ideas attracting attention, therefore, investors and media, that alone is not enough.

2. What are you capable of in name of your business?

The stakes should be high. If a young entrepreneur believes they can combine business with studies or home construction, or even to do business only for leisure, it indicates to investors an unserious attitude and a project that is likely to remain half-done. And yes, occasionally this might mean skipping your annual trip or a good night's sleep.

3. People are power.

A lot has been discussed about group dynamics, and indeed, without the right people, even the best ideas can be empty promises. If one has produced an excellent product but lacks interpersonal or analytical skills, it is critical to surround oneself with people with such capabilities. Investors, too, are primarily looking at whether the company is based on a team that will meet the targets. Moreover, real knowledge and personalities prevail over formal education or certificates.

4. Operating locally means limiting opportunity.

Many young entrepreneurs consider Latvia as their main outlet or, at best, Baltic. Exports seem too distant and difficult to think about at first. However, what is the Baltic 6 million in contrast to Germany's 80 million or US 300 million people? Today's shipping costs amount to only a fraction of total costs, therefore, it has enabled the emergence of small retail shops that do not need to rely on economies of scale by ordering whole containers.

5. Better done than perfect.

Any product or service could be improved. However, there is a risk: if you try to perpetually perfect your brand before it comes to clients, more often than not it will never reach the market at all. And if it comes perfect, customers might not need it anyways in the current form, or competitors may be already ahead.

The sooner the product can be placed on the shelves and the internet, the better. Test your product on people and reflect accordingly. Only after the product has been released, you can make the necessary changes. Take, for instance, electric scooter rental. The first models were barebone, out-of-factory models but a season or two later rental firms already were providing scooters with reinforced metal cases. Only when initial supply was given and demand rose, it was logical to make further iterations.

🎯 Generally, it's more about ambition and the scale of thinking. Getting your product or service is more important than polishing it fully. People are the force behind successful ideas. Be willing to sacrifice to develop your business. And, of course, believe in your idea.