As a seasoned investor who helped dozens of start-ups get on their feet, I know that for your small business to succeed there are just three things that you need to do right.
1. Come up with a winning idea. Sure, a good idea alone won't secure your start-up costs; you'll need a solid business plan to back it up. But it's important to understand in the minute detail what exactly you are offering to the public. A winning idea is the one that meets the market demand, matches your expertise and differentiates you from competitors. You don't need to generate the idea alone: engage others in a brainstorming session.
2. Choose your partners wisely. As a rule, neither friends, nor relatives make good business partners. Look outside of your immediate circle. Ideally, you should have by your side someone who brings a unique set of skills to the table, sees eye to eye with you on the big picture and is not afraid to challenge you on important issues.
3. Don't give up. No pain, no gain: failure is an integral part of moving forward. You will definitely have a lot of hurdles and quite a few disappointments along the way. It's the way you deal with them that matters. If you go on despite all odds, you'll find success.
