When starting your first business, there is no secret sauce or magic formula that will guarantee success 100% of the time, but there are things you can do to increase the likelihood of success and ensure your company stays in business for many years to come.
One helpful way to launch a successful company is to start small on a smaller scale and build your business up. It can be ill advised to take large risks right away and use all your personal funds on a new business. Starting small allows you to be more flexible with your business idea and try new things without feeling pressure to avoid failure.
Ryan Pitylak is the co-founder and CMO of ZenBusiness, a company that guides entrepreneurs through their businesses’ launch periods. ZenBusiness also offers an all-in-one platform that provides FinTech solutions, mentorship, and other tools for a successful business launch.
In regards to taking financial risks during the launch of a business, Ryan Pitylak said this, “Many entrepreneurs have little to no savings when they decide to start their first business. In an attempt to start big, they either sacrifice their livelihoods or go into debt. There are much less stressful and lonely ways to start your first business.”
Ryan Pitylak also emphasized the importance of having experienced and reliable mentors to offer advice that drives success. He added, “Some entrepreneurs consume wildly different strands of advice from Google, podcasts, books, or their friends who are also just starting out. If you want real, helpful advice that you can apply right away, find a mentor you can trust who actually knows the needs of your company.”