4 lessons for creating a successful startup

Starting a business isn't an innate skill — it takes weeks, months and years of trial and error. Even the most confident and accomplished entrepreneur will go through a process of learning. The lucky ones will make a lot of mistakes early in the process and learn from them before getting too deep into the game. Here are a few lessons successful entrepreneurs learned the hard way:

• Write a business plan: A business plan is a written description of what your company is, why it exists and who created it. It outlines your organization's past, present and future, telling readers what you plan to do and how. If you don't have one you will find yourself, at some point, greatly wishing you did. Moving forward without a business plan is basically choosing to wing it — and no business has ever found long-term success through that route. The key to a good business is strategy, and a strategic plan can help set you on the path to increased profitability and quick growth.
• Find a mentor: The best mentors will know your industry and the market, and won't be afraid to ask tough questions. It also helps if they have experience with start-ups. A fresh pair of eyes can help you locate problem areas and find issues that need extra focus. 
• Screen investors: Business investment is incredibly important, but that doesn't mean you should accept funding from anyone. The best investors understand what you want to do with your company and are looking to support that vision — not interfere in your work. Break ties with investors who attempt to coerce you into abandoning commitments with certain people by offering more funding. Even the slightest hit of an investor who is willing to partake in unethical behavior is a red flag. Never compromise your integrity in your dealings. There are honest and trustworthy individuals out there who will be happy to back your idea.
• Don't neglect the mundane: It can be easy to get caught up in the excitement of start-up culture and fall behind on paperwork. Business owners know that running a company often means buckling own and filing tiresome legal documents. Make sure you know what applications you need to fill and licenses you need to apply for ahead of time so that you do not become overwhelmed when deadlines approach.

Before your business gets off its feet, contact a qualified small business attorney to provide legal advice and ensure your company is well-protected. The road to start-up success is not always simple and an experienced business lawyer can help you steer clear of potential pitfalls.

Categorised in: Starting a Business in Arizona

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