Starting a new business is challenging. As many new entrepreneurs can confirm, coming up with an idea is only the first step. Even the best ideas fail without adequate preparation. Moreover, according to the Bureau of Labor Statistics, 20% of new businesses close within one year, and 65% in ten years span.
There’s a lot to consider to ensure longevity for a new business. Moreover, because many people shop on the Internet, you need to consider the technology’s dangers and benefits. That’s why we gathered a list of the most important things to take care of before introducing your service to the public. Let’s dive in.
Cybersecurity Issues
The Internet expanded so fast that cybersecurity was left behind. Twenty years ago, cybersecurity was briefly mentioned during business meetings, if mentioned at all. Currently, it’s a frequent topic that draws a lot of attention and funds. Here’s why.
According to CNBC news, 60% of small to medium businesses (SMBs) close after a successful cyberattack or data breach. SMBs often make the mistake of thinking they don’t have enough value to become cyber targets. In reality, cybercriminals prioritize SMBs due to their lack of cybersecurity protocols.
Moreover, the last decade witnessed the emergence of robust political and lawful regulations regarding user data. GDPR and CCPA are two that every new global entrepreneur should know about. If your business handles user data (many do), you must adhere to these regulations if you’re doing business in the EU or US.
Lastly, it would be best to implement at least the basic cybersecurity protocols from the beginning. For example, consider utilizing a password managing tool instead of using the same or unsafe passwords for all business-related accounts. Introduce your employees to VPNs if they work remotely or travel often. And look into storage encryption services to prevent data leaks.
Entrepreneurial Mindset
An entrepreneurial mindset sounds abstract, but concrete tasks and competencies are beneath it. Firstly, build a long time strategy with risk assessment. For example, write down a step-by-step marketing campaign with allocated funds at each step. Moreover, assess the risk. If you plan on doing a social media marketing campaign, consider the force majeure. Your social media channel could lose users due to unexpected circumstances. Consider how Twitter’s platform has changed after Elon Musk obtained it.
A popular way to get funds is crowdfunding. However, it would be best if you were exceptionally mindful of it. Failing after the public has given money to your cause can irreversibly hurt your reputation. A crypto game that gathered funds from Kickstarter stopped production due to the volatile situation in the cryptocurrency market. Practice shows that it’s nearly impossible to recover from such mistakes.
Lastly, strengthen your nerves to become a top-notch CEO. You will have to make hard decisions and face numerous situations you can’t control. Staying focused during the worst circumstances can save your business from hasty and inaccurate decisions. Taking responsibility sounds straightforward, but it’s tough during trying times. Many top CEO performers learn to meditate to keep their minds sharp.
Technology Benefits
Technology supports us in most of our daily tasks. Be creative and find a way to include it in your business plan. You may perform employee training on cyber threats. Or consider enrolling your staff in data science courses that concentrate on cybersecurity.
Also, consumers tend to read online reviews and discuss services over social media before purchasing. Dig deep into social media marketing and introduce your services to vast audiences. Simultaneously, consider running an online shop. Opening a physical store is costly, and running an online shop is much easier until you secure investment resources.
Opening up a business is challenging, but the benefits will outweigh the risks if you come prepared. We hope this article gives you valuable insights into possible issues and a few solutions to guide you.
