An inferior product that’s branded in a more appealing, exciting, and unique way will always outsell its superior product that happens to have plain, non-memorable branding. How you package and market your business matters.
One poorly treated crisis is all it takes to put a company under, so think carefully about your response plan.
How you respond to a crisis is far more important than how likely you are to avoid one. No matter how well you plan or how hard you work, something is going to go wrong. But because YouTube launched at a critical moment - after high-speed Internet became the norm but before any other streaming service had risen to prominence - it enjoyed radical early success. When YouTube came on the scene, for example, there were already dozens of video-streaming platforms. Timing is important from a competitive perspective, and it’s led many businesses to prominence despite a chaotic and busy market at their time of entry. On the other hand, if you have an adequate plan and execute it perfectly, you’ll have a solid leg to stand on and a key understanding of what did and didn’t work from your original concept. If you have a great plan, but botch its execution, your entire enterprise could be compromised. That being said, a plan is only as valuable as its ability to be executed. The more thorough you are here, the better. Everything written down in your business plan counts as part of your “plan,” and the degree to which you researched and fine-tuned your plan will greatly affect your chances of eventual success. It includes your goals, your targets, your operations and more. The plan has to involve more than just your core idea. Related: 6 Things Successful Leaders Do Differently 5. Once credit is secured, remember to keep an eye on your cash flow: One wrong move here could put your cash into negative territory. And don’t rule out the possibility of opening a line of credit. Don’t panic if you can’t find an investor - personal and familial investments are possibilities. Working capital is important so are your early stages of funding. Hire the wrong people and your best-laid plans might be ruined. Hire the right people for the job, and you’ll never have a problem. Successful businesses employ anywhere from a handful to hundreds of people, and those people will be the ones maintaining the business, driving innovation and executing your high-level goals. Entrepreneurs are important, but they rarely accomplish great things alone.