Driving revenue. Creating a solid blueprint for business success. Securing financing on attractive terms. Assembling a high-quality team.
All those things and more go to the core of what entrepreneurs and would-be principals of start-up entities need to focus foremost upon as they lay the foundation for enterprise viability and sustainable profits. No business comes into reality fully realized; creative smarts and sweat equity necessarily precede commercial success.
A recent Forbes article on sound advice for business startups notes that “patience, drive and skills” are required precursors for any business having a chance to grow and prosper over time. Creators must understand the risks, meet their challenges and stay focused if/when the rewards of sound decision making and managerial diligence begin to materialize.
A panel of business experts (deemed the Forbes Finance Council) weighs in with some advice for fledgling business owners in the above-cited article. A key point that immediately emerges from their collective tips stresses the need for a new business to be instantly focused upon generating income, rather than on long-term viability. Endurance is of course an important aim, but it cannot be realized absent money flowing in from the outset.
Another takeaway from the council underscores a business principal’s advisability in hooking up with relevant mentors and third-party professional who can become members of a valuable business team.
We certainly endorse that point at Rich Michaelson Magaliff, LLP. The deep legal team at our Manhattan commercial law firm serves as advisors to business entreprenuers and general counsel for business entities facing challenges and seeking to take fullest advantage of exciting opportunities.
Successful business outcomes are most often authored by entrepreneurs who complement creativity with sustained hard work and a focused team approach. Attorneys from an established law firm that works diligently on behalf of diverse commercial clients can provide further information.