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Wednesday, December 7, 2022

How to make sure your startup launch is successful – George Deeb

You need to research everything before anyone else if you want to launch a successful startup. Trying to kill your startup before it gets off the ground is what George Deeb, managing partner at Red Rocket Ventures, Forbes collaborator and author, you prefer.

“If you can’t kill your own startup, then chances are others can’t kill it either,” Deeb argues his peculiar strategy. This simply indicates that your start is indeed very competitively defensible and you are off to a solid start.

The most important step in setting up any startup is to dig and probe everywhere for gaps and potential problems. These could include the drivers of your company, the state of the industry if it is still expanding and doing well, how different the competition is, and your level of capitalization.

There is no room for mistakes when you launch your startup after doing your research initially. Deeb gives the example of how you wouldn’t want to open a whitewater rafting park in the dead of winter, as you wouldn’t get any traction with customers. Therefore, you need to ensure that the market is large enough to support the development of a reputable company and attract investment.

The competition, or what makes your company stand out from others in your field, is related to that. Although your product may be superior to what is currently on the market, you must ensure that you have the necessary resources to support your business in a way that allows for mass manufacturing.

Any business just starting out should think about how much product it will need to generate a stable income. In general, you should do some research even if you only need to cover your essential costs.

Entrepreneurs risk getting ahead of themselves by attacking their finances completely before they have started to turn a profit. It could take ten years or more for a biotech or pharmaceutical company to turn a profit, so they need to be prepared to raise funds in the meantime.

Adds Deeb: ‚ÄúProbing your team and leadership staff requires knowing that entrepreneurs can do everything on their own, so the reality is they now have the products figured out, who is putting together the team to sell the product? Who is effectively and profitably bringing in our customer base? You’re not alone in this, so assemble a strong team to help you lay the foundation for your company’s success.

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