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| Photo Courtesy of weddingwolf.com |
Starting your own company and deciding to go into business
for yourself can be a lucrative but yet painstaking ordeal. To limit the hassle
and stressfulness that will automatically come when starting your business,
consider taking advice from a seasoned entrepreneur. Two individuals with a
wealth of knowledge on starting and operating a business that I personally can
relate to are Donald Trump and Mark Cuban.
Donald Trump gives out amazing advice to up and coming
business owners like myself. A particular key
point that Donald notes and I am incorporating into my integrated recording
studio and label business is to focus on the present.
What is the current state of the market? Trump says that he tries to learn from the
past, but plans for the future by remaining exclusively focused on the present.
As the Internet continues to shape how the music industry
operates, it is easy for new indie labels to make a decision to only operate
digitally. Yes, the market is transitioning to a more digital platform, but
physical CD’s are not completely obsolete.
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| Photo Courtesy of people.com |
There is still potential revenue to be made with physical
CD’s and I will continue to keep it a part of my business plan until the market
has completely moved on to a new platform.
Mark Cuban is another seasoned entrepreneur with great
advice concerning start up companies and business plans. A tip that he shares with readers of
his “How
to Win at the Sport of Business: If I Can Do It, You Can Do It” book is to
start a business that you are obsessed with. “If you have an exit strategy, its
not an obsession,” says Mark Cuban.
It is about doing something that you love and are passionate
about; and obtaining a team that feels the same way about the business. Motivated
employees are hard working employees who will go above and beyond for your
business. Find them and keep them happily working for you.
For entrepreneurs seeking funding from investors when
presenting their business plan, remember the most important documents you want
to have are the financial statements. They are the bread and butter of your
business plan. I
t is nice to have a great idea, but your financial documents
will tell investors if your company will be profitable and make a return of
income in their pocket. Nobody wants to fund a ailing company, and your
financial statements will either prove that you are profitable or show you areas
where your business needs to improve upon.
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