Starting up a business is tough and you don’t know where are you going to land in the market. Entrepreneurs are in a mystery whether their product is going to work and so they often opt too many strategies for success. Virgin founder and CEO has five basic rules for any successful entrepreneur:
1- Be financially savvy.
Financially, you may not be sound but once you raise capital make sure to use them to optimum level. Spending lavishly shouldn’t be your motto. As it is, raising funds takes heck lot of efforts, don’t let them go waste for your startup. Productivity of your startup increases if those funds are spend on quality hiring or on technology.
2- Choose a dynamic name.
Let’s change Shakespeare’s quote “What’s in a name” to “everything is in a name”. Startup needs to have a dynamic and a unique name so that people remember you and your service easily.
3- Sell memorable merchandise.
Selling or providing unique service to your market should be your motto. Products that aren’t replicated elsewhere are more appreciated and remembered by customers. Create your own brand and watch success coming for you.
4- Make waves.
Make waves in your industry by trying to innovate new things that sets you apart from your competitors. Learn, research and do your homework of the market.
5- Follow through.
Once your startup has started approaching and reaching out to customers and prospects, make sure your follow up is proper. After-sales services is more important than sales in a long run. Keep in touch with you customers and build lasting relationships with them through attentive, personalized service.
For more of Branson’s take on starting up strong, check out the video below:
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