William Schantz Scholarship | Bill Schantz Scholarship

William Schantz Scholarship

How Can a Start-Up Succeed? A Bill Schantz's Guide

How Can a Start-Up Succeed? A Bill Schantz’s Guide

Creating and maintaining a new business, especially one that provides a novel product or service, takes time and effort. For this reason, more than 20% of startups fail in their first year of operation, and 90% fail within five years.

The best new businesses always have a few things in common. A game-changing concept that can rapidly expand globally ranks highest on that list.

Bill Schantz’s Guide on Start-Ups

This is easier said than done, though, and creating a fully formed business model from scratch is next to impossible. Instead, you should follow a process and check off various business necessities. Considering that, below are Bill Schantz’s beliefs on the reasons behind a startup’s success.

Innovative Solutions and Ideas

What factors contribute to the success of a new company? This question has a straightforward answer: something that aids real people with real issues. Many of today’s most successful entrepreneurs started by marketing solutions to problems they were having.

Sadly, only some original ideas can be made into a profitable product. Bill Schantz suggests extensive market research before committing to paper any plans for a business. To increase product sales, you must first ascertain a market demand for your product.

Learning Curve

A businessperson’s mind is a veritable factory of novel concepts. When we identify a challenge, we immediately begin to brainstorm potential answers. Without a problem, we look for ways to enhance current approaches. As Bill Schantz puts it, the ability to think critically and solve problems can be both a benefit and a drawback.

Don’t Let the Opportunity Go

There will always be a better way to achieve success at first glance: an opportunity of a lifetime, an offer you can’t refuse, the next billion-dollar space. It takes time to find an underpriced idea, develop it, and sell it.

Even if you think you’ll be way ahead of the game if you seize a new opportunity, you’ll have to start from square one. Meaningful participation necessitates familiarity with the industry, key players, and market.

Bill Schantz offered a helpful suggestion. Take advantage of openings in fields where you already have the expertise and stay the course, if necessary, of establishing a thriving enterprise, whether this is your first or one hundredth business idea.

Find The Right People

To help you find your way through the maze of starting a business, an advisory board is a valuable resource to have in place as you get things rolling.

According to Bill Schantz, don’t be afraid to ask people to mentor you; many will be honored to do so and eager to pay it forward after having benefited from the guidance of others. Though your end goal may be unique to you, you will require assistance from others. Finding and retaining employees who share your passion for the company’s mission and values is crucial to realizing your vision for the company’s future success.

Final Words by Bill Schantz

Your dedication to your job will be meaningless if you dread going to work daily. Furthermore, a negative work environment can challenge attracting and retaining quality employees. Like Bill Schantz says, it’s a slog to the afterlife.

You must make an environment comfortable enough for your employees to put their all into your startup. Furthermore, while it’s inevitable that some businesses will fail, these guidelines will help you increase the likelihood of launching a prosperous enterprise.

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