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What is the first step to starting a business?
There are so many entrepreneurs out there who are hungry, some starving, to start their own business and don’t know what first steps to take. We asked Brad Mcrory about how he approached this process and came up with Accelerate Digital Agency. What were his first steps? He says that this is a trick question. If you don’t know where to start then perhaps you are not ready to. The reality of it, from his own experience, is that there should be no doubt of where to start if you are truly hungry to start a business. When you are ready to start a business of your own and you’re stepping up to the plate, you have more than likely been doing this for years, and the steps will make themselves known.
However, it is understandable if someone is working hard and doing everything they possibly can to launch their brand and business but just needs some direction on what the best process is to get started.
Rule #1, Brad says, is you need to know how to sell and this is essential because if you don’t have revene coming in then you are not a business owner — you are a wantrepreneur and not an entrepreneur as Mark Cuban would say. It is crucial to have revenue coming in and to do this you need to be able to articulate your product clearly to other people, you need to have some legal and finance background where you can create a corporation, and you really just have to have a great product.
The key to success for an entrepreneur is to be ALL in ALL the time and never to question it. Right now, we live in a world where Facebook and different social platforms can and will tell you how easy it is to start a business. They will tell you to “watch this 5 minute video that shows you how to start up a business and generate passive income”. Brad responds to this by saying that everyone he knows that has gained passive income, actively manages it.
It won’t take 5 minutes to answer the question of where to start with your business idea — it will take somewhere around 60 to 70 hours a week for a long period of time to come up with this answer and what the next steps are.
Stay hungry and stay motivated.