Wise Wednesdays - Top Ten Tips

I came across this report, which I believe is very useful in understanding what it takes to succeed in starting a business. Next week I’ll talk about the implications but for now ask yourself how much have you done with the advice given below?

Cheers, Dominik.

"Top 10 tips on how to successfully start your own business", Special Report, RBC Financial Group, October 16, 2007.

These are some of the findings of an RBC poll conducted by Ipsos Reid between July 27and August 3, 2007.

The top ten pieces of advice existing entrepreneurs have for people hoping to start up a business, according to a survey by RBC Financial Group which compared the responses of aspiring entrepreneurs with those of existing entrepreneurs:

- Know your competition (51 percent)
- Develop a business plan (50 percent)
- Research the market (49 percent)
- Network, develop alliances (45 percent)
- Take time for marketing (38 percent)
- Seek out mentors (35 percent)
- Spend time defining the needs your business will meet (35 percent)
- Survey potential customers (34 percent)
- Do homework about where to locate your business (34 percent)
- Join clubs/associations (32 percent)

"The key piece of advice from Canada's veteran entrepreneurs is 'do your homework' before you open up your new business," said Rina Pillitteri, director, Small Business Client Strategy for RBC. "When successful small business owners look back on what helped them get off the ground, it's the fact that they knew what they were facing - they researched who their competition was, they understood what gaps they could fill in the marketplace, and they delved into the likes and dislikes of their potential customers. They also networked to find out as much as they could from other entrepreneurs."