DeBaise - Start a successful business: expert advice to take your startupfrom idea to empire

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START A
SUCCESSFUL
BUSINESS

Colleen DeBaise

WHEN WE SET OUT TO compile this book, we didnt have to search too far to find the best material.

For nearly forty years, Inc. has provided advice, education, and inspiration to the leaders of fast-growing private companies, chiefly through our unrivaled editorial content.

That materialproduced by veteran reporters, all-star editors, and expert columnists, among othersis what you see on the pages of this book.

We have gathered some of the best Inc. insights, tips, and case studies and presented them in a single path-charting guide. Our thanks to the talented contributors whose work is reflected here. With the Inc. team on your side, starting a business will be faster, less confusingand ultimately, more rewarding than you ever imagined.

THIS BOOK, CHOCK FULL OF inspirational startup stories, is designed to activate your best, most creative, most informed entrepreneurial self.

Were confident that it contains the secret to successful entrepreneurshipthat special sauce that will help you turn your dream into a full-blown reality. Which isnt as closely guarded as you might think.

A word about us: Were the editors of Inc., and for decades, weve interviewed the makers, doers, and dreamers who have launched some of Americas most celebrated companies. Youll hear from many of them throughout this book.

Over the years, weve observed a consistent paradox as we sat down with entrepreneurs who have turned nuggets of ideas into global enterprises. These company builders come from all different walks of life, with varied levels of expertise or education, and they take markedly divergent paths as they start and grow their startups. Yet somehow, they all manage to end up in the same place: On top.

How do they do it? The answer is that they know the recipe for entrepreneurial success, that strange combination of inspired action, calculated risk, and hard work that isnt necessarily taught in any business school class. Theyve figured out the secret.

Which brings us to you. Chances are, if youve picked up this book, youre thinking about taking that leap. But youre hesitating to do so becausewell, nothing makes sense about it. Maybe youve got a corporate job with perks and benefits. Maybe youve got student loan debt. Maybe youve got a young family. Maybe youve got plenty of skills or expertise in one area, but not enough in others.

And maybemost nagginglyyou just dont know how to do it. You can envision your product or service (whatever it is) on store shelves, or on mobile devices, or in peoples homes, stomachs, or offices worldwide. But you just dont know how to get from point A to point B.

If any of those apply to you, then congrats! Youre like most aspiring entrepreneurs. The difference between you and the celebrated ones is that theyve gone ahead and navigated the rocky terrain connecting point A to point B. They know the way. At Inc., our reporters and editors have observed the patterns that have emerged, the twists and turns those entrepreneurs have taken along the way, and were revealing them to you in the pages ahead.

This book will walk you through seven crucial stages that weve identified as key to taking your startup from idea to empire. Give it a read, and absorb it. We hope our guide gives you the knowledge to make your decision, the confidence to stick to your plan, and the tools to help you succeed beyond your wildest dreams.

We couldnt sleep, because we thought it was such a good idea.

NE IL BLUMENTHAL, co-founder of online eyewear company Warby Parker.

SURE, YOU WANT TO BE an empire maker. But first you need an idea. A really good one. Some might say brilliant. Startup ideas can come from just about anywheretruly. Lets look at the most common sources:

A theme or problem from your daily life

An emerging trend

A gap in a specific market

A drive to help others in an inventive way

A special skill or expertise that you possess

Which is best? Weve asked scores of successful entrepreneurs and noted experts this very same question. And far and away, they agree: Its that first one, the problem or pain point that you personally experience on a regular basis, that is the ideal motivation for starting a company.

While you can (and should) pull from any of the sources on the above list for your startup idea, its wise to draw primarily from your own need or frustration. Why, exactly? Starting a company will require long hours and seemingly endless focus. Both are much easier when you feel a personal connection to the purpose behind the company.

The advice I have for entrepreneurs is... number one, you need to solve a real problem. I look for those problems in my own life. Mint was because I had a challenge managing my own finances using Quicken and Microsoft Money. So I built it for myself.

AA RON PATZER, founder of web-based personal finance service Mint.com, which he ultimately sold to Intuit for $170 million

If you dont have that burning, personal desire to see your concept come to fruition, we dont recommend pursuing your startup idea.

Thats because the early days of starting a company are notoriously difficult. You might find yourself questioning whether youve made the right call. Thats especially true as the months or years drag on, and youve decided to quit a lucrative career, invest personal savings, and sacrifice time away from family to chase your dream. (Many seasoned entrepreneurs, by the way, say it takes at least three years to find your startup footing, and that many newbies give up too soon.)

But beyond that, theres another reason why it makes sense to let your personal challenge lead the way. Chances are, others are experiencing the same problem as welleven if theyre not entirely aware of it. Theyre called your customers.