In the core, successful startups are ideas, to which strategic planning, effective execution plan and good management have been added. To develop an idea to such limits, the entrepreneurs need to focus on the business aspect of starting a company. Concentrating on strategy, cash and people from day one increases the chances of startup success. It is important to highlight the three main business fundamentals that are considered to be extremely valuable in the business world and especially in the world of entrepreneurship. They are equally important for first-time entrepreneurs and for entrepreneurs with experience in building successful companies from scratch.

Strategic planning

Entrepreneurs rarely have the time to craft complex and very detailed business plans in the beginning of their venture. Every minute of their time is dedicated to the development of the product, to the building of relationship with the customers and to the establishment of the brand awareness. But with the growth of the company, the need of developing clear business strategy increases.

Strategic planning is a business fundament that summarizes important aspects like the long and short term business goals, the core values, mission and vision of the startup. It helps the entrepreneurs and the teams to concentrate effectively on the goals and to monitor better their progress.

Finance

Having good financial literacy and accounting knowledge are extremely valuable skills for entrepreneurs. Cash flow matters, which is why accounting done right has to be one of the main business aspects for entrepreneurs to focus on. The ability of the entrepreneurs to speak the language of the investors when fundraising brings many advantages for the company. Financial knowledge helps to effectively evaluate the financial model of the startup, to understand better the funding needs of the business and to spot the right funding sources, gives the opportunity to the entrepreneurs to do accurate valuation and so on.

Leadership

Strong team of professionals and experts that work well together is a great asset for every starting company. Good leadership is one of the most important business fundamentals that entrepreneurs should focus on. In order to form the perfect team, the entrepreneurs must improve their hiring skills, to trust their intuition and to look for people, who complement each other’s skills. Once the right team is formed, it is important to keep them all motivated, inspired and enthusiastic about the job they do. It is difficult to build a product and a successful company without the right people on your side. In the end, it is all about having the best team!