Most startups wait too long before bringing on an operational leader due to the lack of clarity around the role. So start crafting a job description for a COO well before you need to hire one. This will also kick-off a process of self-examination for any CEO, says Etsy COO Linda Kozlowski. She suggests a Self-Awareness 301 assessment and points to the seven profiles of operational leaders to customize the optimal CEO/COO pairing. When is best to get started defining — and filling — the COO position? As a rule of thumb, if you’re building a physical product you should hire a COO immediately. Digital startups can wait until after product-market-fit. While each pairing will be based on the CEO, stage of your company, and composition of the executive team, Kozlowski outlines five non-negotiable traits all COOs must have: trust, proven execution, control of ego, chemistry with CEO, and versatility.

Take cash as oxygen- How much money you require to keep your business active and how long you are going to use the same? Do you have this much of fund in your account through which you can carry the basic expenses associated with your business such as rent and overhead? It is the biggest matter of concern for all first-time entrepreneurs. They should make sure that their actions should respond to the bleeding of funds that take place before they start getting profits. Extra information can be read at Entrepreneur research.

Given that you cannot live long without money and that your new business will not become profitable from the beginning, it is preferable to start in business while you still have a job and a stable source of income. This will give you a form of comfort and will help you focus on the vital aspects of business development and not just on providing some money for your own survival. Once the business starts to become profitable and you take on more and more time, you can resign. The existence of a support system both during the start-up period and during its development is very important. Try to find support within your family and consult with them when you want to make decisions and need advice. Ideally, you should find a mentor to offer you from his experience. To do this, you could register your business idea in one of the training and consulting programs implemented through European funds such as Entrepreneur 2.0.

Research And Understand Your Market: Take the time to do market research and really listen closely to your ideal client’s needs. Get really in tune with them to know where they’re at right now: That is different to where you would like them to be. Take this intel and craft it into an irresistible solution for them to be able to get easier yeses in your business. – Penny Elliott, Pennycomins.com Source: https://theentrepreneurresearch.com/.