The Founder’s Zodiac – How to Find a Business Partner Based on Your Sign

The Founder’s Zodiac – How to Find a Business Partner Based on Your Sign

This installment of The Founder’s Zodiac is about business partnerships. Should you start your idea by yourself or with a cofounder? What’s the best way to find a business partner if you are the latter? What is your Founder Sign? Who would be the best partner to help you realize your dream? Take our compatibility quiz and find your perfect match. The stars are aligning.

Because of their optimism and growth mindset, mountaineers are ideal business partners for many signs.

The Mountaineer is our feature sign for this month. This natural extravert thrives in company with others. Mountaineers are ideal partners for all signs, even other Mountaineers, due to their optimism, social nature, and growth mindset.

What to look out for in a business partner

Before you start your search for a great business partner, consider the advantages of having a partner instead of launching and growing your business on your own. Are you able to do the work of growing your business alone? Do you lack experience in certain areas or perspective? Are you able to work with others? It is important to understand the level of partner you are looking for. Do you want an equal collaborator? Or someone who plays a more behind-the scenes role?

Respect, trust, and communication are the foundation of business partnerships

Respect, trust, and communication are the foundations of a business partnership. This foundation is essential for building a partnership that can withstand the inevitable bumps along the way to success. There are many business partners available. However, it is important not to rush the process. The difference between a successful business or struggling to build a company is often in choosing the right business partner.

This is true even for romantic relationships. The partner you choose will have an impact on every area of your life. And while

Opposites attracted

Advantages: Possibility for complementary skill sets, viewpoints, greater coverage over various aspects of the business.

Cons: Possible disagreements over the direction or vision of the brand. Friction caused by opposing views on how the business should operate day-to-day.

Birds of feathers flock together

Advantages: Higher chances of agreement on the overall plan and vision, common working styles and communication styles, and similar motivations.

Cons : There are potential for missed opportunities. Not enough “devil’s advocate” to identify flaws in the plan, skills gaps, and strengths.




How to find a business partner

1. Meetup groups and conferences based on business interests and location are available


For potential co-founders in your industry, attend events both digitally and in person. This is the ideal place for you if you are a Mountaineer or Trailblazer personality type. You will find a partner who can complement your skills and help you achieve the goals and visions that you have for your business.

2. Find the right business partner by searching your professional network


Are you familiar with someone who has the same qualities as you? To show that you are open to networking opportunities, reach out to people proactively. You can find potential business partners anywhere. Keep your mind open.

3. Talk to your friends about finding a business partner.


Take a step beyond your professional and personal networks. Are there people you would like to meet? Ask for an introduction. Ask for an introduction.

4. Register for networking apps


This is a great way to meet potential partners and co-founders outside of your current networks. It’s also great news for introverts Outsiders. There are many social media platforms that allow you to find business partners, such as Facebook groups for entrepreneurs. It’s a great place for entrepreneurs to meet and discuss business ideas. You should also consider joining LinkedIn and Facebook groups that are focused on small businesses.

5. Take into consideration your classmates


It could be a sign of how compatible you are to co-founders if you have a working relationship with former classmates. School is an ideal place to start small businesses if you are still in school. What is the best way to test your ideas and partners compatibility in a group project.

Test of compatibility between business partners

Which signs make you the most compatible for co-founders or business partners? We need to get to know you a bit better. To find your perfect match, take our 2-minute compatibility test. Then, read on to learn how to make a partnership work based on your personality type.

Before entering into a partnership, here are 10 questions you should ask

How can you assess the compatibility of a potential business partner once you have met them? These are 10 questions to ask about the person and your relationship.

  1. Are they able to bring new ideas to the table? Do they listen to you and take into consideration your ideas?
  2. Are you familiar with them?
  3. Have you already established boundaries with someone in a friendship or non-business relationship?
  4. Do they have the same investment in the business idea as you (time, money and hard work)
  5. Are you able to share the same goals and have a similar vision for your business?
  6. Are your skills complementary?
  7. Are you both happy to share the roles in the partnership?
  8. Did you reach a reasonable compromise or solution if you had a conflict with them in the past?
  9. Have you discussed the consequences for the partnership or the business if it fails?
  10. Do you and your partner agree to share the details and set expectations on paper in order to protect yourself financially and legally?

You have a greater chance of creating a mutually beneficial partnership if you answer yes to all of these questions. This is not an ideal test. However, it’s important to discuss every possibility and communicate frequently with a lawyer to create an agreement that protects the business and partnership.

It doesn’t necessarily signify that you are incompatible if you answer no to all of the questions. These results are a sign that you need to do more research before you start writing.

Partner ideas based on the Zodiac sign of your Founder

Is it better to work with a cofounder or solo when you are looking to start your own business? Is it better to find a business partner who can help you transform your business into something great? Your personality type may play a role in your answer. Based on your Founder Sign, learn more about your potential partnership.

Jump to your Sign:

The Mountaineer is the Feature Sign

Illustration of the Mountaineer sign  You’re Mountaineer’s sign of honor for this month. You are a lover of attention, and feel most at ease when you’re in the middle of it. This is your chance!

Why Mountaineers are great partners

As a Mountaineer and a team player, you are a valuable asset for any entrepreneur looking to partner in the growth or launch of a business. You’re most at your best when you are surrounded by ideas and the energy of others. Even though you prefer to be the driver, you can thrive in some form of partnership. You are a natural leader , and a social butterfly . Your strength is growth-mindedness. You can complement others with innovative ideas (like Trailblazers), or strong business plan (like Cartographers).

What Mountaineers should be looking for in a co-founder or business partner

Mountaineer is known for his attention to details. Mountaineer, your great ambitions don’t allow you to take the time to focus and stop. We think you are an ideal partner because of this. A Cartographer is the perfect personality type to balance your partnership.

Mountaineers might also be compatible with Firestarters and Outsiders. The former is more open-minded, motivated by ideas, but also knows when to stop looking for rainbows. Mountaineers have the ability to find opportunities and take them on. If you can both learn to keep your feet on the ground, outsiders may be a good business partner. The serious Outsider isn’t usually interested in ideas or growth. You can leave those tasks to Mountaineer. However, respect their privacy and process.

Partnership Potential: 5/5

Recommendation: These Friends Created a Beauty Brand To Help The World’s Water Crisis. Meet two friends-turned-business-partners in our story about Vitaclean.

Mountaineer of Note:Q&A With Renata Pappin (Co-founder of Vagaband).

Renata took Walker, Renata’s son from high school to Asia with her childhood friend Eddie. This trip helped them to solidify their plans to start their own business, which was inspired by a friend who died while on vacation. The Vagaband is a waterproof wristband for travel that records personal information such as medications and emergency contact numbers.

Although the global pandemic caused some difficulties for the partners, they have not lost their determination to continue production. They plan to continue expanding the award-winning business over the next few months. Renata says, “We’ll be launching a whole array of digital, physical and experiential products, all designed for travel safety.”

Renata spoke with us about running a business and how it feels to have two partners, including her son.

Shopify Tell us about starting a family business.

Renata There are ups and downs but it has made our team dynamic stronger. Sometimes, the lines between work and home can blurred. Walker will sometimes wake up to talk about Vagaband ideas that he had the night before. Walker and I share many of the same challenges, but we also have our successes.

Shopify What is your role in the company?

Renata : Walker has always been a storyteller, strategist, and Eddie has a very practical mind. The guys joke that they are always on some sort of mission to save…something.

Shopify What makes you three compatible as partners?

Renata isWalker like me, a Mountaineer and Eddie’s a cartographer. Although sharing a sign with someone may sound like a dream pairing it is a lot of dreaming when there are two dreamers in a group of three founders. We would still be sitting at the same kitchen table, surrounded by half-finished ideas and fantasies, if Eddie wasn’t there to keep us connected to the real world. Although it’s not a common trope to talk about balance, this is the key to making things productive, enthusiastic, and energetic.

The Trailblazer

Illustration of the Trailblazer signWhy trailblazers are great partners

We have nothing to say. People love you. You are loved by others because of your passion for a project. You may be sought out by an Outsider or Cartographer to help them fill in the gaps in their business, particularly when it comes down to the front-facing aspects of the business. You are great at communicating ideas and connecting with people.

What should Trailblazers look for in a co-founder or business partner?

You are a trailblazer, and you can be caught up in the excitement of an invention without having to do the necessary research or find a market. It’s obvious that it will work. Passion and gut instincts are great, but you will benefit from a partner who has financial acumen or pragmatism. You should look for Firestarters who are able to turn ideas into cash or Cartographers who can crunch the numbers.

For most signs, Mountaineers are great partners. Your mutual energy and enthusiasm will be a benefit to you, and the future-thinking Mountaineer may help you see the bigger picture. Can your idea become something better?

Partnership Potential: 5/5

Recommendation: These Perfect Strangers Got Together. Find out how two women met randomly and became partners to solve a common fashion issue.

The Cartographer

Illustration of the Cartographer sign Take a moment to look up from your notes, Cartographer. You may be so far down the rabbit hole that you have missed an opportunity. Although we know that you are happy on your own, there are business relationships that can work even for a single flier.

Why cartographers are great partners

Even great ideas are not always successful. You know the details behind successful businesses. Other signs like Trailblazers and Mountaineers are more interested in the details. They are looking for someone who is reliable, productive, detailed, and like them. You can anchor your wild ideas and make them real.

How one-minded cartographers can work in business partnerships

Let’s face facts: Taking on more responsibility and letting go of certain parts of the process is scary. Cartographer, you are a solopreneur and are very good at it. You have the organizational traits that allow you to manage the many tasks of a solopreneur easily. You’re multi-talented and business-savvy–others may seek you out as a partner because of this. Consider what partnerships may work for you before you say no instinctively.

Trailblazers share the same passion and bring complementary skills. While they thrive as brand ambassadors, you might be reluctant to attend community events or network with others. A Mountaineer or Firestarter could be a good partner if you are looking to expand your brand, but don’t have the courage to take risks.

A full-fledged partnership might not be the right fit for you. You can augment your self-respect with “partners”, who are arms-length and bring specific skills to the table. These include PR agencies, marketers, influencers, or consultants.


The Founder’s Zodiac: Five Personality Traits for Successful Entrepreneurs

The Founder’s Zodiac: Five Personality Traits for Successful Entrepreneurs

Stargazers, as we approach the summer solstice which is a time for self-reflection. What is your vision of the future? What is your purpose How can you leverage your strengths to help you achieve your goals?

Let’s take a look outward. Recent events have changed the world forever. It is important to think about how we move forward. Is your vision of your future in alignment with this new reality? Let what you’ve learned help you make the right decisions if your dream is to open a business.

There are many routes to business ownership if that is what you want.

We asked ourselves “What makes an entrepreneur?” Two traits emerged when we looked at the definition: they have dreams and they follow them. What makes someone an expert at managing a business? Are there positive entrepreneurial traits that make them successful?

It depends. Although risk tolerance is a key trait for many business owners (we see you Firestarter), it is possible to still achieve success even if risk is not your forte. Perhaps you are the meticulous Cartographer who runs through every scenario and has a plan for each one. There are many routes to business ownership. The fastest route might not be the best. You should choose the path that suits your strengths.

This month’s Founders Zodiac will focus on five traits that make successful entrepreneurs, and the Founder Sign that embodies them. We will also discuss how to focus on strengths rather than weaknesses. We’ll share inspiring stories of entrepreneurs who have this trait in each case.

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Jump toYour type:

Firestarter: Feature Sign

Illustration of The Founder's Zodiac sign, The Firestarter Top Entrepreneur characteristic:Acceptance of risk

Other strengthsPerseverance and competitiveness are key to persuasiveness.

Develop your skillsPlan

The Firestarter, which has been, in ancient rituals, celebrated as a festival for fire, is our sign-of-honor this month.

Firestarters are open to taking risks and stand out from your peers and competitors. You may be more agile because you can jump on an idea quickly and not worry about its outcome.

Entrepreneurial journeys are full of risk.

There are many points in an entrepreneur’s journey where risk can manifest itself: leaving a stable paycheck, investing your savings, signing a lease or hiring and delegating. These are the points where risk-averse colleagues may get stuck. Firestarter, you are not at risk. They’ll either crash and burn, or you’ll leave them in their dust. Either way, you’d choose stagnancy over it.

Risk management is your job

You are likely to be bold and daring if you think of yourself that way. You likely have a high tolerance for risk, which is a plus when it comes to attracting investors, growing your audience, and hiring new employees. You can build trust by taking small risks and accumulating the wins. If you have a history of failure, this is where risk can come back to bite you. You may lose your reputation, even if you are able to get up and try again–which we know you can, Firestarter. You can take risks, but if you continue to sink, reconsider your strategy and partner with someone who is complementary.

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Note: Firestarter

Edwin Broni Mensah was on the right track to a successful career in investment banking, while finishing his PhD . He also pursued aggressive fitness goals. The problem was that it was difficult for him to keep his water bottle full while working out. Edwin decided to fix the problem in Firestarter style and quit his dream job. He decided to take a chance and pursue an idea instead of his career path.

Edwin took a risk to launch his business—and it paid off. GiveMeTap

Recommendation:Edwin’s company GiveMeTap produces reusable water bottles and an app that shows you where to refill them. A portion of the profits goes to clean water projects. The company has supplied clean water to more than 50,000 people in Africa.Read Edwin’s story.

The Trailblazer

Illustration of The Founder's Zodiac sign, The Trailblazer

The top entrepreneur trait:Passion

Other strengthsYou are a versatile, determined, and creative person.

Develop your skillsDiscipline

Trailblazer – You lead with your heart. Your authenticity is often the key to your success in business. People will rally behind your cause and buy your products because they believe in what it is. Your business is an extension of yourself. You follow ideas that make you smile, and that helps you stay motivated even when things get tough.

Passion is your best asset

Your story is important! Many people don’t choose the same lipstick, white shirt, or candle, but they do so because it isn’t random. They are making a conscious decision to support the brand. Although it may be due to price or availability it is often the brand’s values, mission and story that makes it stand out.

People support you because they don’t just buy your product. They also support what you do and why you do it.

Trailblazer supporters aren’t just buying your product; they’re also buying what you do and why. You can use storytelling to your advantage on your About Us page, product packaging, and social media. Your voice should be incorporated into the copy. This will allow you to place your brand’s face front and center. When your authentic self shines, you’re an influencer.

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Recommendation:Partner in business and in life, Katie Bartlett was accompanied by Kyle Wilson. They traveled the globe, tasting the sights and smells of each destination. Their passion for chocolate made them appreciate the art of making it. Soul Chocolate became their business.Learn their story.

The Mountaineer

Illustration of The Founder's Zodiac sign, The Mountaineer

The top entrepreneur trait:Vision

Other strengthsMotivation, optimism, and people skills

Develop your skillsFlexibility

Mountaineer is a clairvoyant. Your future and goals are so clear that you can almost see them in your hands. As a business owner, vision is a valuable asset. You are skilled at anticipating trends and implementing these predictions. Your vision is what keeps your business on the right track to your ultimate goal.

Vision can make your life easier

It is important to set your goals at the beginning of your entrepreneurial journey. This will keep you focused. You must be flexible in your approach. Your plan will be carried out, even if it changes. Vision is your friend when you’re growing your business.

Vision is what keeps your team united and focused on the company’s mission, priorities, and goals.

It is the glue that binds your team and keeps them focused on the company’s mission, priorities, and goals. Your vision must be more than just your own. Make sure it is clear and polished so your team can execute.

Recommendation:Melissa Butler had a vision of her future: Wall Street. Melissa found fulfillment in a side hustle after she reached that goal, but the job of her dreams did not live up to her expectations. Before she quit finance to pursue her side business, she began making lipsticks from her kitchen. Melissa’s goals might have changed but she kept the same focus on her new goals. Her vision was clear for her business. Melissa says, “It’s more than having a wider range of colors.” It’s about understanding what it means for inclusion to be inclusive.Melissa’s story is available here.

The Cartographer

Illustration of The Founder's Zodiac sign, The Cartographer

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The top entrepreneur trait:Discipline

Other strengthsPlanning, self motivation, and critical thinking

Develop your skillsTolerance for risk

Cartographer is not someone who would abandon a job to follow their dream. Perhaps you are working slowly on your dream, whether it be in the evenings or weekends. You’re a master at this discipline. Because you are self-motivated and organized, you can make the most of every minute of your day as a side hustler.

Discipline is a virtue

You can be disciplined to devote time to your business while avoiding distractions. The same goes for self-care. You are trustworthy and reliable, which makes others feel confident in your ability.

If you are stretched too thin for too many years, you are doing your dream disservice.

You may be slower at building your business than others and have to balance it with other commitments or a day job for longer. You’re doing yourself a disservice by not making enough time to pursue your dreams.

Recommendation:Sali Christeson did not launch ARGENT, her workwear brand, on a whim. Before going back to school, she worked for many years in the corporate world. She credits that decision with giving her the tools she needed to be a successful entrepreneur. Sali says that the key to my success is having a complete understanding of what it is I am trying to accomplish or solve. Then, I love to get all the details.Listen to the episode on Shopify Masters Podcast..

The Outsider

Illustration of The Founder's Zodiac sign, The Outsider

The top entrepreneur trait:Self-reliance

Other strengthsAttention to detail, resilience and a strong work ethic are key components of a successful business.

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Develop your skillsCollaboration

Outsider – “delegate” is a dirty term, we know. It’s better to work 80 hours a week than to trust your livelihood to others. It works for you, even though you are a solo artist. Your strength is self-reliance. You’ve worked hard at understanding every aspect of your business so you don’t have to look for outside help.

Self-reliance is a way to make yourself more independent

After mastering your craft, the next step is to figure out the rest. This could be handling your finances, managing a customer service team or driving local deliveries. Outsiders are driven by financial security. Self-reliance allows you to save on overhead. Remember that time is also worth a dollar. You can start small by outsourcing the less important tasks that consume most of your time while still maintaining control over what is most important to you. Outsiders, time is money.

How to Start a Business: The 12 Steps Founders Encounter on Their Entrepreneurial Journey

How to Start a Business: The 12 Steps Founders Encounter on Their Entrepreneurial Journey

Running a company can significantly affect your life and the lives of those around you. However, before you can run a company, you will need to learn how to begin a business.

Deciding to start your own business can seem like a daunting prospect if you have never done it before. Fortunately, lots of other entrepreneurs have, and you may benefit through the wisdom they gleaned from their successes–and their errors.

These 12 time-tested steps about how best to begin a business–whether it is your first or your 10th–will assist you with everything from locating and validating your money-making concept to figuring out your transport strategy to eventually launching your service or product.

Shopify research shows that lots of entrepreneurs cite flexibility and independence as the key reasons why they started their own company.1. Find a business idea

Locating a business idea is something which you are able to approach systematically by relying on time-tested approaches that have been effective for other entrepreneurs. Regardless of Whether you are looking to start a low-investment business on the side or you would like to go all-in in your idea, the best way to find a product to market begins with asking questions:

A. What is the possible opportunity size?

Entrepreneurs tend to be too dismissive of little markets. Yes, the market size must match your ambitions from the company, but the chance size of a particular niche is dependent on a few different dimensions. By way of instance, if a product group has relatively few active clients, but the price of this item is relatively large and requires repurchase, that is an attractive opportunity that creators focused on market size may overlook.

Having said that, the costs to obtain any customer is not exactly cheap nowadays. The best opportunities will come from product places where you are able to encourage repeat purchases, either in the form of a subscription or by (finally ) upselling and cross-selling clients complementary products. That could come later, but keep the possibility in mind while you explore opportunities.

Business inspiration: Daneson is a company which sells luxury toothpicks. The small market size will affect potential earnings, but as a specialty brand, targeting the appropriate customers and acquiring them could lead to Daneson owning the space.

B. Is it a fad, fad, or developing market?

The trajectory of a market matters more than its present state. If you need your company to go the distance, remember it is not just crucial to comprehend the demand for a class today except to know how it may fad in the future. Does your product or market fall to a fad, fashion, stable, or developing market?

  • Fad. A fad is something which grows in popularity for a short time period and fades out just as fast. A fad can be rewarding if your entry into the market and exit are timed perfectly, but this is sometimes tricky to predict and a recipe for failure.
  • Trend. A trend is a longer-term direction the market for a product appears to be taking. It doesn’t rise as fast as a fad, it lasts longer and, it also will not decline nearly as fast.
  • Stable. A stable market is one that’s resistant to shocks and bumps. It’s neither diminishing nor growing but keeps itself over long periods of time.
  • Growing. An increasing market is one which has seen constant growth and shows signs of a long-term or permanent market change.

C. What is your competition?

What does the competitive landscape look like for your goods? Are there many competitions, or very few? If there are a whole lot of competing companies in your specialty, it is often a sign that the sector is well recognized; that great for ensuring need exists, but it will also ask that you differentiate what you provide (to a degree) so as to draw customer attention and build market share.

D. Will there be limitations and/or regulations?

Before diving into a merchandise class, ensure you realize the regulations or limitations that will apply. Certain chemical products, food products, and makeup can take restrictions by not just the country you’re importing your products into but also the states you’re sending your product to.

2. Choose a business name

What is in a name? For starters, your company name is a universal aspect of your marketing; it shows up anywhere you do. Word of mouth is hard enough to make, so there is no reason to make life more challenging with a boring, confusing, or insignificant business name.

Having said that, the first days of starting a company are fluid, with very little being set in stone. Whatever name you come up with now is not the one you need to live with forever. Keep things simple and focused: find a name for your company which makes it clear what you do, that is short and memorable, which isn’t already being used in your industry. This is not an effortless task, but it is very achievable with a little bit of ingenuity.

Name generators will be able to help you think of a first set of ideas–the rest is up to you. If you are starting from scratch, there are also a couple time-tested methods to lean on for management. A memorable and fitting name often has the following attributes:

  • Short and Easy. A fantastic tripwire here is if you have spoken about your business idea before and people often ask you to repeat the title. Do not make customers function to remember your brand. A couple of words is perfect, although three to four short phrases may also work if they form a definite term. (E.g., Storq, Star Cadet)
  • Different. If your market research indicates that everyone in your business appears to have similar names or depends on similar components, consider avoiding these tropes and veering in a very different way; many manufacturers underestimate the advertising upside of wild creativity. You can always amend your title with your product group to combine clever with clear, also. (E.g., Deathwish Coffee, Beefcake Swimwear)
  • Original. You will need to make sure your organization name is not in use by another company, particularly a competitor. To do so, run a free trademark search in the countries you’ll do business in, and be certain that you check Google and social networking sites, too. The same holds for URLs, so run a fast domain name search before you enroll anything. (If you are still unsure, it is ideal to consult independent legal counsel for advice specific to your enterprise.)

3. Validate your product idea

Until people pay you, all you’ve got is a list of assumptions. Market research, surveys, and opinions from family and friends can point you in the right direction, but the calling card of authentic product validation is the sound of the cash register ringing. So, the first and possibly best way to confirm your product is to create a few initial earnings.

There are, however, quite a few strategies to validate your prospective idea as you are developing it. Most focus on a single essential action: dedication. Let early clients commit in some form or fashion to demonstrate that, yes, people are interested in purchasing this item and they are not just telling you what you need to hear.

This bias toward experimentation and speed can save you from costly mistakes down the road. It’s advice so straightforward and clear it too often gets ignored: make sure you are selling something people want. Here are a couple of ways to check the waters before diving .

  • Establish a shop to take pre-orders. Imagine having product validation before creating your product. Pre-orders make it possible. Through time, clients have become more accustomed to and comfortable with paying for a product now that they will receive later. Describe and sell what you are building, honor your promises, and throw your web before putting that first inventory arrangement.
  • Establish a crowdfunding campaign. Kickstarters are not the cure-all tonic to your finances woes, but they’re nevertheless a valuable way to get funds in the best possible source: clients. Kickstarter is not the only game in town, either, which can be helpful for brands working beyond their platform’s most prominent product categories. Browse our listing of websites and see if one works for you.
  • Sell products in person. For specific products, like homemade products, local fairs and markets provide the perfect way to check a product: by producing a first batch and selling to clients in person. When Nimi Kular and her family’s company, Jaswant’s Kitchen, first began selling their home made recipes, they found this approach indispensable. “Selling in person at a craft show or neighborhood pop-up is a superb way to talk about your story, get comments, and clarify the advantages of your product to prospective clients,” states Nimi.

There are different ways to validate your product ideas, but when in doubt, begin selling as fast as possible. There are drawbacks to moving too quickly –if you rush and attempt to market a product before it is ready, all you will learn is that people do not like bad products. However, our experience is that most entrepreneurs wait too long to begin validating their ideas.

Consider this: if you are customer-driven, then trust your prospective customers to direct you to the ideal product. No matter how smart you are, there is no substitute for direct, pointed opinions from a paying client.

4. Write your business plan

Writing a business plan helps formalize your thought and can streamline the business-creation process by getting you to sit down and think things through methodically.

And, yes, strategies are (frequently ) worthless, but planning is everything. Many entrepreneurs say that they rarely look at their strategy once they have launched–but they will also tell you there is value in thinking through and exploring your thought; writing a business plan is the best canvas for this exercise.

At the very least, you will quickly figure out what questions you do not have answers to. Having a firm grasp of your”known unknowns” is crucial because all it means is that you are actively not prioritizing finding a solution right now; that is a great deal better than being unprepared or caught off guard, especially in the event that you struggle to answer these questions while searching for financing.

TIP: If you are interested in writing a business plan but turned off by stodgy paperwork, we have developed a sample business plan template which you will actually use. Thousands of individuals have made a copy to repurpose to their own strategy, and it is totally free to use.

Your daily of getting your company off the ground will definitely move on a much shorter deadline than the normal business plan. And that’s a fantastic thing; you will need to know what you believe, not what you believed . Nevertheless, the first draft of your plan is similar to charting a course for a planned destination. On the way, things will change, and minute details in the initial plan will become out of date. But if you do not know where you are going, how will you know when you have arrived?

5. Get your finances in order

The objective of any company is to make money. Otherwise, you simply have a hobby (which is also OK!) . But if your aim is to run a company, knowing what you will want to begin and how to handle cash flow as soon as you have it’s going to be integral to your success. Even though it’s tough to find a definitive list of reasons as to why most businesses fail, cash flow and inadequate capital are frequent culprits.

There are two sides to this coin: financial literacy and procuring funding (if it is needed). Let us begin with the first one. There are loads of businesses you can begin with minimal startup costs, but others will require money for inventory, equipment, or physical area. A clear view of your whole investment–before you invest a penny –is essential for helping to make significant projections, like when you will break even.

Where the money ends up moving will mostly be determined by your organization, but our research indicates that for most companies, merchandise and inventory costs represent a large share of invest in Year 1. If those calculations show you will need more funds than you can afford to spend out of pocket, you may look at choices like a small company loan, a Shopify Capital deal (for those qualified), or a crowdfunding effort.

Shopify data demonstrates that in their first year of business, entrepreneurs spent the most amount of money on product costs (raw materials, inventory, production, etc.).

The next part of the equation is financial literacy, or understanding the flow of financing by your enterprise. Bear in mind, if the math does not work, your business won’t work. Bookkeeping should be one of your main financial tasks after you’re ready to begin making purchases for your company. Accurate records of your earnings and expenses can allow you to keep an eye on cash flow and result in a smooth transition into working with an accountant or bookkeeper in the future –when you are ready to afford expert help in these areas, it is a number of the best money you invest.

To make managing your finances much simpler, take some opportunity to open a company bank account and receive a business credit card. Keeping your personal and professional finances independent makes doing your business taxes considerably simpler and will help you automate some of the fiscal actions to starting a business too.