While decision making skills are valuable when it comes to launching your very own business, determination, persistence and ability to deal with failures are far more important. One should be prepared for no-life for the next few years before the project takes off. I have seen many successful and talented corporate executives who failed in their own ventures because the reality of a startup is so much different to that of the corporate environment. You need to ve prepared for the continuous grind. Without it all other skills are simply not enough to succeed

Setting clear goals is a powerful skill. When I decided to open a consulting business in 2018, I didn't get the encouragement I expected to receive. The culture of practicing consultancy in part-time mode together with full-time job is still new. Then the pandemic disrupted our life and caused massive collapse in the business. I started over again in mid-2021. The only factor that really enhanced me to revive my business was the deep sense of purpose that guided me during the phase of goals-setting and after. I was asking myself these two questions: am I adding new thoughts and practices to strategy field? Are my services useful to survive or thrive? Now my team is expanding, as they can see our goals and purpose are clear and focused.

The best research comes from talking directly to future target customers. You'll learn more from 10 real conversations than from 6 months of online research.

Know everything and keep learning and never stop because we can only keep trying even if it seems like what you’re trying to fix is so beyond repair. Never give up because if it is that easy then it would already be better so we must be better.

The best business is one which has studied the market and identified the problems and gaps to address i.e opportunity! A market research should be on several dimensions - the first part is to find-assess the opportunity by zoning in on the target population for the product/ service - to know who are consuming the product currently, but also those who are not. And why not. The untapped potential is a massive opportunity to uncover. Mapping the Business on the 5 market forces model for competitive advantage (by Michael Porter) is certainly a good starting point. This model helps to understand the forces action: the customer potential and the suppliers; and on the other side - the threat of competitors and substitutes and new entrants.

Building a business isn't just about the money you have; it's about how wisely you use it. Make it a point to adopt lean practices, ensuring every expenditure contributes directly to your business goals. - Embrace a lean budgeting approach by questioning every expense. Does it directly contribute to your business growth or customer satisfaction? If not, consider cutting it. - Set aside an emergency fund to buffer your business during unforeseen challenges. A financial safety net can provide peace of mind and protect your long-term vision. - Invest in your financial education. The better you understand financial principles, the more adept you'll be at making strategic financial decisions.

My previous businesses taught me a lesson that the biggest waste of your company's money is on the wrong founders / employees. Very often non experienced founders thinks that this guy is a great fit, he worth this big salary or share, and after some time you can figure out that he lost all his passion, desire to do what you have agreed upon. But share is allocated, salary is set and nothing you can do except to pay him for nothing. Thats why people invented vesting (for founders, who should prove that they are dedicated) and hard contract terms for employees! Remember, there is no such role as "cool guy". Everyone should bring value. Business not equals friendship! Never

Its not that crucial, because by the time you would have more experience and knowledge, you can change your structure. From the very start for IT (if you want to raise VC or not) corp is the best, for the rest LLC is enought.

The choice of your business structure should align not only with your immediate goals but also with your long-term vision. Don't just think about the present; consider where you want your business to be in 5, 10, or 20 years. Your structure should be flexible enough to accommodate growth and changes in your business landscape. - Consider not only what structure suits your business now but also how it might evolve. If you plan to scale rapidly, a corporate structure might provide better access to funding and expansion opportunities. - Consult with a legal expert or an attorney who specializes in business law. Their insights can help you choose a structure that aligns with your goals and provides protection.

Building a business is all about the clients/customers. Nothing else. Anything you do that is not ultimately meant to result in a better client/customer experience, is most likely an error. If you're not sure about how something will impact your clients/customers, you need to think some more - as hard as it is to gain them, losing them only takes one mistake.

Before building something, always ask your target audience (at least the audience that, you think, is a target for you) and you will get all the information what they need and what they are ready to pay for. After release talk to your clients to know more details what they like what they dont, only then you will have a reliable product and business.

Ask yourself, "How can we delight our customers rather than just meet their basic needs?" Exceptional experiences can set your business apart in a competitive market. - Create a variety of channels for customers to provide feedback. Consider surveys, social media, and direct communication. Diverse feedback sources can offer valuable insights. - Implement an iterative approach to improvement. Don't wait for a complete overhaul; make continuous small refinements based on feedback. - Always prioritize the customer's perspective. Regularly revisit your product or service with fresh eyes, seeing it as a customer would.

In a world where everyone’s looking for a secret recipe for success, the truth is, "there isn't one" Here's why and my 5 reasons: 1. Good decision-making is less about crystal balls and more about embracing the chaos. 2. Launching your business is not just choosing what to do, but more importantly, what not to do. 3. Business is all about placing bets on the right horses - not just markets and trends, but on people. 4. Be the person with an art of balancing gut instincts with hard data, of being ready to pivot at a moment’s notice when the ground of market realities shifts. 5. Finally, Business is not a game for the indecisive or faint-hearted; it's for those who dare to trust their judgment and leap.

One of the main decisions to make is whether you are ready to spend (sometimes waste) ~80% of your time on your brilliant startup idea: asking all your friends & family for support (crowdfunding, comprehension, and sharing your enthusiasm), approaching funds and making them believe in you, outreaching prospects to start using your product or at least follow your social media accounts. There’s (mostly) always a stage when you succeed with none of the above, and then there’s another decision to make - to be or not to be.