Starting a business in America is every entrepreneur’s dream because that’s where the real money, business experiences, and challenges are. However, if you are a business owner in another country, entering into the American market is challenging at best, but it is not impossible. If you are the owner and founder of a startup, there
Starting a business in America is every entrepreneur’s dream because that’s where the real money, business experiences, and challenges are. However, if you are a business owner in another country, entering into the American market is challenging at best, but it is not impossible. If you are the owner and founder of a startup, there are things you should know before you decide to start up a business in America. These ‘things’ can mean the difference between your business failing and ‘making it’ in America, and they are the subject of this article.
Be weird, be different
Starting up a company in America can be a challenging, but since the American consumer is always on the lookout for that product or service which is unique, offers them a good value proposition, and is not sold by domestic companies, your business is more likely to be successful in America if you sell something (goods or services) that American (and other companies) in your field and industry are not. You should also remember one of the fundamental principles they teach MBA students about marketing: being an industry leader can be beneficial because then your company gets to set the standards in your industry, and you can tap into markets before anyone else gets to them. Therefore, you should seek good business ideas that other companies are not currently selling or doing, and you should formulate a good strategy and plan to ensure that your company will be one of the 20% of companies that actually succeed in America.
Sometimes you will face great success, and sometimes you will be heartbroken by immense failures.
You can liken starting and running a startup business in America to riding on a roller coaster ride because there will be ‘ups’ in the form of groundbreaking successes, and there will be ‘downs’ in the form of heartbreaking and immense failures. You have to ‘experience failure if you want to succeed’ because then you will never know what you are doing wrong. The same thing is true in with starting a business in America (or anywhere for that matter). Because there is no ‘business guide’ that describes how to launch and run a startup in America that will be successful from the beginning, and that will experience nothing but success, you will learn through ‘trial and error’ – this means that you will make mistakes. But if you have good business acumen, you will draft a good plan and strategy before starting your business to make sure that it does not go under after five years, because failed businesses are expensive and tend to ruin people’s’ reputations in the business world.
Networks spell success
There is an old saying that ‘it’s not so much what you know, but who you know (in the business world) that really matters.’ There is a lot of truth to this because the right connections can take your business places. Good people to have in your network are business mentors and great clients (ones who will actually pay and stick around) because they can make a huge difference in terms of making your American start up a success.
You must work as a team
They say that people are a business’s greatest assets. You must work with your employees as a team and be open to sharing experiences, successes, and challenges with them. This is the only way your American business will survive in the long-run.
You need a mentor
Even if you have oodles of general business experience, you will be a newbie in terms of running a business in America. Therefore you need advice, ideas, plans, and strategies from people who have ‘been there and done that’ because they will guide you to success.
The path to success is not set in stone
Just as no person is alike, no business is alike. This means that all businesses have different paths to success which are constantly changing as the industry that they are in changes. You have to remember to ‘go with the flow’ with your American business.
You will be married to your work
If you want to slack off and rest at the beach while your back office works like crazy to make your business a success, you are in the wrong profession. When you decide to launch and run a business in America, you become an entrepreneur, and entrepreneurs work around the clock, literally, to ensure that their businesses will succeed.
Don’t believe everyone and everything you hear
There is an old saying that ‘opinions are like assholes because everyone has one.’ This is especially true in business where everyone and their brother will give you their fifty cents on the best way to successfully run your business. You should take it in stride, stick to your idea, plan, and strategy, and only listen to the successful experts.
Don’t expect to make it big in the beginning
If you make it big in the beginning, that’s great, but don’t count on it. The best way to ensure that your American business is a success is to stay focused on your plans, ideas, strategies, and long-term goals, and expect to make losses in the initial years because most startups do!
You need mentors, advisors, and counselors
Since these are people with sound and valuable advice which will actually make your business succeed in the initial and later years, you need to talk to people who actually know what they are doing and talking about.
You can’t plan success in business
Well, nothing is predictable in the business world, but success is definitely not. You could have the best idea, plan, and strategy and still fail because lady luck was not on your side. You have to remember that the path to success for your startup will be unpredictable and may not even exist. You always need a great exit strategy if that is the case!
Let’s face it, you are a newcomer to the American market and people tend to do business with the established players who they know, trust, and like. This is the reason why you need a business partner who will help you finance your business, share the work with you, and give you advice when needed.
Learn from the experience of others (entrepreneurs)
You can learn a lot from people who have tried what you are attempting to do before. You will learn to avoid their mistakes, and you will have better and more insight into the factors that made their business success so that you can implement them into your business plan and strategy.
Not every great idea succeeds in business
You could have the greatest horse and carriage business in the world in 1920, but even though you had a great idea and product, it would have bound to be a failure in light of the growing popularity and amazing success of the Model-T in America. Similarly, having a great idea is not enough to make it in business. It has to be viable and backed by a great strategy and plan in order to succeed. That is why you should do a feasibility study before drafting a business plan to make sure that your business idea makes sense and will even work.