eBook Released To Help People Prepare To Become A Founder
Co-Authored by Tara Spalding of BoomStartup Accelerator, IsoTalent, and TechBuzz is available for free on the IsoTalent.com website.
The statistics for startups are bleak. And arguably downright scary. According to Failory, 90% of startups fail in the first five years, most commonly in years two to five.
Yet, people keep jumping with both feet to try their luck. Opening a company – a sole proprietorship or an LLC – is an easy process. That may be why America is a nation of entrepreneurs.
What if it were less about luck? What if fledging entrepreneurs had a roadmap or a process to follow to prepare them to succeed?
Tara Spalding’s new eBook “10 Preparation Stages to Start a Successful Business” has exactly what newbies to running a company need. Spalding, managing director of BoomStartup Accelerator and a 25-year veteran of Silicon Valley and Silicon Slopes, spends her time as ensuring her community avoids the pitfalls that tank most startups. So she knows from first-hand experience what works and what doesn’t.
“People do not spend enough time developing themselves and their vision, and I wanted to give people a path to follow,” explains Spalding. “It breaks my heart when I see a company fail where it should have succeeded. The steps I outline in the book are things everyone should be doing as there’s already plenty going against you.”
Stages one and two cover self-evaluation. Are you ready to be a CEO? This is where a would-be founder needs to spend a lot of time understanding themselves. It’s easy to see from the questions Spalding recommends asking oneself how people get off to a shaky start. If you aren’t clear on who you are – and who you are not – you’re going to stumble at some point. And so will your business.
Stages three, four and five are all about understanding your customer. Do you know what they will pay for your product or service and why? Spalding recommends revisiting your thesis over and over, refining and distilling down each time, until you arrive at crystal clarity. Guessing and theorizing isn’t good enough. This is another common point of failure.
Stages six, seven and eight help you with the practical mechanics of the business. Get to grips with the numbers, get everything down on paper and do your company filing correctly.
Stages nine and ten highlight how you find the right people to scale your business. You need good contacts – do you have them in place? If not, what is your plan to find them? And finally, you need a good founding team at your side.
Over 100 links to resources are included in the eBook that allow inquisitive readers to dig into areas that pique their interest. If you’re located in Utah, you’ll find startup services and business entities who are working together to support early-stage business growth and economic development.
There’s a lot of advice out there for founders – but Spalding’s book is one of the best, most comprehensive and practical resources available. Whether you’re in the early stages of fleshing out an idea or if you’ve actually started your company already (no, it’s not too late to run through the steps), this book is a must-read and Tara’s 10 are must-do steps to ensure your newly-minted company beats the odds of early failure and goes to capital raising stage with flying colors.