Strategies for Startups: How to Stand Out in Your Field
Strategies for Startups
By Todd Katz
How to Succeed, Stand Out in Your Field
“Be Your Own Boss”
• Ignore the tired of phrase of getting to be your own
boss. Realize that starting your own business is about
offering a product or service in a market where none
• For those considering starting their own business, it’s
important to consider the pitfalls of such a venture.
More than half of such U.S. startups have failed
• Todd Katz, who has decades of financial sector
leadership experience, suggests those looking to
launch a business seriously consider the following
tips – from thinking up an idea to keeping customers
Laying the Groundwork
• If you’ve got an idea for a product or service, take
a look around and ensure that nobody else is
already offering it or something similar that could
possibly detract from your business.
• We know that money is always tight. If you need
capital to get your business off the ground,
consider investors who’ll help you kick start the
• Industry experts say restaurants and retail stores
have comparatively high failure rates. Plan
accordingly and don’t say we didn’t warn you.
• When it comes to capital, having enough to fully
realize an idea is often the first stumbling block.
Below are some suggestions for those in the hunt
Use your credit card. If you’ve got a strong enough line
of credit, taking this route will allow you to ideally pay
off future bills with revenue from your new business.
Look within! Consider selling off some personal
possessions or dipping into your savings account to
make this venture work.
Find an investor. Networking could pay dividends if you
can convince an outside party to loan you cash in
exchange for future repayments.
Pitfalls and Perils
• Industry experts say market risks range from
trends that move away from the product you
offer to an overabundance of such items, thus
decreasing the value.
• Don’t forget to pay yourself. While many startups
will struggle to get off the ground, you’ll still need
to provide for your way of life during this period.
• Consider who you bring aboard. While the
majority of startup business ventures are run
entirely by the founder, giving you best friend a
job just because you’re familiar with him isn’t
always a recipe for success.
• Starting your own business is a great way to provide
something of value to the public. Below are a few
more perks of the gig if you can get it up and
Your vision will be the adventure. Without having to
answer to others, unless they provided you with money to
get the business going, you’ll be in charge.
On a personal level, you’ll become an invested member of
the local business community and eventually offer jobs to
local residents as a result.
Use this a stepping stone. Unless your startup
immediately takes off, you can use this first business as a
springboard for more or similar projects.
To Learn More
• Todd Katz has eight years of experience as a chief financial
officer in the financial sector. To learn more, click here.