Building Businesses: Helping a Startup Soar

An extremely intimidating fact about startups is that 90 percent of them fail to become real, thriving businesses. While many factors contribute to this, the main reason startups fail to blossom is that their owners fail to adapt to the times.

If you're planning on setting up your own business, serial entrepreneur Robert Testagrossa shares some tips he's learned throughout the years to help your startup soar.

The core of your business

First, Robert Testagrossa says you should never lose sight of your business plan. That said, you also shouldn't hesitate to update it.

Your business plan reflects the core of your business. Make sure to focus on that, but don't be afraid to update it once the market experiences major changes. Remember that these changes can lead to the growth of your company.

Robert Testagrossa also says you have to eliminate the "jack-of-all-trades" mentality. As he points out, that has been the downfall of far too many business owners.

The best person for the job

Try to focus on the one thing you're really good at. While it is common to see smaller startup owners think they're at least capable of many things, people won't often be looking for someone that is somewhat good for their needs—they almost always want the best person for the job.

Lastly, learn how to market your business. Your business efforts will go to waste if people don't know how good you are.

Don't be intimidated to enter a market that big companies dominate. According to Robert Testagrossa, some people prefer competitive small businesses because they're sure they will be taken care of.

Building business is the passion of New York City-based serial entrepreneur Robert Testagrossa. He mostly works in the software development, cryptocurrency, retail, and luxury hospitality industries. For more about his work, visit this page.