Ariah-Hossein Rastegar is the founder and CEO of Rastegar Capital, and like many other successful businessmen – Warren Buffet, Mark Cuban, Ken Griffin – Rastegar built his brand through experience and shrewd business acumen. Prosperous businessmen and investors like Rastegar offer the following recommendations for those individuals who want to start a business of their own.
In order to be successful at business, an entrepreneur must not be afraid to fail. There is no guarantee that any venture will be successful, but if fear dictates the business owner’s every decision, failure will be more likely than success. Confidence is a necessary characteristic of a successful business owner.
Business plans are a necessity as well; have the marketing strategy, funding, and financial forecasts in place to ensure a clear vision in regards to the business’ purpose and marketing opportunity. In this vein, the business owner should also carefully think through any new product launches and know how those projects will fit into the overall goals and vision of the company.
New business owners should approach their venture realistically. Profits will not happen overnight; as lucrative business owners like Ariah-Hossein Rastegar know, patience is required as it takes time for a business to begin to turn a profit. Commit to learning on the job, and learning well. Know your target audience, identify an opportunity, and scope out the competition. This will help new owners create a unique sale proposition, allowing them to stand out from the competitors. Finally, new owners should consider staffing requirements, such as the type and number of employees needed for the company to operate effectively.