When Luke Lazarus starts a business, he begins by creating a plan that tells the story of that investment. He ensures that the story takes into account the customers and the business partners too. After that, he carries out thorough market research to identify the points at which customers engage with products.
He also wants to know about competition and segmented markets. However, he says that there is an aspect that most people overlook, yet it is the one that plays the most significant role in determining success – startup consultancy. Here are a few things that he had to say about the need for every business to have a consultant.
Read more: Luke Lazarus – Medium
The Need for Consultancy
A look at data from recent business surveys is enough to tell you that consultancy is an integral part of a business. Imagine every new business is more likely to wind up in the first year. A big chunk of those that survive the first never makes it past the fist.
To make it worse, the bow out after making huge losses. It is because the market is ruthless to entrepreneurs who do not understand how they work. Any business that is not guided will be wiped off the markets as those that have a proper direction continue to dominate.
The Turning Point
When Luke Lazarus analyzed these statistics, he pointed out that there is a turning point that can herald the beginning of success for bust startups. His point is that even though everything looks gloomy, we cannot overlook the fact that we still have a small number of businesses that are still doing fine.
Some people are setting up businesses and succeeding straightaway. They may be one a thousand, but they exist. If only people knew about their secret, everyone in this world would be celebrating. Their secret is startup consultancy.
The Serial Winners
Luke explains that the small percentage of people who still succeed in business are those who have picked up success tips over the years.
These people have been through torrid situations, but they have always come out victorious. With every investment, they have picked up little success tips. Today, they can piece together those tips and ensure that their next venture succeeds no matter what they face.
The best part is that these people are willing to share their tips. They are tired of winning alone, even when others fail miserably.
Because of that, they open up consultancy businesses where people can get the guidance that they need to be successful. A startup that follows their advice is more likely to succeed than one that tries to do it blindly.
Luke Lazarus is not a new name in the entrepreneurship world. He is the man who graduated with an MBA from the Melbourne Business School at only 24 years of age. He is also the man who jumped straight into the business and started shaping the industry. He has been offering startup consultancy services for more than ten years and has clients from both Australia and the rest of the world.
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