Six Musts for Future Moguls

Truth time: Fewer than half of all new businesses are still alive four years after they start.

We asked Jennifer Kushell, entrepreneur and author of Secrets of the Young & Successful, how to make sure your start-up survives — and thrives.

1. Be passionate about the work.

You'll never muster the mojo necessary to get your business off the ground unless you absolutely believe in the product or service you're peddling.

2. Do your homework.

Seems basic, but many entrepreneurs don't test their products in the marketplace. If you've designed a cool new line of T-shirts, try hawking them on eBay. A paying customer is a sign you've got a viable product.

Advertisement - Continue Reading Below

3. Take advantage of helping hands.

There are ample resources available to upstarts; start with SCORE (score.org) for free workshops.

4. Be thorough about start-up costs.

Novices often lowball their costs, overlooking less-obvious expenses, like deposits on leased space.

5. Don't bet the farm.

It's especially difficult these days to secure bank financing unless your credit is stellar. Before maxing out your credit cards, carefully consider how much you're prepared to lose should the business go belly-up.

6. Don't go it alone.

This one's a biggie. You open yourself up to massive legal vulnerability unless you incorporate or create a limited-liability company (LLC), both strategies designed to contain your liability. Don't even think about hanging a shingle until you've consulted a lawyer about this.


Click here to read 5 success stories — women who started their own business and succeeded!

Career
Share
Here's What You Should Do When Your Boss Emails You on Vacation
*Valuable* career advice from Nasty Gal founder and ​Marie Claire​ columnist Sophia Amoruso.​
Career
Share
The Women of theSkimm Have an Epic Plan for Overhauling Your Calendar
Live that Skimm life.​
Career
Share
The Big Exit: How 3 Women Made Serious Bank by Selling Their Startups for Millions
​​Ca-ching.​
GIF
Career
Share
5 Ways to Deal When Work F--king Sucks
Besides just, you know, crying.​
Career
Share
Marianna Hewitt's Journey from High School Outsider to Beauty Boss
Becoming an influencer takes 💪, but having the chance to inspire young women is #worththewrinkle.​
Created for Clarins
Career
Share
How an Economist and a Lawyer Ditched It All to Become Successful Style Bloggers
Meet Amra and Elma​—that is, if you haven't already.​
Career
Share
3 Secret Power Moves Only Boss Ladies Know About
Welcome to the club.
Career
Share
Is Getting Your Résumé Professionally Designed Worth It? 4 Career Experts Weigh In
Photoshop or nah? ​​
Career
Share
#OfficeGoals: The Work Spaces of 25 Girl Bosses You Want to Be
::shoves pile of Post-Its off desk aggressively:: 
Career
Share
5 Things I Learned From Hosting a Think-Tank Conference in Dubai
When you get creative change-makers from across the world in one hotel together, great things happen.​​