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Starting a business isn’t an endeavour one takes lightly. And sure your idea is going to be the next big thing in tech right? Entrepreneurs often have great ideas, but turning those ideas into viable businesses that generate revenue isn’t as simple as registering a domain name — you need more than just a good idea, product or service, you need the right team (especially in the early days), the right attitude, and, if you’re savvy, the right operational and financial fundamentals.
Ideas that become products or services, a strong team and good attitude are pretty self explanatory, and many entrepreneurs don’t miss a step when finding the perfect combination of these pressing startup ingredients. However when it comes to the nitty gritty side of operations and financials many entrepreneurs don’t just miss a step, they fall down the whole staircase.
Why is this the case?
One possible reason is that keeping your books and operations tidy isn’t the sexiest side of startups — entrepreneurs often give this side of starting a business less attention when starting out, to their detriment — and it doesn’t get the same kind of attention from the media or the community as exciting ideas and innovations do.