Tag Archives: startup

How Do You Know If Your Startup Idea is Genius or Not?

Coming up with a genius idea for a new business startup is hard enough, but trying to determine whether or not that idea is actually genius or just sounded brilliant in your head is a separate issue entirely. It can be extremely hard and/or expensive to find out what other people think about your idea. Surveys don’t get much meaningful response, market research studies are often prohibitively expensive, and asking your friends and family is far from reliable as they are likely just telling you what you want to hear. So how else can you gauge the potential reception to your business? Try some of the tips below. Go face-to-face with potential customers. Try setting up in a busy area that sees a lot of foot traffic and ask passersby what their response may be to your business. Would they use your service or buy products from your store? If…
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Bankruptcy as an Exit Strategy for Failed Startups

All good things come to an end, but all failed startup come to an end a little sooner. It’s not the end of the world, but owners of a failed startup often feel paralyzed and unsure of what to do next. It is possible to see your hard work and assets live another day by taking advantage of benefits of bankruptcy. How Can You Use Bankruptcy? There are a few different ways to use bankruptcy, or even the threat of bankruptcy, to your advantage if your business is failing. Here are some examples of potential benefits. An automatic stay can immediately relieve the pressure on an owner under the immense pressure of collection actions. Foreclosures, lawsuits, repossessions, wage garnishments, etc. are all legally prohibited or put on hold after filing bankruptcy. Chapter 7 allows for a smooth and orderly liquidation of company assets. A trustee will be in charge of…
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