Leaders Perception Magazine is currently running an interview series called – What Are The Top 5 Mistakes People Make When Starting A New Business?
Today, we had the opportunity to interview Edward Solicito who is a CEO at To The Top.
Interviewee Name: Edward Solicito
Company: To The Top
Edward Solicito’s favourite quote: “Life is not always a matter of holding good cards, but sometimes playing a poor hand well.”
– Jack London
Thank you so much for joining us today! Tell us a little bit about yourself. What is your backstory?
Edward Solicito : My name is Edward Solicito. I am an Industrial Engineering graduate and a Master of Innovation and Business from the Asian Institute of Management. I was the founder of award-winning Kezar3D, a company that advocated for accessible 3D Printing Services for Filipinos. Currently, however, I am the Chief Executive Officer of To The Top, a Digital Marketing Agency servicing clients in the UK, Australia, United States, and the Philippines.
In your opinion, what makes your company stand out? Any examples?
Edward Solicito : There are a few things that make our company stand out. First, we have a team of highly experienced and knowledgeable digital marketing experts. We collectively have over 10 years of experience in the industry and we are always up-to-date on the latest trends and best practices. Second, we offer a comprehensive suite of digital marketing services, from strategy and planning to execution and measurement. And third, we have a proven track record of delivering results for our clients. We have helped hundreds of businesses grow their online presence and increase sales through our effective digital marketing campaigns.
We also have a data-driven approach to digital marketing. We use the latest analytical tools and methodologies to understand our client’s businesses and their customers. This allows us to develop targeted and personalized campaigns that are more likely to generate results.
What are the TOP 5 mistakes people make when starting a new business? Please share advice/examples for all of them.
Edward Solicito : 1. Not having a well-thought-out business plan – A business plan is essential for any new business. It helps you map out your goals, strategies, and financial projections. Without a solid plan, it won’t be easy to make your new business successful. Moreover, you will likely have problems if you don’t have a plan to guide you. Imagine having a road map before embarking on a long journey – it would make the trip much smoother and less stressful. The same can be said for starting a new business.
This often happens when an individual has a spur-of-the-moment idea and decides to go for it without doing research or planning. If you’re serious about starting a new business, take the time to sit down and map out your goals, strategies, and expected financial outcomes.
2. Not doing enough market research – Before starting your new business, you need to understand your target market and what needs they have that your product or service can fill. Without this knowledge, creating a successful marketing strategy will be difficult. All your efforts could be for nothing if you’re not targeting the right people with your message.
When conducting market research, ask: Who is my target market? What needs do they have that my product or service can fill? How can I reach them? By doing thorough market research, you’ll be much more likely to find success with your new business.
3. Underestimating the competition – No matter how niche it may seem, there is always competition in any industry. It’s essential to research and understand what your competitors are doing well and where they are lacking. This will help you create a competitive advantage for your new business.
Your competition is your competition for a reason. That means they’re offering a similar product or service to you and are targeting the same market. Don’t underestimate their ability to steal away potential customers. Stay ahead of the game by constantly innovating and offering a better overall experience than your competition.
4. Not having enough funding – Starting a new business is expensive, and many people underestimate how much money they will need to get started. Make sure you have a solid financial plan and have raised sufficient capital before launch. Otherwise, you will likely run into cash flow problems down the road.
An idea can only be so good if you cannot afford to bring it to fruition. Before starting your new business, ensure you have a firm understanding of the costs associated with getting started and that you have the financial resources to cover those costs.
5. Hiring the wrong team – The people you surround yourself with are critical to the success of your new business. Make sure you hire individuals who share your vision and have the skills and experience needed to help grow your company.
You must also have the right mix of people on your team. You don’t want to hire a bunch of yes-men (or women) who will just agree with everything you say. Instead, look for individuals who will challenge you and help push your business forward.
NOTE TO INTERVIEWER: I used the answers on my pitch and expanded each item as needed. Do let me know if you need me to expand on my answers further.
Leaders Perception magaizne would like to thank Edward Solicito for the time dedicated to completing this interview and sharing their valuable insights with our readers!
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