Starting a business from the ground up is a daunting task. There are a multitude of different aspects to starting up a business that one needs to pay attention to. Just one serious fault in the business plan could destroy the entire strategy. Millions have succeeded in creating their businesses, yet millions have failed. Businesses fail when they do not make any money. They make money from the products or services they sell. So, in turn, businesses need to find out what they are selling and what price point to set their product in order to maximize profits. It is all about positioning oneself in the new market one is entering. The first couple quarters of the business are the most vital. They bring immediate light as to where the faults and flaws are in a company. Businesses need a strong foundation of a reliable market and profit in order to succeed and appeal to investors. The key to creating a solid foundation for a business is to possess human capital. In other words, the success of the company depends on the people in it. The people in the startup process of the company make the decisions on things like price points. Therefore, it is vital to have the right people involved in a business.
A business is like a baby. It does not come with instructions or specific obligations, but it does come with a mountain of responsibility and attention. It the founder’s responsibility to build it up into something investors are interested in. They have free reign as to how they are going to start up their business and what they are going to turn their business into. This brings in the concept of imagination and creativity. Entrepreneurs need to be creative in their development and remain consistent in their mission, values, and business promises and deliverables.
Creating a business requires a lot of thinking. This thinking is usually done by the CEO, CFO, upper-level management, advisors, or investors. At GFTD, the CEO (who is also a philosophy professor), Nina Guise Gerrity, gives the opportunity of generating ideas for the business to a group of all-female interns. These interns are currently enrolled at Loyola University Maryland working on their bachelor’s degrees. They come to meet once a week, fresh out of class, ready to use what they just learned and apply it to a startup business. Interns, as young tech-savvy adults who are ready to hit the ground running, are also included in the ideal demographic of GFTD. The interns at GFTD give a fresh pair of eyes and creative energy to the development of GFTD so that Nina Guise-Gerrity can make certain her strategy is going according to plan and is gearing towards success.