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Getting a business off the ground isn’t easy. We chatted with successful entrepreneurs and experts about what’s important as you get started in a recent hangout moderated by editorial director Ray Hennessey. Here are a few of their tips:

Assemble your A-Team. Make sure you find experts you can rely on, when it comes to lending, accounting and legal issues. Says Denise Hernandez of Hernandez Companies, a construction business based in Arizona, “That’s your base to help you make the right decisions to make sure your company is sound.”

Truly understand your niche. Don’t make assumptions about your market and what they’ll need. For instance, if you are targeting the Latino market, understand how needs vary based on age or even country of origin, says Mauricio Simbeck, founder of wellness chain Milagros de Mexico. “The more you understand your consumers, the better you can find what they need.” 

Get your plan together. Most businesses haven’t thought out their business plan, says Chase banking executive Alice Rodriguez. Know what your company will need to launch to know if you have the right amount of capital, staff and other resources to gain traction.

For more insights, check out this short video.

Related: Every Business Must Raise Funding and Other Startup Myths

This article is editorial content and reflects the personal views and opinions of the participants.

Edition: November 2016

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