 Start-Up Business
Success - The Final 10 Steps - Part 3
By Rob Brisco of The Venture Institute
Congratulations! If you’ve made it this far, then you’re
officially on the path to self-employment and entrepreneurship. So far in this three part
series we’ve inspired ourselves with the abundance of opportunity and have erected
the three pillars of business success. Now it’s time for action! While there is no
surefire way to start-up success, the ten keys presented here will greatly increase your
chances for early wins.
Before we get started, let’s hit the homework from last time. Your
task was to draw a picture of your strongest pillar, the one you will start with and build
upon in the creation of your business. Next, you were to describe your traits, strengths,
experiences, weaknesses, and gifts with regards to it. This will be your ‘comfort
zone’ along the start-up journey. Keep this picture nearby. When you find yourself
stretched or overwhelmed, focus on this pillar and drive towards it. By focusing on what
comes easiest to you, you’ll be able to regroup, re-compose and get back on track.
Now, on to the start-up top ten!
1) Know yourself. The reality is you’re
the #1 asset. You need to be clear on what your capabilities and limitations are. Knowing
what you have to work with (and what you don’t) is a critical step in creating your
plan of action. It is often hard for entrepreneurs to be honest with this and the tendency
is to think, “I can do anything if I just put my mind to it.” Err on the side of
modesty.
2) Focus on what you’ve got. Leveraging your
strengths and assets will get you further than trying to compensate for weaknesses. Try to
do everything and you’ll end up doing nothing. If you’re using your key piece of
‘equipment’ for the wrong purpose, you’re wasting its potential.
3) Start within your comfort zone.
Scalability is critical. Start small and allow yourself the flexibility to build domain
expertise, knowledge and leadership skills as you go. This will get you on the path to
your vision without trying for the low probability ‘home-run’ shot. Here
‘small’ means within the limits of your capabilities and resources.
4) Get in the game. Make your first dollar
and get the business engine running - don’t wait for everything to be perfect. The
first dollar is the best dollar, and without it there is no business regardless of the
idea or business plan. Plus, your business plan will get better once you’re actually
in business!
5) Manage the risk. You can control costs but
you can’t control revenue. Be careful and plan for a slow start and slow growth. This
will take longer than you think.
6) Keep the control. You’re an
entrepreneur because you don’t want to be a slave to someone else, so don’t be a
slave to your business, your partners or your clients. Don’t over commit by setting
expectations you can’t meet. Adding pressure leads to poor business decisions.
7) Forget the competition. For now, anyway.
Success or failure in the early stages will start with you - not them. Thanks to the
natural business cycle there is always room for new businesses. Once you’re in the
game it’ll be a lot easier to identify competitive advantages.
8) Treat it like a career. Entrepreneurship
is a career like any other. It takes commitment, dedication, training and support to
maximize success. Get a coach, a mentor or a board of advisors and commit to both personal
and professional development.
9) Share the task. Get others involved;
don’t carry the entire weight on your own. Share your idea, develop partnerships and
get others selling it as much as you are.
10) Have fun. The reality is if you’re
not having fun, then you’re not doing it properly! Start-up shouldn’t be
painful. Set it up right and it should deliver everything you want.
So there you have it! You’re set to go, well almost. Complete the
homework and you’ll have the pieces in place you need to get started.
Homework: Go through each of these ten key
points and describe exactly how each applies to your situation and how you will make each
a part of your start-up plan.
Rob Briscoe has worked as an advisor, strategic consultant
& coach to over 200 entrepreneurs across Canada in building their ventures. Call
403.265.7945, email: rob@theventureinstitute.com
or visit his website at: www.theventureinstitute.com |
