Over the past several decades I have helped many people start, and build, their businesses.
Many successful businesses would not even exist today but for my encouragement, guidance, support and advice.
I was asked this morning for a few common sense guidelines for starting a business, and building your own successful business.
On reflection, I offered these:
1. Stay Within Your Core Competency, or Do What You Know.
I strongly recommend that anyone planning to launch a business be sure that the business capitalizes on or leverages what the entrepreneur/ founder already knows.Everyone has a core competency developed over time and an entrepreneur is smart to leverage/ build upon that core competency when starting and building a business.
2. Do What You Love, or Follow Your Bliss.
There is an old saw about entrepreneurs, that they work 80 hours a week or more for themselves so they don’t have to work 40 for the other person. That old saw is oft repeated and likely true!
I am a big believer in doing that which you love to do, have a genuine passion for, and are committed to.
Starting and building a business requires a tremendous amount of hard work and sacrifice, and it really and truly helps if the entrepreneur loves what he or she is doing!
Therefore be sure your new business is based on something you love, something that you feel passionate about.
3. Start with a Realistic, and Comprehensive / Thorough Business Plan.
I am all in favor or starting out with a short and sweet business plan.Think through what you plan to do, and how you plan to do it.How you will invest time and money and other resources and how the business will ultimately generate revenues and make money with which to return something to you and any other investors.
Write it down.
An initial business plan does not need to be lengthy or complicated. It is probably better if it is sort, sweet, and to the point.
Consider your initial business plan an initial road map to get you started on your path, your entrepreneurial journey, and walk through how you are going to start and maintain a successful business.
4. Learn Continuously, and Embrace Change (Continuously Applying What You are Learning).
Few businesses launch and grow as planned.For that matter few things in life go exactly as planned.
So be prepared for things not to go as planned and to learn from every step in the process, every adventure and misadventure.The faster you can learn the lessons of each day and respond to/ implement them, and to incorporate all that you are learning in the evolving business plan and business, the more likely your business is to ultimately succeed and prosper.
Starting a business and then building it is largely a matter of learning by doing.
5. Be Wary of Entanglements with Partners, Investors, Lenders, or Whatever.
Over the years I have worked with many people who have started and built successful businesses. I have seen many relationships formed in the process go awry. Sometimes that breakdown in relationships can end up being be a road block for or the death of the nascent business.
I typically therefore recommend that the entrepreneur go it alone, at the start and in the early stages. If you need help from an accountant, attorney, or other professional, pay for it instead of making the professional an owner. If you need a Web site, pay for it instead of making the Web developer an owner.
And so forth. Avoid unnecessary complexity, eschew complex relationships and entanglements, and, as the entrepreneur, drive your own vision.
Avoid borrowing a lot of money as the money will need to be paid back.The lender will likely want some say so. Build your business on the proverbial shoe string at the start and in the early going.
If possible, keep your day job while building the business in the evenings and on weekends at the start and in the early going.
6. Have Fun!
Starting and building a business can be among the most fulfilling and satisfying and rewarding activities. Work hard. Play hard too!
Have fun and be sure to keep the enjoyment in it.
Resuming M & A Clearinghouse
Our founder has a demonstrated track record of bringing top people and compelling business propositions and investment capital together to generate private business success stories
With that spirit in mind, we once again ask our readers each month to submit their ideas to us of businesses and businesses to invest in. Folks looking for businesses to acquire or opportunities to invest in are also invited to contact us.
We will review the submissions and assist when we can. We can facilitate private business transactions of all sorts, as we have been doing it for over 30 years.
So consider this an invitation to contact us and ask us for the help of an experienced business lawyer that few law firms can effectively offer.
Quote of the Week
If you expect the best, you will be the best.
Learn to use one of the most powerful laws in this world;
change your mental habits to belief instead of disbelief.
Learn to expect, not doubt.
In doing so, you bring everything into the realm of possibility.
~ Dr. Norman Vincent Peale,
Minister and Author