Most of us have or want to start a business someday. The key driving force is a problem we have encountered and want to be part of the solution or maybe just the desire to make the world a better place. When you think of people who have started and ran successful businesses they saw a problem and they took the opportunity to help solve it Eg. Google - the thought of having information accessible to people and for Uber how do people get to point B most conveniently and affordably. So irrespective of what you want to do remember Estée Lauder saying, “I never dreamed about success. I worked for it.”
Even in the current pandemic, despite many businesses suffering there are clear opportunities that will emerge Eg. the adoption of online meetings and the growth of serviced offices. There is always an opportunity in every situation, the issue is spotting and exploiting it to our advantages.
Starting a business is usually not the key problem the main issue is ensuring the business you have started is sustainable. While starting a business one should ensure to:
Start a business that you understand and if you don’t ensure you can learn about the said field. If it is something too far from your skillset do whatever is required to at least understand the basics of things that move its economic engine and the processes that need to be put in place to ensure you can control it.
Ensure you have time to employ in thebusiness. Delegation is good and it helps but this only works when the structures are there and it’seasy to communicate expectations. Being the vision carrier, you should be available for the business as you cannot delegate your vision.
Most of the entrepreneurs are restless and may lose interest in what they have started. Remember the saying that ideas are easy implementation is hard, but yet the execution is everything. Getting someone who has your success at heart is important as they will push you towards your goal. So just ensure you get a mentor or a sponsor or join a networking group where you are held to account.
Formalization of the business is important as it helps create compliance processes early. The processes are important as they help you grow and ensures that on refining the same can be replicated from one place to another.
One will always not be able to see how the product shall be end to end but one should have a sketch of what they want to offer. Writing down the product is the first step in being able to refine what you are offering. A problem statement will help you see and define the problem better.
Starting a business is a lonely journey and one should ensure they have a strong support system be it, family or friends. There are many things that you shall not know as you start but knowing who to speak to on the said issues is important. You can seek help from either a professional or someone who has walked the journey before.
A plan is a road map of where you are going and how you shall get there. Ensure you have a sketch with key indicators with one of them being how success shall look like. The plans need not be elaborate but should have the key objectives to be achieved and how you shall measure the results on an ongoing basis.
If your resources allow, purpose to hire employees. This helps in avoiding burnout, being everything for the business can be draining. Also getting rid of some of the most basic tasks leads to you freeing time to do the most important things for growth. Employ for attitude as skills can be easily taught and acquired.
You shall need money and you shall run out of money select a bank or partner that understands business people and start the partnerships early enough. Prepare to know which partners can come into your business and start operating as if you are pitching for the funds
Just like a baby crawls before walking and walks before running be patient with yourself and your business. It shall take time and ensure you are also giving it time and invest gradually to avoid significant pitfalls.
Starting and running a business will be a lonely journey and one needs to be mentally prepared. You shall get strangers trusting you faster than your friends, be okay with it as when the wheel startsrolling they shall come along. Setting up the business shall need capital and therefore before jumping fully into a business you can save up for it and also you can juggle between your job and have the business as a side hassle like the owner of Nike. Seek proper partnerships likethese will propel you to grow to the next level but always ensure that you are playing fair as the relationships and networks will take you to the next growth level.
Creating sustainable solutions for wealth creation.
If you’ve made it this far… thank you. Shoot me a message me here if you have questions, I’d love to hear from you.
