There is nothing quite like making the decision to start your own business venture. That combination of confidence, blind faith and fear of failure can be a daily occurrence. Regardless of industry, geographics or market conditions here are 5 essentials as you take you personal road to success:
Do it alone? Think again.
Collaboration , diversity of thinking, and complimentary skill set will make your new venture better. If you have the initial funding, and or find others that want to join your vision create a team that brings a wide bandwidth of skills . Remember, you aren't an expert at everything. Equally important , find a mentor . Whether hiring a trusted advisor , joining a CEO group or simply reaching out to someone you know, or see on LinkedIn can be a powerful addition to your new venture.
And no, You Aren't an Expert on Everything
As the founder and chief idea generator sure you have lots of opinions on everything from your logo , to social media, to finance to your go to market strategy. A common mistake I see is in the field of marketing and sales, everyone thinks they're an expert and can do it faster and cheaper than hiring a person or a firm. If your background is sales be the key vision generator and one person sales team , but don't claim you're an expert on dissecting a P&L if you haven't had the education, training and experience to do so. Get advice, get help . By knowing your strengths and surrounding yourself that mitigates your weaknesses you'll see better results on good days and have increased confidence when you have a bad one.
The Distracted "Squirrel" CEO
You have a vision, you've crafted a business model, you've hired/found collaborated with other key business leaders to get this great idea off the ground and execute your plan. However, you're more worried about the image on a social post, You don't like the color of the company t-shirts or you get distracted by every "shiny object" sales pitch on-line from a software, lead generation or "business continuity " expert. Go to the park and watch a squirrel's behavior, don't let that be you! Sure, sometimes your final say will veto or direct a task or process. Stick to what you are best at. If it's the face and visionary , do it and get out of the way of your COO or business partner that runs day to day operations. If you can't trust them, why did you partner with them in the first place?
While you're at it get a lawyer
Staying on the topic of that you're a one person expert on everything business, that's your number one enemy. You're developing SLA's , NDA's, Employment Agreements let alone entering a partnership , merger or acquisition with another firm or partner. GET LEGAL ADVICE! Even a divorce lawyer might not have any experience creating a non-compete clause. Don't put you or your company in legal jeopardy because " well I've written agreements like this before " or "lawyers cost too much money ". There are a number of online legal advice sites ...and they aren't expensive.
Oh, and did I tell you it going cost you money.
First, I'm not trying to squash your dream, nor am I saying they're not grants , government programs that can assist you in taking that dream and building your business. But you must be prepared to use your own funds. There will be some must haves that are customized to you and your companies' needs. Whether investing in payroll software, a marketer that can actually help you grow your brand or lunch for your development team or making payroll , it's on you in the beginning. And if you are thinking of taking out a loan, be prepared to personally guarantee it.
By no means is this a complete list. But I do guarantee by following the above 5 tips, it just might make you a better business person, and get some sleep at night.