Avoid these mistakes and your start-up business will thrive.
Hello again, everyone. This topic might take me more than one blog to cover. Every entrepreneur knows that mistakes are going to happen when you’re building a business; learning to avoid them, or at least recover from them with style, is what separates the Fortune 500 from the “Also Ran” crowd. It’s all part of the adventure of running a Start-Up, which will test the limits of your imagination, education and determination. Especially in a business climate like we have here in the Reno/Sparks area.
Fortunately, success leaves clues. If you’ve noticed a need, whether it has occurred to anyone else or not, there are certain steps you can take and traps you can avoid, which will turn your vision into a reality: You’ve got to create a solid business plan, obtain funding, hire the right people for the right positions and then get out of their way, so they can perform the tasks you’ve hired them for. YOUR job is to provide guidance, vision and direction.
The Captain of the ship only draws an oar, pulls a line or swabs the deck, if no one else is there to do it.
Maintain your focus.
A lot of start-ups fail because the owners run around in too many directions, instead of taking measured steps toward their goals. Clearly define your steps, plan out your strategy and then work your plan. Don’t assume you can multitask effectively, or allow yourself to become distracted by issues which don’t move you towards your goal.
Problems are a fact of life. Deal with them when they arise, and don’t waste too much time worrying about them before they happen. Your plan should take into account foreseeable issues, and have strategies already in place to deal with them.
Focus your words and hone your pitch.
Once you’ve got your idea clearly fixed in your own mind, you have to develop an “elevator pitch.” If you cannot sell your idea to a potential investor or prospective manager, in the time it takes to reach their floor, it still needs refining. The shorter and more concise your initial message, the easier it will be for people you’ve never met to understand. Talking too much can cost you more than not saying enough.
Imagine you’ve only got one Twitter post, 140 characters, to communicate your entire idea. Once you can do that effectively, expand it out to 2 or 3 Twitter posts (metaphorically speaking) for content and passion. Remember that most people are conditioned by TV and Radio to give a subject 30 seconds of their attention. So that needs to be the target window for communicating your message and generating excitement.
Come back next week, when I’ll be covering time frames and capitalization. Getting those things right can really accelerate the growth of your start-up.
Or, feel free to contact me today if you like, and we’ll schedule a time to discuss your business and how Front Office Staff of Reno, can help you make it a success.
Until next week,