With 2012 getting into full swing I am seeing a lot of start up business come into play. Entrepreneurs from different sectors and industries are all starting out with the quest of seeing through a successful business. The journey to blue skies isn’t a quick one for most but I wanted to highlight a checklist for new entrepreneurs starting out.
- Identify your business vision and what makes your business stand out. Most start up businesses worry about benchmarks before even identifying their call to action.
- Most new businesses don’t pay attention to creating a business plan or mapping out the core elements of the business architecture. This is probably one of the biggest mistakes start up businesses make.
- Business is constantly changing and what might have worked 10 years might be different today. The competition is getting ahead with the times and in order to keep up with client demand one must keep up with the current times.
- Identify your core resources and points of contacts. Don’t partner with people unless your business and their business would both win and don’t hire your friends. Managing personal relationships in business is usually tougher. Keep business separate from personal relationships.
- Don’t fall into discount traps to keep up with your competition. If you focus on building relationships with your customers and deliver a quality service even in a recession business will grow. Start up business will drop pricing but this move could also risk giving the perception that you are desperate for clients. Set the tone in accordance with the service you deliver.
- Success is a series of well-managed failures. The mistakes you make today in business are lessons you will learn for tomorrow. Make calculated decisions but the sooner you fail the closer you are to discovering what works for your business.
Finally start up ventures might be bumpy and sometimes can feel like a roller coaster ride but as long as you surround yourself with successful people and learn from your mistakes the better off you will be. The journey is what matters.