How to Start a Business | September 16, 2013
Have good questions that demand action
Starting a business means fully investing your efforts, time and commitment. Being an entrepreneur should not be an “I guess I’ll give it a try” scenario. The goal in starting a business is to minimize the guessing and maximize the probability of success (and yes a good business plan can help you do that). It’s not wise to simply jump in to starting a business before you’ve done market research, prepared yourself and set things in place. At some point, you need to make the full leap. You will never have all the answers but you must be asking good questions in order to build a solid base for your business at the outset.
It’s up to you… and you can’t do it alone
Being an entrepreneur is not about doing it all by yourself. Studies show that people who surround themselves with experts offering constructive and challenging feedback are more likely to succeed. I would add a critical element for entrepreneurs – talking to your potential customers.
To see the ocean you must let go of the shore
At some point, being an entrepreneur will require you to risk it all; that is, to put your resources and efforts on the line and not look back. Knowing that you cut off all other options can get the mind focused quickly. However, if you’ve jumped into this with little thought (just a “plan B”) the likelihood of finding success is lower. Instead, have a “plan A”: Take calculated risks, be very clear on your motives and have an action agenda based on the market you want to serve. It doesn’t need to be perfect. Perfectionism is a big killer when starting a business. So is escapism (“plan B”). Don’t settle for either. You have so much more to offer so be sure to give your great business idea the time, space and effort it deserves.
By Dominik Loncar, CYBF Entrepreneur-in-Residence