Start-up Challenges
November 19th, 2007 Filed under: Uncategorized — Small Home Business AuthorThe good old days of business are over and all of us are confronted with ongoing change and lack of security…mainly job security. Just looking at the big traditional corporations makes you aware that day by day more jobs are lost…and people without an income they believed was secure. And many of these people, driven by the sheer necessity to bring some money in, are starting their own business. They hope that way to get at least an income comparable to what they just lost and some of them are dreaming of becoming rich that way.
If you are one of those considering starting a business or you already did, here are some questions for you to answer:
What is the true reason for you to start a business? Never do that out of a state of panic having just lost your job. Get advice first.
What exactly is the product / service you are offering? Are you doing something new not yet in the market or are you more like a “me too” business? What makes your product / service unique in comparison to what’s available in the market?
Do you know what you don’t know? You must become aware of the areas in business you don’t know and then get this knowledge from the outside.
Do you have a vision where you are going to be in 3 years from now with your business? Can you write this vision down in 20 words or less?
Based on your vision do you have your mission statement in writing (again 20 words or less)?
Do you know your goals and do you have a strategy in place to reach them?
Do you know what kind of company you want to have: sole proprietorship, LLC, Inc….?
Do you have a business plan?
Do you know what a SWOT is?
Do you know if you need funding? If this is the case are you aware of the process to follow in order to get funded? Do you know how much money you will need?
Do you have a business coach helping you getting started, getting off the runway and fly? Are you willing to accept that help? It is an investment you make in your own success.
Are you prepared to eventually lose your own investment? Remember that 98% of start-ups don’t survive the first year. Are you willing to take that risk?
Are you aware of the importance of “who knows you”?
Do you know your market niche?
Do you know your customers?
Do you understand the forces in the market?
The above are just some examples of questions you should ask yourself if possible before you start. Equally important is that you know yourself and your talents (talents are not skills). You are going to be confronted with many difficult situations and only if you master yourself first, you are able to master these difficulties and setbacks. If you make (or already made) the decision to start a business on your own, don’t play too small by buying yourself a job. If you are serious about it and sure that you are made of the material required to make your business a success go and play big. And one last thing: Ask! Ask as much as you can to those people already successfully running a business. Surround yourself with successful people and get rid of negative people draining your energy!
Walter H. Groth
Walter H. Groth is the founder of Concise Coaching: Effective business coaching facilitating the improvements for the business owners through raising their awareness and igniting positive change, which not only translates into business related benefits but also into their personal lives. You provide the fuel…we provide the spark!
www.concisecoaching.blogspot.com
contact: walter.groth@gmail.com
