We have had some of our nations top entrepreneurs on SBR and I wanted to recap the Top 3 areas you should focus on to assure success. As you know, most small businesses fail over the first year so get focused on these today:
- You must have the RIGHT TEAM. You must have a strong management team with the skill set and capabilities to execute your plan. Your team should also be complimentary to each other and not all the same skill set. You can have the greatest idea in the world, but if you don’t have the Right team in place, then it probably won’t work. If you are starting a technology company, you must have a technology co-founder and don’t think you can outsource this. For example, the guys that had the idea for the Harvard Facebook, were not technology programmers and went to Mark Zuckerberg to solicit him to be their programmer and Zuckeberg started his own site, which became Facebook. The Harvard guys had a good idea, but they didn’t have the right founding team.
- You Must be 100% Committed to Succeed. You must have 100% percent passion and drive to succeed and FAILURE is NOT an option. You must stay around positive people and focus on staying in the right mindset. I advise listening to motivational speakers and setting regular calls / meetings with friends that will encourage you and keep you motivated. There are a lot of negative folks that can sidetrack you and I advise staying away these people.
- You must have a Written Plan. The plan does not have to be perfect, nor does it have to be long, but you must always be documenting your business and planning for the future.
Bonus – You must have a Mentor. Its very easy to find experienced entrepreneurs that will mentor you for free and this time is worth more than their money. Make a list of your top 5 candidates based on your business model and call them up and I assure that one will agree to do it. Set an established time and place for accountability.
As I have mentioned here before, you must always be asking Why you are doing this. The Why is more important that the What and will lead to quality / loyal customers.
John H. Martin