You’ve identified a niche and are poised to meet a need. You’re prepping to deliver a wonderful product into a market you hopefully know like the back of your hand. Feels good, doesn’t it? The tips may provide some lift to your business wings during your entrepreneurial flight and ensure sustainability along the way.
1. Warm up your wings before you leave the nest – or crash like a rock. There are thousands of risks in starting a new company. Reducing those risks as much as possible beforehand is vital. It’s an unknown road, yes, but without the unknown, we don’t really have an entrepreneurial adventure on our hands. Foresee the ups and downs of your journey; no one else will do it for you, and it will also help you feel less stressed as you navigate uncharted territory. The clever predictions you’ve forged from your upfront due diligence will serve you well.
Sustainability is the operative word here. Once you get going, don’t stop. Anyone can start a company, but few can sustain one. The key is seeing every possible outcome and determining the required pivot you must make along the way. Remember, this is a journey, not a destination. What do the first two years look like? What are the major milestones? Do you have all you need to meet your goals? Validate your revenue model for roadblocks. Create a journey map for your business that highlights the first major achievements.
2. Welcome the opportunity to punch holes in your business – from everyone. Entrepreneurial wisdom can be found in the strangest of places, but be careful where you seek it. Great advice can carry the side effect of fear, so maintain your energy throughout and let nobody dampen your flame. Most times, good advice from friends or family is exuberantly given from a personal obligation to see that you don’t fall on your face. Don’t let them take the wind out of your sails.
The worthiest advice can be given from those with defeatist attitudes and the worst advice can sometimes come from those who are most qualified to give it. The least qualified can sometimes be the best for challenging your assumptions early on. They also bring an added layer of creativity, as they’re not informed on the traditional roadblocks in your industry.
Validate what you see as real threats and have a system for solving them. Punching holes in your business will serve you extremely well. Leverage all the minds around you to mitigate risk while putting your pride aside.
3. Form your board of advisors: The Specialists. Once you get past the embryonic phases of your business concept, one of the quickest and easiest ways to sidestep landmines is to form a team of advisers, ideally consisting of successful entrepreneurs who have made the journey at least once, and leverage their expertise and experiences often. Believe it or not, most entrepreneurs love helping other businesses. They miss the startup phase and like to join in the conversations. Start with one or two people that you can call at anytime for advice. Ask family members and friends to refer you to people they know. Look for ‘specialists’ with knowledge in a specific area, such as obtaining funding or taking a new product to market. You don’t need anything formal and your “board” never even has to have official meetings. In fact, my personal board of advisors has never gathered together to meet since we’ve been in business, but I know I can call on each one of them to advise within their specialty. They really enjoy it.
4. Find your tribe. Find the local, entrepreneurial tribes on the same journey as you and get involved. Attend all the events and discover the ones for you. Try entrepreneur.Meetup.com, Cofounderslab.com, LinkedIn entrepreneurial groups, and spend some time on Google searching for entrepreneur societies and small business groups in your city. If you cannot find anything, create your own. The university or college near your city will probably have an entrepreneur institute on campus. Contact the director and see how you can get involved.
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