Seven Keys To Starting A Business Right

More than anything, other than how to achieve work-life balance, I get asked questions about how to start a business. In many ways, these two questions overlap. However, starting a business is often perceived to mean exactly not experiencing work-life balance. 

There are a myriad of guides and seminars on 'starting a business', and many more perspectives on how to do it 'right'. It's obvious, then, that I'm not the only one being asked this question. One thing is clear: Most people who question me most often preface the question with "Given all you've had to go through..." or "Being a woman..."

Understand this!: Starting a business the right way requires the same attention and key elements, regardless of gender (...or ethnicity or nationality).

First, is identifying what 'right' means to you. Ask and answer: Is this the right time to start a business? Don't just consider the timing of the market for your particular offering; consider, equally, if the timing is right for you and your family. This means more than financial considerations, although such considerations are critical. Many well funded ideas fall flat because of timing. It's very important that you know: Business requires time and timing!

Innovation is often lauded, but not as often honored. What do I mean? Because an idea is new to you does not mean it's new to the world! While you will need to be highly innovative to build a solid, sustainable business, you will need to be dynamic in creating an innovative environment within your business. There are ideas expressed abundantly in books and classes on how to be innovative and how to encourage it. There is no lesson that teaches a complete formula for it. After all, innovation is the core of 'evergreen'; and, if your business will be built well, it will be evergreen.

Goals are not wishes. Goals are not ideals. Goals may be seeded from wishes and ideals, but they require strategies to be realized. Be very clear and concise in identifying your goals; then, be even more critical and precise in defining your strategies. Goals, without strategies, are wasted thoughts. One more thing about goals: They must be checked on regularly and moved as soon as achieved, lest stagnation occur.

How you intend to grow is equally important to what you intend to grow. You've heard it said "It's not always what you say, but how you say it" and "People won't long remember what you said, but they'll never forget how you made them feel". Well, in business, people may not remember what your name is, but they'll remember how your business impacted - or did not impact - them. It's not always the What that brands your business, but the How!

Talent is key to the success of any business, and great talent is needed to start great businesses. My company, AppleOne, provides talent for some of the best businesses of all sizes. Whether start-ups or mature, the companies we work with depend on us to identify the best people in an employee driven market where culture matters! The sooner you bring great people into your business, the closer you will get to growing a great business. In your very early days, you may be the only person working in your company. However, the second you hire an employee, you're no longer the key personnel; they are!

Promising you 7 keys, here are the last two:

Ownership and Negotiation

If you're going to start that business, own it! Don't just own the property, regulations and resources of it. Own the responsibility for everything of it. In my 'own' business, the Act-1 Group, we teach that 'Everything Matters!" We teach it with an exclamation mark because it's just that critical to us. Give smart attention to everything and you'll actually save time, money and other resources.

The essence of genius, in my company, is knowing what to overlook. This is as true in personal, as well as in business, settings. However, nothing must be overlooked during the negotiations of contracts. Whether the contract has you as the customer or as the supplier, read, question and understand Everything! The difficult question or uneasy 'No' during negotiations is what builds the relationship that later allows for friendly business.

Understanding and implementing these 7 keys won't bring magic formula to building your business; it will set your business on the RIGHT path to sustainable success.

Right - Know what it means to and for you!

Innovation - Keep it core

Goals - They're not wishes; they're strategic.

How - What is not enough. How builds brand!

Talent - The key to it all....

Ownership - It's everyone's contribution, but your fault if it fails.

Negotiation - Smart negotiation eliminates harsh perspiration.

RIGHT ON!