Celebrating Entrepreneurship Week
During November we celebrate Global Entrepreneur’s Week. This organization has been finding ways to celebrate entrepreneurs around the world for at least 10 years.
I deeply appreciate the many insights I’ve gained from working with such amazing entrepreneurs from over 100 countries.
For those thinking of starting a business, today I will highlight three things you need to know when starting a business.
These tools you can use anytime you wish, but they are not the only things—there is a lot more to know!
- It takes time - I have yet to meet anyone that has had immediate results. I know many people claim to, because they want you to buy into their product or process or service. The reality is that they had accumulated info and knowledge and insights for the years before. Or they surrounded themselves with people able to communicate to them in a way that could be fruitful. This is why mentors are amazing, why advising or advisors or consultants or coaches are also a great way to go, and are honored to provide such services. It’s important to know that you have to give it the time. Starting a retail business? It generally takes 9 months to break even. If you aren’t aware of that, you will be?frustrated because you need money. You might never get to the 9th month to understand that it does take that time. I’m not saying you shouldn’t focus on breaking even, just that it takes time. Knowing that could potentially help you move forward.
- It takes a village. Surround yourself with people who support and care for you — people who will help you to think through what you could do—where to sell, whom to sell, when to sell. Surround yourself with people who support you. They could also be critical, but they want to see you succeed. When someone pushes you to complete a business plan, do it. It’s not that you have to have it, but it just might help you open doors if you look for funding. Someone asking who would buy or tells you no one would buy what you are selling is helping you think things through.
- It takes focus. A business without sales is a dying business unless you have enough money to keep going. Focus on the sales. Stop worrying about the big picture. The more focus you have on who your potential customers are, the faster you can get to them and the sooner you can repeat the process. The faster you repeat the process the faster you can scale the business, if that is what you want to do.
We see our blogs as opportunities for dialogue. Please share your thoughts as comments.
- Think about these three tools and how they apply in your start-up
- What tools have you used to keep your business going?
- What insights can you share with others starting a business?
Faris Alami is Founder and CEO of International Strategic Management, Inc. (ISM). He works internationally, presenting Exploring Entrepreneurship Workshops and other entrepreneurial ecosystem — related ventures.
