Congratulations! You’ve gotten your business out of the concept stage and into the concrete stage, and you’re ready (more or less) to start serving your customers. But before you flip the sign on the door to say “We Are Open”, let me share three essential things you need to take note of for running your brand new business.
1. Bills need to be paid
Entrepreneurship is tough, both emotionally and very often financially as well. You need to get a clear break-down of what your financial liabilities are, be as crystal clear as you can. This will go a long way when you start planning how much you need to set aside while you pursue your new gig.
This is probably a good time to audit that life style of yours, whether you should still be having that bi-weekly $50 haircut or that once a month drinking session out with your buddies. Look into the essential expenses so that you can get the most out of what you have. You’ll realise that there are some things in life you can really do without. Be really honest with yourself, this audit is really meant for yourself and no one else, and not meant to impress your boss or anyone else. The results of this exercise really depend on how honest you are with yourself.
2. Your idea is probably not THAT special (stop KIDDING yourself).
You might think you have this really fantastic idea that no one else ever had, that it’s going to change the world or some particular industry. Truth is, it’s probably not that great and someone else somewhere most likely had a similar idea. Ideas are everywhere. If you don’t believe me, turn to the guy sitting next to you now and ask him for an idea that he thinks is going to change the world.
Your friends, classmates, relatives or whoever you share your idea with will more often than not tell you that your idea is pretty good. Don’t take their word for it, go and Google your thoughts and you’ll be surprised at what it tells you. I’ve met entrepreneurs who go on and on about how great their ideas are and want me to sign an NDA with them, but sadly, all it took was for me to Google to know how delusional these guys are.
3. Execution is EVERYTHING
While ideas need not be special, the magic lies in the ability to execute. Ever wondered how some entrepreneurs seem to be able to execute plans so well, but some just seem to have the knack to screw things up time and time again. As Benjamin Franklin said, “If you fail to plan, you plan to fail.”
This execution plan WILL change. No matter how well you plan it, it will definitely change. There is no use in having a perfect plan that you don’t act on. Once you have thought through the details, start executing and worry about the rest later on. Remember, entrepreneurship is about DOING, not just thinking.
I’ve shared these three things because having met and worked with all the entrepreneurs I have, I really want to see you succeed and to avoid all the pitfalls that are common among those starting a business. I and everyone at U Ventures would be happy to give you personalised advice for your own new business or startup. Feel free to shoot us a quick question here.