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Wherever you are in the development of your business
(concept, planning, start-up, building, growth or selling out),
Small Business Advisors Inc. has the tools to make your venture
easier, more efficient, more profitable and more successful. This
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At first, starting and building a business may seem
like a tall order, but like any other adventure and challenge, there
are action steps you can take to increase the likelihood you will
succeed and make each pitfall smaller or less troublesome. Often,
the key is to break down the goal into small pieces and master each
facet and step of starting and building your business, one step
at a time.
Education and Research. Although it may seem
dull, education and research can help you succeed. First, when you
select your business venture, make sure that (1) you are passionate
about the subject; this will help you maintain your drive, enthusiasm
and curiosity and help you stick with it when things get tough.
And (2) you possess or develop the expertise and training in your
field to succeed. This training and study must be ongoing and continuous
because our world changes so rapidly. In other words, to stay at
the leading edge of your field or even to create the leading edge
in your field, you have to continue studying and reading the current
literature.
Regarding (1) above, building a business requires
great dedication and persistence and a significant time commitment.
When you have the personal interest to delve into your subject matter,
you’ll dramatically increase the probability you’ll succeed.
And success means fun, pride, achievement, profits, income and wealth.
Regarding (2) above, becoming an expert in your field
and becoming knowledgeable in as many facets and areas as possible
will give you the tools and thought process to make better-informed
and wiser decisions. Again, this strategy will enhance your success.
10 Facets of Starting and Managing a Business
Concept development.
Product/service development.
Start-up and working capital.
Accounting and record keeping.
Finance and credit.
Management.
Operations: execution and implementation.
Sales/marketing and promotion.
Growth/expansion.
Selling out.
You don’t necessarily have to become a leading
expert or authority on all these facets. However, the more knowledge,
understanding and perspective you acquire and the more of these
functions you understand well and perform at least initially, the
more adept and successful you will become. At the minimum, it is
crucial for you to gain a strong foundation of what these facets
are and what they mean to/in your business and what your business
means (impact) in light of these facets.
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