Budding entrepreneurs often have great ideas but many hit self-created stumbling blocks. The typical excuses and reasons are varied.
They’re afraid of having their idea stolen. They’re indecisive about how to proceed.
They’re not expert in management and operations. They’re unsure about the economy.
So nothing gets done – it’s called paralysis from analysis.
You don’t just boot your computer and expect things to happen.
Simply put, you have to turn on the light of knowledge and action.
Well, to get started, there’s a simple solution: Get feedback from knowledgeable sources.
Personally, my experience is that people are generally honest and have too many other priorities to steal ideas.
Yes, there are predators who can’t be trusted. But you can still get started.
Step No. 1
If you don’t have trustworthy savvy associates, do the necessary legal footwork.That might mean a non-disclosure agreement, copyright, trademark and appropriate contracts.
Be sure to have an exit strategy. You should always have an exit strategy in place – no matter what. Whether you’re just starting out or you’re a veteran business owner, you should always have an exit strategy. Here’s how.
Step No. 2
Get feedback. One of the salient reasons for startups’ failures is that they don’t intimately know their niche and marketplace.
You might have an outstanding idea. But it’s only good if you can learn the right insights. That comes from soliciting feedback in order to sell your product or service.
So get your non disclosure agreement signed. Then, get your feedback.
Step No. 3
Implement your idea.
From the Coach’s Corner, for new entrepreneurs here are more resource links:
Been There… Done That… Here’s How – New York Times — Terry Corbell, a management consultant, does not work for start-ups.
Advice on Taking an Entrepreneurial Leap – New York Times — Terry Corbell, a management consultant, has some advice for all the readers who responded to an invitation I made last month to send him questions about running a business.
Management and HR for higher performance — Part three: How to grow your small business. In analyzing the growth rates of small businesses – every great entrepreneur has one salient quality – the ability to be an effective manager. An effective manager efficiently allocates resources for achieving goals. Quality management usually results from an independent SWOT analysis – assessing internal strengths and weaknesses along with evaluating external opportunities and threats.
Marketing Essentials on a Shoestring Budget — Why do businesses sometimes falter? Let’s get the perspective of a retired longtime business professor and business counselor who is actively pursued for his opinions. “One reason is they fail to understand their special niche or their market,” said Neil Delisanti, who enjoyed a unique, long career as a business professor at the University of Puget Sound and The Evergreen State College. He also ran the Small Business Development Center (SBDC) in Tacoma, WA, where he advised more than 2,000 firms.
10 Scholarly Solutions for Selling More Products — Part one of a three-part series: How to grow your small business. Small business owners face more predators than ever, which makes decision-making about growth seem very challenging. In order to minimize the likelihood of entrepreneurial migraine headaches during bad-hair days, a business owner needs to perform like a masterful clairvoyant when decision-making about growth.
“A journey of a thousand miles must begin with a single step.”