Articles for September 2016

Starting a Small Business

Starting a small industry is without a doubt a large undertaking, but it is fortunately something that can be attained by anyone with a good idea, a strong work ethic, and a good set of resources. Starting a industry involves thinking of a business concept, writing a business plan, understanding the financial side, and finally marketing and launching.

  • Choose an idea

 It may be a product you’ve always wanted to make, or a service you feel people need. It may even be something people don’t know they require yet, because it hasn’t been invented!

  • It can be helpful to have people who are bright and original join you for a casual brainstorming session. Start with a simple question like: “What shall we do?” The idea is not to create a commerce plan, just to generate potential ideas.
  • Consider your talents, experience, and knowledge when selecting a concept.

  • Setting out the Basics

 Define your goals. Do you want financial independence, eventually selling your business to the main bidder? Do you wish for something small and sustainable, that you love doing and from which you desire to derive a steady income? These are the things that are good to know very early on.

  • Define your team

 Will you do this alone, or will you bring in one or two trusted friends to link you? This brings a set of synergy to the table, as people bounce ideas off each other. Two people together may often create something that is greater than the sum of the two separate parts.

  • Think of some of the biggest achievement stories in recent times, such as John Lennon and Paul McCartney; Bill Gates and Paul Allen; Steve job and Steve Wozniak; and Larry Page and Sergey Brin. In all case, the partnership brought out the best in both sides of the equation.

  • Think about the areas that you are either weak in, or have little knowledge of. Finding partners compatible with your character that can fill in your information or skill gaps is an excellent way to ensure your business has the resources you want to succeed.
  • Choose your associates wisely

  When choosing the person or people you’re going to construct the business with, be careful. Even if someone is your best friend, it doesn’t mean that you will partner well in an industry operation. Things to consider while choosing your co-leaders and support cast include

  • Does the other person balance your weaknesses? Or do both of you bring only one set of the same skills to the table? If the latter, be wary as you may have too many people doing the same thing while other things are left unattended.
  • Do you see eye to eye on the big image? Arguments about the facts are a given, and are important for getting things correct. But not Seeing Eye to eye on the big picture, the real reason of your business, can cause a split that may be irreparable.