So, you have finally taken the plunge – you have taken your hard-earned savings and decided to invest it in your new start-up. This was a natural decision for you since you have all the right technical skills, have gained valuable experience through years of diligent work at your previous employer, and you finally feel confident enough to carry the flag on your own. You are passionate, have all the necessary resolve, have done your research, and are ready to go… or are you?
Young entrepreneurs are often quickly caught up in the common misconceptions and clichés of business success – all you need is hard work and perseverance, if you are knowledgeable and good at what you do, clients will want to use your services, if you produce quality products, people will buy it, etc.
The fact is, however, that it takes much more than a quality product or service to build a successful business. You need to get the right people interested in what you are offering, to understand why it is important, and how it can positively affect their lives. Passion and resolve combined is a good foundation on which to build, but you need to think about how to establish your business brand, how to protect your intellectual property, how to place your products or services in the right markets, etc.
To facilitate these processes, it is important to understand what costs will be involved, how it will be funded, how the returns will be monitored, what key performance indicators need to be established and monitored to measure performance, and what accounting and reporting systems need to be in place to drive the above.
Although there are many very talented people in the world, there are few who have the mental and physical capacity to master all the ingredients necessary to master business success. No person is an island, and perhaps business success is less about your individual talents, than the unique talents of the team you manage to assemble.
You simply cannot be everything to everyone. So if you are embarking on your journey, let us help you facilitate partnerships to help you place your product and/or service in the right markets, and to assist you in looking after the money, while you focus on the reason you started your venture in the first place… MAKING IT!
This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Please feel free to contact Brian Kahn for further information or specific and detailed advice. Errors and omissions excepted (E&OE)