Have you ever seen a restaurant going out of business, go up for sale, get purchased, and re-open shortly thereafter as the same business? Why would someone buy a business they knew wasn’t working? Because THEY feel they can do better than the previous owner.
A business model is only as good as the one who executes it.
Energy, ideas, willingness to work hard, capacity for stress, skill set, education, resources, connections…all of these things contribute to the formula that leads to success. Everyone has a different combination of those skills – and better yet – most of the successful people I’ve known have surrounded themselves with talented people that fill in those gaps.
Knowing this universal rule, how do new entrepreneurs prepare themselves properly for success? Knowing success lies within themselves is a lot of pressure. Here are some tips to gives yourself the best shot:
1) Surround yourself with talented people. Expected challenges are DEFINITELY going to come up. The better the team, the more likely you will be to prevail. Don’t be cheap – pay for talent, it may save your business.
2) Be process-oriented and organized. Establish a good business tempo, know what your priorities are and track your progress. Hold yourself accountable and keep moving forward.
3) FOCUS! Pick a battle and win it. Yes, there are many great ways for a creative thinker to make money – pick one and actually make money instead of romanticizing about your 20 half-started projects!
4) Create an advisory group. Ask for advice, bounce ideas off people that have been there before. Most seasoned business professionals have many war stories to share, and are happy to do so. Learn from their mistakes.
5) Learn to cope with stress. Better yet, learn to use it as fuel. Running a business is going to be stressful, don’t have any delusions otherwise. Stress is not a bad thing if you can harness it, so be ready to use it to your advantage.
Every successful business owner I know has invested in the processes above in one way or another. Opinions are like, well, you know…everyone has one. Just stay focused, create a clear vision for your success, get a great team behind you, and go for it!