Navigating the Startup Journey: Top Considerations for New Entrepreneur
- Brittany Blackman
- Oct 15, 2023
- 4 min read
Starting a business is like going on an adventure with lots of surprises. Every decision you make has a significant impact on what comes next in your journey. We'll learn important tips and tricks for starting a business and figure out how to turn our dreams of a successful company into reality.
Finding your "Why" :
If you're ready to become a business owner, consider the following:
Find your "why". Clarify why you want to start a business.
Figure out your Passion and Drive.
Decide if you're ready emotionally? mentally prepare.
Are you ready financially?
What's the worst-case scenario?
Are my people ready?
Plan alternate solutions.
(plan a, b ,c and d)
... Just in case
Starting your Business:
Before you quit your day-time job
Start with a side hustle- evenings and weekends. Find a low cost market for a trial run, maybe a farmer's market. Starting small builds solid foundations
Naming your Business
Check for availability. Country patent, check all social media, if there is another find a way to personalize it (by adding a word, like "The" or "It's")
Next, Buy domain, secure social handles, apply for Trademark, and Launch Business!
Money Talks:
Don't try to "reinvent the wheel"
Know that someone has been there before. Seek to understand the process. Don't be afraid to ask for advice. Consider asking what went wrong, what went right, and what recommendations they have for you.
Bootstrapping:
When starting a business without investors, by using own savings and profits. Utilizing things like, Charge Cards. A great strategy to grow your business while bootstrapping is to keep cash on-hand. The more cash you have, the more inventory you can buy and investments that you can make.
Seed Funding:
A friends and family round of financing is the most common form of funding for start ups, usually the easiest. Here are some Do's and Don'ts:
Do's:
Paper it- Documentation
Set Expectations
Don'ts:
Take it personally
Forget to follow up(keep them updated)
Make a point to keep your earliest investors in the loop. ex. sending out emails, quarterly or monthly, whichever works for you.
Keeping them in the loop creates future opportunities.
Find Your Team of Superheroes:
Having Mentors and Investors is a MUST for your career.
make their time count
make an agenda
keep questions brief
Aim to keep meetings under 30 minutes.
Tell your friends and family what you need, you might be surprised how he-said she-said could lead to the right connections. Even a post on socials can open a lot of doors.
Build Your Empire.
Begin to build your own entrepreneurial pack by bringing people into your team. Co-founders are basically life partners. Best places to look for Co-founder, partners, or first hires are usually on your Networks, they're usually hiding in plain sight.
Know what traits you're looking for.
Know what your weaknesses are.
Aim to find someone who has strengths in the areas you lack.
Important that they share your vision
Create a Job Description. Be Clear in what you are looking for, qualifications, visions, personality. Post on Socials, for example, LinkedIn, and let the magic work.
Marketing 101
Find your superfans
Early adopters "superfans" are walking billboards for your business. People spread the word and use your service repeatedly when they genuinely enjoy it. Engaging early users is crucial for gathering feedback and ensuring their continued use of your product or service.
Having a clear marketing strategy is key to helping you find your audience and grow them.
Use the 3 w's when thinking about building out a marketing strategy.
Who? Who is my product or service for?
Where? Where are my customers?
When? when is the best time for me to approach potential customers with my product or service?
Here are 3 tips to pitch you and your ideas
Start small- and work your way up.
Build off wins- use small wins to leverage big wins.
Focus on business outcomes- always focus on what's going to best for the business.
Scale Your Business
When you begin to think about growing your business, the best place to start is to focus on very specific factors.
Use Capital to Grow.
Financial- what leads to revenue growth
Human- people who can sit down and do the work
Intellectual- figure out if you have the intellectual capital within you and around you to grow the business
Often comes down to the right place at the right right time with the right people
Grow the Business
Vet your strategy. Take some time to ask your mentors, advisors, and contacts on social networks, and ask for their opinion. Ask for help whether its raising money, finding new team members, or shopping for new vendors. Posting a message LinkedIn with a clear question for your connections is a great start. People are then able to share your post and tag their contacts in the comments.
Self Management
Find a meaningful reason to connect. Some examples include, awards, honors, birthdays, anything that does not have to do with sales. The best type of sales calls are not sale calls at all. Use social media and google alerts for automatic updates and reminders.
Balance Work and Personal Life. Have people who lift you up and plan to see them on hard days. Self-worth comes from you and your mindset, not from your business.
Business Coaches are not mentors or advisors, your success is their full-time job. They offer in depth business analysis. They can help you see your problem through a third party perspective.
Launch Your Business
Taking the First Step is the hardest par t. Immersing yourself is going to help you live and breathe the entrepreneurial culture.
Conclusion:
Starting a business is like an adventure with important steps. Find your "why" for starting. Prepare financially and plan for different scenarios. Connect with mentors, investors, and build a strong team. Marketing and engaging early users are crucial. Grow your business using capital and the right strategy. Self-management, balance, and business coaches are important. Finally, immerse yourself in the entrepreneurial culture to take that first step and succeed.
References
Kaupe, K (2019) Entrepreneurship Foundations Launch your startup
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