Nine Steps to Success
By Dr. Robert SullivanLarge companies are downsizing.
Reengineering is all too common. Many people are
seriously considering starting their own business
so as not to become victims of the all too
uncertain corporate world. In fact, a new small
business is started every 11-seconds throughout
the U.S. Many fail but you can improve your odds
of success by learning from the mistakes of
others. Here are "nine steps to
success" that are based on many
"real-life" lessons of successes and
failures.
Get smart.
You might know a lot about your product
or service but you might not be
knowledgeable about the practical aspects
of starting and operating a business. Be
honest when assessing your knowledge and
take advantage of available information
as well as the various support
organizations such as the SBA (800 827
5722 or on the internet at http://www.sbaonline.gov) or your local SCORE chapter.
Learn from others mistakes!
Get advice.
You cannot be an expert on everything.
Get assistance early from as many sources
as possible. Talk to your attorney,
accountant and banker. Talk to your
friends, family and your competition.
Plan.
A major reason for business failure is
lack of planning. Fail to plan and you
plan to fail. Prepare a strategic plan
for your business that clearly defines
your mission, your present situation,
your strategies, and where you want to be
in the next three to five years. This
plan will be your roadmap to effective
decision making.
Protect yourself.
Before you start operations, make certain
you are protected from a legal and
insurance point of view. Select a
business legal structure (talk to your
attorney) and develop a insurance program
(talk with an independent insurance
agent) that is best for your type of
business. Take NO chances!
Avoid hiring employees at
the start.
This is not always possible but put it
off for as long a possible. The legal
complexities of hiring and maintaining
employees (even one!) can be daunting and
take up a lot of your time.
Purchase a computer and
learn to use it.
Operating your business without a
computer will put you at an immediate
disadvantage. They are simply too
valuable as a time-saving tool. Don't be
overwhelmed at the apparent complexity of
a computer, once you begin they are quite
easy to use. Furthermore you will want a
computer to take advantage of the
internet - the most exciting development
of recent times for communications
(e-mail: send a message anywhere in the
world with no long distance charges) and
research (The world wide web or WWW is an
amazio. There will be good times and bad.
Be persistent and stubborn - view any
failure as a learning experience and an
opportunity for additional success.
Visualize success.
Keep your goals in mind and expect that
you will achieve them. Don't lose sight
of your goal ... keep pushing. And finally...
Don't delay acting on a good
idea.
Even a great idea is worthless if you
don't do something with it.
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Robert Sullivan is the author of The
Small Business Start-Up Guide, and United States
Government - New Customer!. He frequently
lectures on starting small businesses and appears
on CNBC's "Minding Your Business" as a
small business expert. His books may be ordered
toll-free by calling 1 800 375 8439.
Robert also
developed and maintains an extensive
award-winning Internet website, "The Small
Business Advisor," at http://www.isquare.com
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