Question

Topic: Strategy

Best Advice For New Businessman

Posted by Anonymous on 3/25/2010 at 9:22 AM ET 250 Points
What is the best advice you can give to someone who just ventured into business?
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RESPONSES

  • Posted by michael on 3/25/2010 at 9:47 AM Member
    Talk to more prospects than your competition does
  • Posted by ranjanpaul on 3/25/2010 at 10:04 AM Member
    Believe it only when you have the check in the bank.
  • Posted on 3/25/2010 at 10:24 AM Member
    Don’t think you’ve already done, everthing that was to be done, stay up to date with market trends and always improve your offer and service.
  • Posted by Frank Hurtte on 3/25/2010 at 10:39 AM Member
    Don't go it alone. Line up an informal board of directors that you can share specifics about your performance and the performance of the company.

    This board cannot come from family members or employees. They need to be objective and willing to state whats on their mind.

    If you do not have a specific strong sales background, I suggest you hire an advisor. Most businesses fail because they dont have enough customers in their early stages. Selling is harder than most people think.
  • Posted by Peter (henna gaijin) on 3/25/2010 at 12:45 PM Member
    If you are in the States, check out a book:
    https://expandabroad.blogspot.com/2005/08/start-up-book-recommendation.html

    This matches what Phil said about a business plan - this book covers writing a business plan. Plus a lot more.
  • Posted on 3/25/2010 at 1:28 PM Member
    Business plans aren't meant to be static... make sure you change them and grow them as you change and grow.. and make sure you write a separate free standing marketing plan

    Krista
  • Posted by CarolBlaha on 3/25/2010 at 2:06 PM Accepted
    you don't "venture" into business. It's like being a little bit pregnant-- either you are or you aren't.

    Plan, plan, know your competition as well as you know your own service. Know their strengths and weaknesses. Take risk. Not risk as in willy nilly daredevil stuff. But you will be compensated on the risk you take. Put yourself out there, put your ego at risk. Make your calls. Talk to someone you don't know several times a day.

    Surround yourself with positive people. People that are good business role models. Believe in yourself and your product/service.

    Most people give up almost right before the finish line. But don't expect to get to the finish line by beating a dead horse. So, while "don't give up" is good advice, it's good to know when it's not working and isn't going to work.

    And "leap into the abyss, you may just find you land in a feather bed".
  • Posted by Chris Blackman on 3/25/2010 at 9:33 PM Member
    Make sure you can explain exactly what your purpose is.

    Have a clear, well articulated Value Proposition. If you like, formulate a 15 Second Pitch (Google it). Refine it, learn it, use it.

    Talk to customers. Do more of what they like and less of what they don't.

    Stay on strategy. Make sure you have a documented plan, and work it. Don't document it and put it away - Work The Plan!

  • Posted by Jay Hamilton-Roth on 3/26/2010 at 8:49 AM Accepted
    Find a mentor, a business person in your area that's successful (in ways you'd like to be). Listen, learn, and share.
  • Posted on 3/27/2010 at 12:10 PM Member
    Mentors aren't just for the new- I still keep in touch consistently with one or two that have given me some very sage advise over the last years, some wanted.. some unwanted... but needed. They can be a great asset is you are willing to use them as one.

    Krista
  • Posted on 3/29/2010 at 2:54 AM Accepted
    The biggest mistake I see new owners of businesses make is starting a business for which there is no market...

    Sadly, common sense will usually get you past this if you will just USE it.

    This is by NO means the only time I have run into this, but it is the most recent example. A friend called me and announced he was going to open a Bar-B-Que restaurant. This in a town of 10,000 population.

    One would have to ask oneself. How many in his town eat out? How many times a month? How many times a month does one eat BBQ? Is the population base large enough to accomodate this type of restaurant? The answer is, of course, a glaring NO, but my friend was preparing to spend over $100K to put in a restaurant which would be near empty most of the time.

    If I had a nickel for every person who has spent their life savings to open a business for which there is no market.... 'Nuff said.
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