We are all born to be entrepreneurs and each one of us has a different story about why we decided to start a business.
While anyone can create their own business, around 60 per cent of small businesses in Australia close within their first years and to avoid being a negative statistic it’s important to have a solid business plan.
More than ever, with competing ideas and rivals, it’s important to ask questions and find the right people to help provide solutions. Networking is a critical factor in finding a mentor who believes in your idea and can direct you in the right path.
Here are 5 things I recommend you consider when launching your start-up business:
1. Pick a problem and fill a customer void
The bigger the problem you are solving, the bigger the market and opportunity and greater risk. If you don’t know where to start, check out the UN Global Issues. Each “problem” is a billion-dollar business idea (if you can solve it).
You might also want to look at local problems in your community, such as “kids lunch box for business mum.” There are infinite business opportunities out there but pick an “opportunity” you feel passionate about providing a solution to.
2. Make sure it’s an idea that will make you jump out of bed in the morning
Have you noticed when you buy something (as small as a coffee/muffin) and the person serving you serves from the heart, it makes you feel good, it makes you remember them and it most likely go back and refer friends to it?
Your business idea needs to light a fire in your heart. It should be about something you’re passionate about and excites you and everyone around you.
Passion is contagious, and so should your business’ growth.
Investors say that before they look at the business idea/pitch – they are interested in the leader, their passion and “never ever ever give up attitude”
If you 100% believe in your business idea and if it is all you think about, then you are on the right track.
3. Know your why
Have you seen the Simon Sinek “Start with why” video on Ted? If you haven’t, I recommend you watch it. If you have seen it, watch it again!
Your business needs to have a big purpose, and that purpose needs to be BIG and clear.
Your “why” is your purpose, your cause, and your belief. Why does your organisation exist? Why should anyone care? Why does the “world” need your business? Why should your team come to work everyday? Why should your customers buy from you? How are you contributing to society? These are the ‘whys’ you need to consider!
4. Make sure your team and customers understand your why
Communication is key to your success. Have a clear and powerful why and evaluator pitch your team and customers can connect to and endorse.
Have you heard of the NASA janitor’s story?
During a visit to the NASA space centre in 1962, President John F. Kennedy noticed a janitor carrying a broom. He interrupted his tour, walked over to the man and said, “Hi, I’m Jack Kennedy. What are you doing?”
“Well, Mr. President,” the janitor responded, “I’m helping put a man on the moon.”
5. Go, go, go and never give up
Your business and leadership skills are alive and should progress every day. Being an entrepreneur is super exciting, but it has its ups and downs (often on a daily basis). Make sure you never stop, stay agile, pivot on time and progress every day.