If you wish to start your own business empire and break away from your present employment there are certain disciplines that you must have. Having a great idea is the first step, and it is crucial that you truly believe in what you are about to venture into. If you enter into something half-heartedly then you will never succeed, and the business will become a millstone around your neck. In this blog we look at how to successfully build a business and the steps you must take.
Don’t settle for anything but the best, sometimes in this hectic world a lot of business operate on the premise of the me-too business ethic, which is just enough to get by. If you are going to aim to improve something then do not just try to make a 10% improvement, try to shoot for 100% and make it radically better than it was.
Prepare for Plagiarism
If you have a radical new idea and something new to the market, then be prepared to be copied in some shape or form. It does not really matter if your idea is patented, a minor alteration is enough for copiers to comply with patent law. The trick is to stay ahead of your competitors, keep on innovating to keep the big guys one step behind you. Consistently be innovative and keep on developing, large corporations find this hard and they also are slow to do this themselves.
Prepare for a Rainy Day
Even the most successful of businesses have tough times, a common mistake is not to have enough cash reserves to weather any storms out that may come your way. Try to make your business as lean as possible, work smart and do not waste either time or cash. Try to develop a good working capital and prepare yourself for tough times as they will come as sure as eggs are eggs.
Never Relinquish Control
Never forget it is your company, keep control of everything until you finally decide to sell the company. Don’t be lured by venture capitalists who will be prepared to offer money for a certain percentage of control. If you do decide to go the refunding route, make sure that it is not by risking the control of your business. Once you give away control of your company then it is normally gone forever, and if not is very difficult to try and wrestle control back.
Remember It Is Not a Sprint
Your idea might be the best thing since sliced bread, but the development of a company to develop this idea into a fruitful company may take time. Remember the building up of a successful company is a marathon and not a sprint. Build your company from the bottom up and put systems in place to allow growth and also to last for a long time. To do this stay focused on the small steps, and goals that you have set.
If you focus on these traits then there is no reason that your idea cannot be successful, and that your company can go from strength to strength.