Wise Wednesdays

Building a Foundation for Your Business

My ten years experience in helping entrepreneurs succeed has taught me that many people still have misconceptions on what it means to start their own business. Beginning today and every Wednesday hereafter, I will be discussing a topic of interest to budding entrepreneurs. The advice on this blog will not be found in text books. Nor will you hear about the latest and greatest business idea. Instead I want to share my experience with those who have a business idea or who have just started their company and want street-smart advice. Think of Wise Wednesdays as stepping stones in moving you closer to a thriving business.

Where Are You Now?

Common questions I get from budding entrepreneurs are, “Should I register my business?”, “Should I have a website?” or “Where can I get a loan/grant?” My response is, “Where are you now?” They look at me puzzled as if I am talking in Sanskrit. “Where are you now?” is one of the most fundamental questions any entrepreneur can ask themselves in determining what they need to do next.

Someone who wants to start a restaurant business, for example, but has limited restaurant experience, I would recommend to get more experience in the field (and some money in their bank account) first. For someone who is struggling financially, and has a large debt, I would recommend they have a plan to work that out, first. For someone who has a lot of experience in the business they want to pursue but very limited sales experience I would recommend they practice their sales/networking skills, first. In each of these cases the recommendations are tailored to the where the individual is now and the essential gap they need to fill before moving on.

The truth is that pursuing a business, and most successful businesses will have some sort of vision/mission, is unsustainable without some kind of foundation. You wouldn’t place a roof on a house with a weak frame. You would be surprised how many entrepreneurs do. Although some would-be entrepreneurs find it frustrating when I ask them tough questions I am weary of giving formula type answers to new entrepreneurs: This can lead them to believe that there is magic pill that will solve all their business problems. In fact a bitter pill, sometimes, is the best answer.

What bitter pills have you had to take as an entrepreneur? Let me know.

Cheers,

Dominik

Wise Trivia: What type of businesses are successful 90% of the time? (Find out next week).