Entrepreneur? Part 2 of 3

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How do we start the process of creating the business of your dreams? It's just like creating a road map to a vacation destination. You first find out where you are, then you find out where you want to go and last you map out the best route to get there, understanding there may be some detours along the way.

You must first establish your core competency . What are you in business to offer? What is it that people are going to part with their hard earned money for? What is it that you do as good or better then most? Is it the best value, best price, best quality? What is your core competency?

Now that you know what you are selling, let's make it clear and concise enough that everyone can understands. Example, I sell quality life and disability insurance that can be upgraded over the entire careers of recent graduates of medical school, might be your offering. This is an important piece so please take time to put together something you can be very proud of for quite some time.

Also knowing what you will be delivering to your customers you must start to tell the story. Tell it to everyone that matters. Who matters may be your question. This is where the separation begins between Mom & Pop/ Sole proprietorship's and Corporations/LLC's or what I will refer to as little "b" and big "B" respectively. Little "b's" start and generally continue their journey alone, while big "B's" start to tell their stories to investors, bankers, friends, family, just about anyone who will listen and come along for the ride.

What is the purpose of telling so many people about your business? You need buy in for long term success, is the reason. You have to visit each of these places along your journey:
  1. Raise Money or Capitalize the business
  2. Build a board of directors
  3. Put business policy in place
  4. Create a strong Brand
  5. Market your Brand.
This all takes man hours, talent and if that isn't clear A LOT OF HELP! So stop trying to do it all by yourself, allow others to help you get to your destination and let them benefit from the success of the business. The great thing about the big "B" journey is that whenever you run into obstacles or road blocks in your journey you will have enough minds with a vested interest in your success, to come up with a solution. We will explore this more tomorrow.

Make Money, Have Fun & Be A Blessing,
Last modified on Monday, 29 November 1999 19:00
Cirilo McLaine

Cirilo McLaine

I am a business advisor specializing in providing solutions to challenges often encountered by those who own, run or start small businesses.

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