to Start your Business?
Talk by Guy Thompson, SCORE at Nov ‘10 Entrepreneur Meetup
Summarized by Peter/Organizer of Meetup & Wiz4biz
Our speaker for 18 Nov 10 was Guy Thompson, SCORE Counselor of nine (9) years. He talked about “Getting ready & Managing your Business”.
1. Balancing your Life. Have you discussed starting a Business with your Family & significant others, so they know what kind of time commitment it requires?
2. Verifying your Idea. Have you discussed your “concept” with friends, associates, mentors? Do they think it’s good? What feedback did they give you, to make it better?
3. Can you Survive, until you Thrive? Do you have enough to get thru development & launch until there is sufficient cash flow? Maybe you shouldn’t quit your “Day Job” to have that income you need, and work on your business part-time. It always takes longer than you expect.
4. Partner-up? Do you need some one to fill in the skills you’re missing. Have they caught your passion for the business?
5. Write a Business Plan to define & clarify what you’re trying to do + show to others, so you can validate & improve your idea.
6. Keep a Journal of your daily actions & thoughts, trials & triumphs. You may need it later, if you want to go back to an earlier idea.
7. Backup each other by training your Partner/s & Staff how to do other functions.
8. Create a System: Once you find out what works & what don’t, create processes and write procedures to standardize them.
9. Get to know your Banker, before you need money. Sharing your progress will build a relationship that will pay off later.
10. Spoil your Customers – especially the most significant ones – so they will be so happy that they refer customers to you. Follow up on them frequently, to see how they’re doing and how you can make it better for them.
For more Info, contact Peter/Organizer or Guy at SCORE.
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