“It’s not the cards you are dealt – it’s the way that you play them” Randy Pausch
If you have an idea, be it service or product. Get committed and focused, do not be like many who turn around 6 months later and see someone else making a motza with their idea.
Fear of failure stops us; it is our own mind that stops most of us from taking that first step.
I do not mean you have to be irresponsible and give up your day job straight away. Make a commitment to your idea. I have a saying ‘passion, commitment, focus action’! You need energy to develop a good business and you need the right mind set and commitment
Mind Set is Huge!
- We will only go as far as our minds allow
- Where you set your mind is where you will stop
- If you believe you can – you can!
- Believe in yourself and your business
Know that your mind is in the right place here are a few tips to guide you through.
There are two different types of start-ups – those that have a brand-new concept or idea and those that just want to start a business because they think they can provide a better service or product.
- If you are starting up a business, spend the time to research and plan, get yourself a good coach, mentor and or advisor. Go through the process of planning. Research your potential industry and market. There are many examples of businesses doing exactly the same as someone just around the corner. But they are doing it so much better. They have got their marketing message that meets their market needs, and their service delivery systemised to creating a following. They are making 5 times their competition around the corner.
- If you have a new concept or idea. The questions are – Is your idea worth patenting? Do you have some intellectual property (IP) that is worth patenting? There are different types of IP – trade marks, brands, products, educational material, IT concepts. Do some research on your I.P. use the following link for help https://www.ipaustralia.gov.au/understanding-ip. Be careful, who you talk to and where you present your idea, there are many ideas that have been pinched by friend and even angel investors. There is a lot to be said for confidentiality agreements and remember even if you patent your idea, you also must protect that patent. It is also great to think you are going to make millions but sometimes it takes a little longer to become that rich entrepreneur.
Surround yourself with a good team. The success rate of mentored small businesses compared to those without a mentor is stunning: “70 % of mentored businesses survive more than five years, double the rate for non-mentored small businesses over that same period.” Inc.com. Get yourself a trusted mentor, coach or advisor, or even create a board of advisors with different skills to you.
Gathering Support with an Open Mind
- Do some training, and network with other business people. I have had many people doing my workshops and courses that have degrees and even a MBA and had been working in the corporate arena. BUT…. when it came to building their own business, they were lost. Do a small business accredited course or a workshop!
- There are many low or no cost advisory services such as the Mentoring 4 Growth program, Small Business Solutions TAFE programs both of which I am a mentor for.
- Do your research on not just about your product or services but on how you will plan, manage, and control your business and its growth.
