The Point: We all love the success stories associated with launching a new business that are bantered about in the media. 20-30x returns are often reported to those early investors who were daring enough to participate in fund raising. However, what happens to the ideas that don’t get launched successfully? What becomes of the leaders who fail(ed)? Where do the investors turn for investment lost? In this post we’ll take a look at the leadership challenge of launching a new business from a 30,000 foot perspective and provide three tips to help insure success at a foundational-level is achieved… Enjoy!
I Have a New Business Idea!
Being an Entrepreneur can be an easy living. You come up with an idea, market/sell it to the masses, and reap your financial rewards. Easy, right? Wrong! The leadership challenge associated with launching a new business venture can be daunting (Read that as long hours spent performing what amounts to tedious in nature tasks with little/no reward the potential outcome). I knot this unfortunately first-hand as a result of both launching several new business ventures as well as from an investment perspective helping entrepreneurs raise seed funding when either they drain their own funds or those of friends/family.
Just because you have an entrepreneurial idea there is no guaranteed success quotient that lies on the other side of that idea. So what can you do to dramatically increase your odds of success? I recently sat on a panel to discuss just what an entrepreneur can do to greatly enhance their odds, resulting in the following three tips to launching a new business:
Three Tips to Launching a New Business
Tip #1: Have an Awesome Team
I’m a firm believer that you can do it alone, but why would you? With today’s new economy and access to international talent for little/no cost, why would you not want to employ the talents of others to assist you on your journey. Look to hire the best, brightest, and passionate people. Remember, Rome wasn’t built in a day (#SPQR), but that’s because they didn’t have the internet!
Tip #2: Vet the Idea
Often times I’m approached to invest in a “thought” or more likely a “dream” that the founder(s) had one evening. Make certain that the idea you are pursuing in your new business venture has “legs” and can stand on its own outside of you and your startup-team. In other words, go out and conduct your market studies to insure that what you have to offer is (a) desired and (b) someone is willing to pay for it.
Tip #3: Make Certain You Love
It’s extremely important that you absolutely/positively love the new business concept. Notice I said “love” in that last sentence, not “I like it” or “I can live with it” or even “That’s a quick way to make a buck!” Here’s why love is paramount: You are going to spend countless hours away from those that truly do love you. So in those solitaire moments you’ll want to insure that your passion outperforms all others in pursuing your new business venture. If you are not 100% committed with mind, body and sole you will not be successful. (PERIOD)
In this post we’ve taken a look at the leadership challenge associated with launching a new business, as well as provided three tips to assist in creating a foundation of success. It’s important to remember that not every idea you come up with as an entrepreneur will turn out successful. However, it only takes one idea to propel you to the front page of INC Magazine once success occurs!