5 Things to Consider When Starting a Business

A few days ago, a good friend emailed and asked what the 5 key things to consider when starting a business were.  Here is what we said:

1). Do you know there is a market?  Can you name, think of and profile the people or companies that will buy your product?

2) The business plan is actually for you so don't worry about what a banker needs to see and start with what you need to know and manage.

3). Know your numbers - knowing your accurate costs and also some reasonable sales targets is critical.  1000 units in month one is usually a sign of a bad plan

4) Who else is selling what you are going to sell?  If the answer is no one, you probably arent looking hard enough.  Rarely is a product or service so unique- even the iPod WAS competing with mp3 players initially.

5) Most plans take three times as long to get going and are two times the budget.  Plan according to this even when it seems like your sure-thing, guaranteed, hit a home run plans seems fool- proof.

Starting a business is exciting and challenging.  Having some guidance like a strategic business coach or mentor is critical.

Leadership Tip: How Are You Today - Your Thermostat for Success

Many times leaders and managers want to get a sense of where their team is operating and how they are feeling. People have an easy way they project their level of energy, enthusiasm and optimism. It is when they answer, how are you today?

Choose people for your team that are “great today” or “excellent this morning”. Stay away from hires and people that are “okay”, “not bad”, “I’m not bleeding” (one of my favorites). When someone answers that question you know their whole approach to their job, their project and their life in an instant. Get your team thinking about how they are setting their bar for the day – fine, good, great, fantastic or beyond. It shapes the way people feel and how they perform for their leader and team.

Leadership Tip: Leadership is Like Cars

Quality, performance, value and experience. All things you might be looking for in a car. Also all things that people list when talking about a strong leader.

If your team had to describe your leadership style in terms of a car, what kind of car would you be? Would you be a Mercedes or would you be a Saturn? It is a great exercise to allow people to describe you without directly describing you. It is essential to know what vehicle you are trying to BE and trying to represent. It is also easier to picture that car in your mind all day or week long versus trying to remember all the words that describe it.

Start your week being a Mercedes or a Hummer and see how your team's response changes and improves.