Leadership Lessons Blog

Lessons Learned Starting a New Business

  

  

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Celia: Can you share what you learned starting a business? What actions were successful and what cautions you would have for others?

Ann: Actions that worked for me to launch business have been:

1. Be prepared to seek out additional education if needed. The world is changing and you need to keep pace. Anyone launching a new business needs to consider courses, seminars, and certifications that may provide them strengthened credibility in their field.
2. Be flexible and ready to adapt in today's changing economy. This may require moving in a new direction sooner than you would expect. This could take the form of developing a program or service that was not a part of your original business plan. Put simply, pay attention to your market's needs and adapt.
3. Invest in a strong brand identity for your business. Some companies are sloppy in this regard, and it hurts a business' reputation more than they realize.
4. Be mindful of who you partner with in business. Any company or brand you associate with is a reflection of the quality of your business. Think strategically in this regard.  www.ccconsultingllc.com/business-planning
5. Develop a professional network of advisors that will give you critical feedback on your plans. Surround yourself with smart people who challenge your thinking.
6. Don't think only about yourself and your needs. Be proactive in reaching out to help others in business. If you have the ability to create an opportunity for a colleague, just do it. Could you facilitate getting someone a job interview, introducing them to a good-fit client, or tell them about the perfect vendor for their needs? If every businessperson adopted this behavior, it would be like a mini economic stimulus package for the country. Too often, business people's level of inertia is huge, and companies fall victim to being self-absorbed. WIFM you ask? Helping others helps you because it allows you to build strong relationships and a stronger network. Over time, you establish yourself as someone that people want to know. And eventually that will benefit your business in unexpected and delightful ways. It's happened to me, it can happen to you too.
7. Absorb all you can in your field. I read a lot: books, periodicals, and online industry literature. Keep up with developments and trends in your industry and be the go to expert.

My cautions to anyone starting a business are:

1. 1. Don't work so hard in the business that you lose perspective on how to work strategically on the business. Trying to do everything yourself is a recipe for disaster. Don't wait for a crisis, get help before you need it.
2. 2. Consider the impact of verbal branding. As an entrepreneur, you need to blow your own horn loudly. When you run your own company, you must be comfortable blowing your own horn. This is hard for me, but I'm getting better everyday.

Part 3 of our conversation covers marketing your new business. Ann describes some of the techniques she is using. Subscribe to our blog via celia@ccconsultingllc.com  to receive a notification when this, and other business tips are published.   Or visit the CC Consulting web site at file:///C:/Documents%20and%20Settings/Celia%20Couture/Local%20Settings/Temporary%20Internet%20Files/Content.Outlook/9D6T6OHF/www.ccconsultingllc.com/resources to learn more.