Any entrepreneur will tell you that the process of establishing your own business is scary, exciting, daunting, inspirational, exhilarating and satisfying all at the same time. But one thing it does not have to be is stressful and this applies whether you are getting started as a first-time entrepreneur, expanding into a different market or partnering with a new investor.
Keeping your focus on the ABCs of business will guarantee you mitigate your risks, reduce your exposure and will give you the tools you need to move forward in a productive way.
A is for Assess
Assess the situation, the environment, the market, the consumers, the proposed structure, your current organisation, your methods, your policies, your staff. The list of course goes on, but the key point is to Assess your business – established or proposed. Why do you do what you do? Why is your business idea different? Why will it work? This is your starting point – the Why of the How of the What. Assessing and examining the situation around your business idea or current operations is the first vital step to putting in place a viable business plan and operational strategy and cementing the foundations that will lead to their smooth implementation and post-implementation transition with minimum disruption.
B is for what you are Bringing To The Table
What are you Bringing To The Table in your business or partnership? It could be your unique expertise, or a patented invention; a product missing from certain markets or a fool proof idea that needs some funding to get off the ground. Whatever it is you are doing, being clear about what you are Bringing To The Table and why, is key so that your company’s constitutional documents are drafted accurately; the Joint Venture Agreement is detailed and adapted to your particular arrangement with your business partners; your Shareholder’s Agreement aptly documents each investor’s rights and liabilities vis-à-vis the others. The B is the second key element for mitigating your risk and exposure and for keeping the flame alive and burning all through your entrepreneurial venture.
C is for Consult The Experts
No-one can know it all, but if you pool together those who know their areas well, then you will have a team of know it all’s and that is exactly what you need on your side. This is by far, the most crucial element of the ABCs. You must Consult The Experts to ensure that the As and the Bs are tight and secure before you set sail. When you Assess you are in fact analysing all aspects of your business plan – your mission, vision and goals, your strategy and 3, 5 and 10 year targets and identifying the potential risks and pitfalls. When you document what you are Bringing To The Table you are solidifying your contributions, rights, obligations and protections within the ambit of the law. When you Consult The Experts, you hand over the stress to those who can diffuse it for you so that you can focus on the scary, exciting, daunting, inspirational, exhilarating and satisfying world of being an entrepreneur and launching your ideas for the world to see.