The constant uncertainty of a startup can be somewhat quelled by enlisting the talents of an experienced startup consultant who can share his/her expertise and provide advice that will help point your business towards success. While it can be helpful to use a consultant with experience in your industry it isn’t necessary.
How much money and opportunity are you losing by not measuring your metrics? That’s the question you should be asking yourself if you’re a small business owner.
A massive new industry has arisen around data gathering, tracking and measurement. New tools have been developed aimed at making analytics for small business owners a snap.
But how and what should you be measuring for your small business? Let’s dive in.
Starting a small business is hard. Keeping that business going is even harder. It can feel like an endless wave of decision-making, strategizing, and to-do lists that only seem to get longer. Fortunately, you’re probably not the first person to start the kind of business that you’re running. And even if you are, you certainly aren’t the first person to call themselves “entrepreneur” and dive into the start-up deep-end. That means you don’t have to go in it alone. There are people you can turn to for advice, support, or even just a kindred spirit to talk to. These people are called mentors.
Did you know that most people have already slacked up on their New Year’s resolution? In fact, only 8% of Americans will even achieve their goals this year.
If you stop hitting the gym you might gain few extra pounds, but if you slack up on your goals in business, you could lose clients, a competitive advantage and incredible team members.
Nine out of ten startups fail. That’s a terribly discouraging statistic for any hopeful entrepreneur. The silver lining? Many of these startups brought the failure on themselves by making poor choices and skipping crucial steps.
When establishing a business, entrepreneurs often believe that the whole world will want the product or service that their organization is selling. They’re reluctant to narrow their focus on any one group of people, worrying that this process might “limit” their options and sales potential. However, the reality couldn’t be further from the truth.
No matter how entrepreneurs might want to spin it, the harsh truth is that not everyone is your target customer. Inevitably, not everyone will be interested in the product or service your business is selling, and any thinking to the contrary isn’t just delusional. It could actually be damaging. Failure to hone in on and correctly target your target demographic won’t help you to keep your options open; it will just hurt your business by spreading your marketing resources too thin.
The word "entrepreneur" is thrown around these days, but there is no single definition. Contrary to the what Papa Gus’ from my Big Fat Greek Wedding’s believes, the word is not Greek. The entrepreneurial spirit is someone who takes a risk in business, especially if it is your own. According to the Kauffman Foundations 2016 Index Startup Activity, 84% of entrepreneurs are starting their own business because of opportunity while 10% are doing it out of necessity.
You may think that you have the next billion dollar idea or the solution to a serious, widespread problem. However, deciding to start a business is a huge undertaking. Statistically, only 10% of new businesses survive after the first year. What separates the minority of businesses from the rest? There are many different reasons, but often, it is because they didn’t know or ask the right questions before deciding to dive in.
Making It Official
You’ve tested your business idea, conducted market research, and even trademarked a company name. What’s next?
In our previous blog, we discussed the questions that you should ask yourself when you first have a business idea. If the answers to those questions have led you to move to the next step, you need to know what it will take to make it official.
Leaders are not the ones who get things done, they’re ones who get things done through other people. - Warren Buffet
As the size and complexity of your organization grows, you’ll become more and more reliant on your team to get things done. That’s as it should be, but without proper leadership your team is as good as a ship at sea. Minus the captain.
There is no denying that the life of an entrepreneur is challenging. People starting and building a business have a lot to manage and even more to think about. How do you find the right team members that will understand what you are trying to accomplish and help take your business where you want it to go? What tools will keep you organized? Who is your target audience and is your marketing and overall business strategy customized toward them?
We have started a few businesses in our days. 10twelve was born out of vertically integrating services for our own brands and then realizing how well it worked. No more being over-promised and under-delivered. One of our major goals with 10twelve is to pay it forward. If our clients can learn from our successes and failures, save time and money, grow their company, and put out some great looking marketing... we have done our job.