By: Doug McNair, President and Business Strategist
I appreciate our firm’s association with the Hill Business School at the University of Regina. I spoke recently about starting a small business to a group of students who will be graduating this spring.
My first comment was that it’s ok to dream big, you can start a small business, but why not think about starting a large business. Also, an entrepreneur is probably not going to start a business, but over time will likely start many. That’s because not every business will be a success, or as successful as you would like it to be. But each time you will learn more about what it takes to be successful.
In my experiences it starts with a (1) Business Idea, and that it’s really important that you test that idea, to see if it’s a good one. You can test it by talking to people about it and seeing what they think. Test it with bankers, family, and friends, others in business, professors, and potential customers.
Next write a (2) Business Plan. This is common advice but my point here is not the document, but the process of going through this exercise and thinking through all of the aspects required to set up your business and run it. Then, test the plan the same way you tested the idea. An idea is no good without a plan.
Next, you need to have the (3) Ability to Execute. You need to ensure you have the resources (financial, people, training, advisors etc.) to be able to execute, look for gaps that need to be filled even before you get started. Also, consider what happens if things don’t go according to plan (they never do), do you have the means to deal with issues that come up? A plan is no good without an ability to execute.
Next blog I will make some comments on Risk and Reward. Comments welcome.