| There has rarely been a more challenging time to | | | | marketing and name recognition. |
| work for a large corporation. Layoffs, pay freezes and | | | | Resources. Do everything you can yourself initially to |
| the elimination of retirement and other benefits are | | | | reduce expenses. But if there are areas where you |
| daily occurrences. More and more people are deciding | | | | have no skills or experience contract it out to the best |
| to start their own businesses. Unfortunately most of | | | | people you can afford. |
| them fail within two years. While there is no one secret | | | | Partnerships. Businesses - even new businesses - can |
| to success as an entrepreneur, there are step that | | | | grow quickly thought partnerships. Take advantage of |
| every entrepreneur should follow to increase their | | | | those who have established distribution networks that |
| potential for success. | | | | you can build utilize. But remembers, partnerships |
| Focus. It is easily for entrepreneurs to lose focus. | | | | should be entered into carefully (due diligence to |
| Make sure that your new business has a mission | | | | establish that there are common values, goals, a |
| statement. Print it and post it on your office wall and | | | | business win/win). |
| even on your bathroom mirror. Everything you do must | | | | Value. Even new businesses should not undervalue |
| directly support your mission. | | | | their services and products. Everyone wants |
| Strengths. Focus on doing what you do best and what | | | | something for nothing. It is important to establish a rule |
| you are passionate about. Just because there may be | | | | of thumb regarding when to walk away from potential |
| a market opportunity for something does not mean | | | | clients and deals. |
| you should peruse it. Follow your strengths. | | | | Metrics (or scorecard). All new businesses, even one |
| Strategy and Business Development. While early stage | | | | person start-up operations, must establish clear |
| companies are built with one or two people doing all | | | | business objectives. Performance needs to be tracked |
| the work, focus on the strategy and on business | | | | against those goals on at least a monthly basis. Metrics |
| development as much as you can early on. Do not | | | | are essential to the success of the business. |
| delegate these to contractors or employees once you | | | | Starting a new business is tough. By following these |
| have them. | | | | rules combined with a customer focus and |
| Branding. Develop a brand, stick with it and build on it. | | | | persistence, any new business can grow and become |
| Many new companies jump from brand to brand to | | | | successful over time. |
| brand and never have an identity to build on for | | | | |