“Plan your work for today and every day, then work your plan.“
– Margaret Thatcher
Whether opportunity-driven or need-based, you have made the decision to start your own business. Yes, it is a daunting task, but it is a possible task. I know you have heard that a high percentage of businesses fail within their first five years. However, 80% of new businesses survive for at least two years after initially opening their doors. Establishing yourself and achieving growth will occupy a large percentage of your mental real estate during those first two years.
So, how do you ensure success after the first two years?
What’s the difference between success and failure?
Is it knowledge? Is it skill? Is it determination?
Or is it just plain luck?
Well, in a manner of speaking it is all of these things. Still, there are a few things that you can do to control the outcome. Keep in mind that your new venture has various stages. The most successful entrepreneurs are aware of the various stages of their business and are able to act as the business transitions through those phases. The needs of the business are different in each stage. And it is a high probability that your behaviors will also need to change. Therefore, anticipate the changes and be flexible enough to evolve with the needs of your business.
Better still, plan the changes! Create a business plan that includes the inherent changes that all new businesses must go through. Create a timeline for when you would like your business to transition out of one phase and into the next. Set goals and benchmarks that you must achieve for success in each phase. Also, be proactive in re-writing your role, in order for your behaviors to align with each phase of your business. Your talents/character will determine how you manage to and through the changes.
You can do this!
Talk to you soon,