Take the Entrepreneurial Plunge!

Get the info you need to build a thriving business.

Starting and running a successful business takes time, energy and a lot of know-how. You may be able to make the time and ready to expend the energy, but if you are new to the world of business ownership, where do you get that knowledge? In Stepping into the Boss’s Shoes five entrepreneurs share some of their top tips. Here are some additional pointers for where to get the information you need to build a successful business.

Just Getting Started? Develop a business plan. “You want to know where you’re going and what your financial needs are,” says Christine Banning, VP of Marketing and Communications of SCORE. Online resources, like those available from SCORE, are a great place to start, but it’s also helpful to get feedback from someone who has “been there, done that.”

Be the Beneficiary of a Mentor’s Experience. Whether you’re asking for tips on creating a solid business plan or seeking advice on how to take your business to the next level, a mentor can be a great resource. Read Mentor Power to learn exactly how a mentor can help you excel.

Team Up! Smart entrepreneurs know the value of teamwork. As Banning points out, “No one has every skill that a business requires.” She, like many of the entrepreneurs we interviewed, suggests building a team that includes a mentor, CPA, attorney and a group of advisors. “No one should go it alone. The more input you have, the better informed you are, the better decisions you can make,” Banning says.

*Concerned you can’t afford to pay for these services? Consider bartering to reduce the expense. Remember, SCORE’s services are free and confidential.

It’s the Network. Rebecca Boenigk, chairman and CEO of Neutral Posture, says networking has been a key to her business’s success. Boenigk’s involvement with her industry’s association provided a wealth of knowledge. While regional networking groups allow you to associate with potential clients and vendors in your area, Boenigk advises business owners to not be afraid to join groups where they may have some competition. “Smaller companies work in a fear mentality when it comes to competition and that keeps them in a silo. To me, that’s one of the biggest issues small businesses face,” Boenigk says. “I never would have thought I would have become friends with my competitors, but they are the people who help me.” In fact, by teaming up with others in the association, her business has secured large contracts—benefitting both her and her competition.

Track Your Progress. In business, the numbers count. Entrepreneurs may get a false sense of security about their progress, particularly if they’re in the helping business. While there’s no doubt that intangible rewards are important, revenue is critical. Set goals for your business and chart your sales to get a clear picture of how your business is doing.

Additional Reading

• See a Need. Do a Good Deed.
• The Secret to Success—Anytime, Anywhere
• Who Says You Can’t?