Starting a new business and achieving sustainable success is a marathon, not a sprint. So if you’re thinking about what your new venture might look like, or how you might feel as you move forward and develop it, here are ten things to consider at the outset:
1. Work on your vision and strategy. If you can’t be passionate about your venture, choose another path.
2. Create a clear roadmap or plan. Work out what you will do and how. Don’t set off in the wrong direction.
3. Consider your resource requirements. What will you need in terms of infrastructure, people and finance? Don’t run out of cash!
4. Develop your purpose and values. Consider meaning as well as money. Work towards a “triple bottom line”, valuing people, planet & profit.
5. Test your market. Don’t assume that your idea for a product or service will appeal to your prospective customers. Make sure you develop something that people will want and pay for.
6. Consider your business model and competition. You will quickly tire of a business that has little or no prospect of making a profit.
7. Protect your IP. Don’t let someone else take advantage of your innovation, investment and hard work.
8. Think international. Maximise cross-border trading opportunities and take your place in the global business village.
9. Embrace change and be open, flexible and transparent in your dealings with stakeholders- including customers, suppliers, staff and investors.
10. Work hard, get up early and never ever give up!
All of these issues, and many more, are covered in my book, “From Vision to Exit – The Entrepreneur’s Guide to Building and Selling a Business”
“Guy Rigby’s book is a lip-smacking smorgasbord upon which to feast. Easily digestible, never dry, stuffed with sage anecdotes and wit, it can be devoured it in one full fat sitting, or you can pick and mix from the menu, depending on your appetite. The tasty top tips at the end of each chapter should become the staple diet of anyone wanting to run a healthy, growing business. It deserves a Michelin star. Bravo.”
Tristram Mayhew, Founder and Chief Gorilla, Go Ape!