Running your own biz – it’s the dream, right? Even the latest World Happiness Report ranked those who run their own show as some of the happiest and most fulfilled. If you’ve got a viable idea and know how it will bring home the bacon (or just ‘make money’), that’s definitely a starting point. However to really make sure you nail your business dreams, we’ve rounded up a few startup pearls for you. Take our crash course to check if you’re really all ready to go.
Why are you doing it?
Sure, you’ve got a killer idea… but do you really love it? Starting up your own business takes gusto and dedication, so get clear on your ‘why’. Time to learn your M, V, V’s: Mission, Vision and Values.
- Mission: Why does it exist? Who will it help? Ideally this mission statement should cover who your target customer is and what your business will do for them.
- Vision: Now you’ve got your mission on lock, dream bigger (blue skies, baby!). Where do you see your business heading in the future?
- Values: While you’re crafting these, you may see some core values start to emerge. These are the things that will guide you in your everyday business decisions. Get these straight at the start, and it’ll keep everything ticking along.
Do you have your head in the game?
We’re talking mindset here, because research shows there are actually a few key qualities that all superstar entrepreneurs have. If you’re serious about your business becoming a success, your first step should be to work out whether you naturally have the entrepreneurial mindset or need to fine tune some areas. (If you’re not sure where to start with this, we can help!)
It's more than 'passion', and it's more than 'driven'. An entrepreneurial mindset will have you taking action, you will be incredibly resourceful, you will be fearless and you won't allow convention to stand in your way.
What are you not so great at?
Knowing what you’re good at is an easy checklist for most. But knowing the stuff you’re not great at? That’s harder, and possibly a little uncomfortable. But it’s also totally normal – as a founder, you don’t actually need to be great at everything. In fact, a low motivation in some areas is part of what makes a successful entrepreneur.
Taking time to work out your ‘blind spots’ should be mission critical for you when getting things off the ground. It helps you surround yourself with the support network who are going to give you what you need.
Who’s your mentor?
Starting your own business is a big move, especially if it’s your first foray. Once you’ve worked out the areas you need support in, look for people who can advise and guide you in areas that you’re not so savvy with. And in fact, why stop at one? Cast your net wide and seek out a network of mentors across different areas of your business.
Do you need a co-pilot?
Here’s a knowledge bomb for you: around 2 out of 3 successful businesses are co-founded, rather than doing it solo. And having a co-founder is a pretty clever thing – if you do it right, you can pick someone who complements your business blind spots and brings their unique skills to the table.