By Elizabeth Nkukuu
“Building a business is like building a home. If the foundation rests on an unstable setting or is constructed with subpar materials, it doesn’t matter if the rest of the home is perfect. It will never be a joy to its owner -Thomas J. Stanley.
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As we start on the entrepreneurial journey many times we are optimistic and know where we want to get and are almost certain how things will go.
We usually have done good plans and are even maybe excited about how the future looks. But once we hit the ground running that is when truly checks in and we realize that the world of entrepreneurship is not a straight line.
So when you are starting your business what are some of the key pillars that you may need to work on to ensure long term growth:
1. People and Network building: People are the most important components of any business after all businesses are just a bunch of relationships. When looking at people one needs to know that if they are to be successful they have to ensure that their employees are more equal partners in the business which so one of the most important resources they have. It is said customers can send all of us home and so ensuring that we are constantly hearing them out and changing and adapting to what they want is of utmost importance. When dealing with people setting the right culture is key and the culture is usually set from above i.e. from the shareholders and board downwards. Investing in your people and ensuring sufficient alignment is key. Getting people in your team with complementary skills is key to sufficient growth.
2. Products and right business model: When one is getting into a business they must have seen a gap in the market in which they would like to fill and in the process create value for themselves. At times the perceived gap and the true gap could be worlds apart. It is therefore important that involves the potential clients in co-creating the solution as they see it. Knowing the business model works to ensure both parties i.e. the business and the clients make money is key. One should always be focused on continuous improvement so investment in research and customer feedback is key. As you come up with a product make sure it is sorting a very specific need and you must create your very own niche.
3. Brand, Marketing and Sales: Many times we are of the idea that once we make the product the clients will come. The question is how will they know that your solution exists if you do not tell them about it. At times even clients might not be too aware of the need for your products so helping them see the need and giving them the solution is of utmost importance. Looking for the right people to help with brand position is important. Marketing might sound and look like one of those sunk costs but the cost not marketing is no growth for you which would be a big challenge.
4. Processes and adoption of technology: Setting the right processes at the onset is important. This is because one might not be able to change when things move too fast. When running a business efficiency is important and one of the ways to achieve this is the adoption of technology to make work easier and help with coordination. There are so many tools currently that can be employed to achieve this and the key is to do your research having noted what your pain would be.
5. Funding and financial management: getting the right capital at the right time cannot be underestimated. One should ensure they strike the right balance of not being under-capitalized and also they should not over have capitalized as that would kill any possible creativity.
Running a business is a process of learning and relearning and one needs to maintain a teachable mind-set reason being things will change. Surrounding yourself with people that will make your journey worthwhile is key. “Opportunities don’t happen. You create them.”— Chris Grosser. One needs to get some coach or some other sort of accountability partner to make this worthwhile.
