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.
