Starting Small Business Made Simple | Five Rules For Success
25. May, 2010 
15 Comments
Start With The Right Small Business Ideas
When making a decision about starting a small business you will need to select and develop the right business idea. While this may seem like an obvious pre-requisite, the majority of people who dream of starting their own business don’t have a clue for a small business idea. And everyone says yeah If Only I had the right idea… We now have the most incredible resource in mankind’s history at our fingertips 24/7. Use It – The internet will give you access to every conceivable idea as well as the means to do extensive due diligence on it! See our article on why people start a small business They only possess the desire to become their own boss (check our post on this topic) and get started on the road to being a successful small business owner. Once you have made a preliminary decision on what small business to start then the real work begins
Follow Other Successful Small Business People
Put real simple – do what other successful business people do. Network – communicate – start conversations – Don’t copy without permission or giving the right credit (Bad Karma) – It’s all Ice Cream put YOU and yourself into whatever you undertake and make it your own flavor
Taking guidance and suggestions from successful small business owners and entrepreneurs will be critically important when you are starting small business ventures. Knowledgeable and experienced businesspeople who have already launched and run a small business can assist new entrepreneurs starting small businesses. They are so often very willing to “give back” and share what they have learned from their mistakes, and they can pass this invaluable knowledge on to you.
Frequently they have created “systems” that will increase the probability for new small business owners to achieve extraordinary results when starting their own small businesses. Many of these small business systems can be deployed in a new small business simply by following 1-2-3 instructions. Take advantage of these powerful resources, whether they are free or require payment it will save you valuable and expensive time and mistakes.
Allocate Your Resources Properly
We have a formula for allocating your resources that applies in most every small business. The categories always must be in place – the percentages will change. We recommend even in the phase of starting a small business – you must allocate on the order of 1/3 – 1/3 – 1/3.
- Work ON Your Business – This is what most unsuccessful people forget to do – make your business better. Make it a passion to follow the Japanese concept of Kaizen – constant improvement. Seek perfection is your goal – not necessarily to have it and possess it – the drive for it keeps us all going.
- Work IN your Business – Most everyone gets this – Make sure you spend more than 4 hours a week at it. Starting a small business requires significant resources – time or money – your choice which – Not your choice of whether to invest them or not.
- Work On Yourself and Your People – Put You and your people first and you will come in first in the race. Whether you are a “solopreneur” or have 500 employees – you and your people are your most valuable resource. Take care of them, nurture them, educate them and develop them – They will lead you to success and prosperity
Execute Your Plan
Make your plan, use someones elses plan to edit and modify it for what you do. Then put every ounce of energy you have into executing the plan. Follow though on every step – no shortcuts and don’t fall victim to the flavor/focus of the moment disease. It is a microcosm of step 3:
- A. Work on your plan and develop/create it
- B. Work your plan and complete the steps
- C. Look for the real time adjustments necessary to make your plan more effective and leverage the best results from it.
Persist Until You Succeed
Been hearing the statement this month “sometimes you have nightmares before you realize your dream…” People have been using it to ease Lebron James’ (of the Cleveland Cavaliers) frustrations of not continuing in the NBA playoffs to win a title. Seth Godin says it all in his book “The Dip”. Push through the dips in your business performance – when it seems darkest – right when most people quit is when you must give it all the juice you have. Any worthy or worthwhile goal deserves all the energy you have and persisting in giving until it gives back.
There you have it – write them down – refer to them – ensure you follow them – Your journey to success will be filled with success.
Related posts:
- Starting A Small Business Is The 2010 Top Employment Market
- Starting A New Small Business Franchise
- Internet Business Tips for Success
- Small Business Ideas | Your Map To Success
- Starting A Small Home Business
Great article!
I’ve also learned that feedback is a very important part of starting a small business. Throughout the process of small business startups, you will often get positive AND negative feedback. Don’t take everything that you hear negatively to heart — it could be discouraging or even detrimental to your plan. Instead, take it for what it is and use your best judgement to move forward.
I particularly like the resource allocation equation in starting a small business. We do get wrapped up in the day-to-day tactical work. Without a clear strategy and setting aside the time to work on the business, it is so easy to forget that except at year-end or the start of a new year. I agree start with your employees and yourself. You might consider re-ordering your three items to reinforce that! Thanks for the great article. Liked it alot
So right it is all icecream! And there are millions of varieties out on the internet. Starting small businesses with that kind of resource really leveled the playing field for us work from home entrepreneurs. Good article on a great topic! thanks
Starting a small business with the right idea is key. There are lots of different things that determine right! Right time, right product for the market – but the most important is to make sure it’s right for you – that one thing you can get crazy passionate about when you start your small business. If the passion stays – so will you! Staying with your small business idea over the long time for the duration will make it real! thanks
You guys really got it right on this one. those are the five platinum rules for success when you are starting a small business!
great article like steve said – feedback is super important and listening when it’s given. yeah it is your small business you are starting – and so you need to go with your choice of direction,but feedback can be just the small extra that makes it work!
good post – you did cover the essential rules I think. Starting a small business isnt rocket science but it has some laws/rules you gotta follow if you want to be a successful small business owner. You covered alot of ‘em
Thanks for the guidelines and insight.
All 5 of your rules are definitely fundamentals to starting and running a small business. I would go so far and say you will never have a small business that is successful o0ver the long haul without all 5 of them! Maybe an overnight sensation – one hit wonder, but to have a small business – any business – that grows in value and performance over time – you need them all. great post
Ideas need us as much as we need them! There are a lot of great ideas out there and most of them still on a dark shelf, sitting… waiting… collecting dust until the right person implements them. One thing that I found that really helps an idea take off is finding a hungry market and giving them exactly what they want.
You’re absolutely right. Often, I have found that when looking for advice I can turn to another small business owner that will share in insights and guide me in the right direction. The principle behind these 5 golden rules should be applied to anything that is work working for! Thanks for sharing!
I love what you shared with us hear – to get where you want to get as a small business owner then you need to see what other successful small business owners are doing. Lastly, these five golden rules are fantastic reminder what consist of simple yet successful small business.
Persist until you succeed. Best Advice around.
I think the most important point here is following in the foot steps of other successful business owners in your field and not being afraid to take advice and ask questions. Not only will it drastically reduce your learning curve and help you to avoid making costly mistakes but business is a team sport and is way more fun when you can collaborate with those playing the same game.
Thanks for the guidelines and insight.