From my experience as a business coach, this as one of those good times when anyone that is serious about starting a new business should venture in. Many businesses started in economic recession have higher propensity of survival for many reasons ranging from less competition, cheap labour, and more support available for startup businesses.
Although the emphasis is not on why you should be starting a new business in bad economy, nevertheless, it might interest you to remember that in every ten or fifteen years, economies go through phases of growth, recession, Trough, and recovery. With careful preparation, planning, and execution; great businesses, entrepreneurs and organizations are made at such times.
To succeed with your startup business ideas you need these 3 key ingredients…
1. Be clear about your vision
True vision is the realistic inspiring picture of what you are trying to create, the difference you want to make and be remembered by. Having a vivid vision of the type of business you want to start will make a great difference to how inspired you will be when communicating it to others. I am not talking about crafting the best vision/mission/value statements on paper; no. When you clarify your vision for starting a new business, a clearly defined vision answers the following questions about:
• Who is are you service… your ideal customer?
• What benefit do you give to your stakeholders, community and the world?
• Why does your organization exist?
At any time when your vision is not clear enough to provide answers to the above questions either through the products or services you’re offering, it might be worth going back to the drawing board to gain deeper clarity of what you’re trying to do.
Assuming you want to start a food business for example; what type of food do you see yourself offering? Who are the people buying from you? What will make them to continue to buy from you? Who else is selling the type of food you want to sell (your major competitors), and how do you want to distinguish yourself from them? What type of impact is your food and business going to make to your community…?
Your vision is at the foundation of the business you want to build; and it is what you want your organization to become even many years after. However clearly you paint the vision will set the path to how successful your business will be because, you cannot build a business beyond the vision you have about it. Keeping your vision simple and exciting will keep you constantly energized and inspired to communicate it to the world both in good market and in bad market.
2. Strategize Your Actions
No matter how vivid your vision may be, if you don’t have a plan of simple actions that you will be executing daily or weekly towards manifesting your startup business ideas, your whole exercise would be mere waste of time.
What you need to start a business is usually not a bunch of complicated tips for starting a business, rather a disciplined culture of commitment to take simple steps each day over a long period of time before you can see the results you desire. To strategize your actions therefore means to identify the most important part of the activities you must do regularly, day after day until you see your business come alive in reality.
This is one of the very important steps in startup business guide where most startup entrepreneurs quit their dreams for lack of discipline and commitment.
3. Hire a Coach or Mentor
Your business coach is someone that helps you to see the things you couldn’t see your business. One of the challenges of starting a new business is lack of direction and execution. Many startup businesses and entrepreneurs often lose focus of the direction their business is heading. This can result in loss of enthusiasm, waste of time, money and resources. Paraphrasing Anthony Robbins, your energy flows to wherever, and on whatever you give focus. Your coach will make sure that you are constantly focused to on your highest priority objectives, and that every action you are taking is in sync with your startup business ideas.
When starting a new business, you could be overwhelmed too quickly by the multiplicity of data and information you received. Working with startup business experts at Cognition Global Concepts will not only give you the simple tips for starting a business, you will also be supported to build your startup business from concept to reality.