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Starting a business can be a daunting experience for a new entrepreneur. Ensuring that you cover the basics is important in helping you to not only navigate the initial challenges of starting up but also to maintain the momentum, and to eventually create a successful business. Here are the absolute 5 must have resources that you need to build and manage a successful business:
Resource #1: Research
Before you start any business, it is important to analyze the “feasibility” of your business plan by doing adequate research. Read up, talk to people in the area you want to get into, take classes, and consult with a coach. Modern technology, such as the internet, has made it possible to quickly find information. Having knowledge and expertise minimizes the risk of spectacular failure and helps you resolve challenges with fewer losses.
However, learning doesn’t stop once you’ve set up your business. Education for an entrepreneur is a lifelong responsibility to ensure that you stay on top of the current trends in the business and stay competitive in the market.
Resource #2: Money
The fundamental reason why many businesses never really take off is the lack of cash flow. As an entrepreneur, in addition to having the funds to run a business, it is also important to have adequate funds in hand to maintain your business for a good 6 months to a year, which is a decent enough time to start seeing returns.
Your financial budget should include capital costs, operational costs, and human capital costs, with some extra budget to cover contingencies and emergencies over and beyond any other type of miscellaneous expense.
There are many ways of sourcing funds to help with the process of starting a business. Here are a few of them:
- Your own capital investment
- Funds provided by family and/or friends
- Banks and other financial institutions
- Governmental schemes to support business
- Venture capitalists
- Crowdfunding
- Grants
Resource #3: People
Another important resource to bear in mind is the people who work in your organization, otherwise referred to as “human resources”. People are a fundamental resource for creating a successful business.
Ensure that the right people are selected for the right roles. The selection must be based on a proven track record with a demonstrable skill set that matches the respective job role. Avoid the tendency to go too cheap or to hire for multitasking. Your aim is to hire the best person for the role. But the best person for the role should also be able to move up the ladder and prove to be advantageous for your business growth.
Resource #4: Material Resources
Material resources can be about having the minimum amount of physical resources needed to run a business. This involves items such as having a physical office, having the correct type of technology and communications systems, and a methodology to connect all your employees, particularly in multiple locations. Keep an eye on the budget whilst prioritizing quality and relevance.
Resource #5: Emotional Support
Emotional support is not just about being a good listener or a shoulder to cry on when you are starting a business. Behind every successful entrepreneur is a team of well-wishers and ardent supporters.
Having a coach on your side will help you to grow your business and push past challenges when the chips are down. Your coach will call you out on actions that may not be in your best interest in the long term. He will also celebrate your wins along your journey.
