Writing for Entrepreneur online, Charu Chandra says entrepreneurs have much to learn from the practice of yoga. Be flexible, she advises, find balance, simplify…Those suggestions would have helped me manage the stress and uncertainty of my startup year with SteelBridge Solutions, Inc., an exhilarating and demanding ride. While I can’t counsel you like a Zen Master, I can share a few practical suggestions with potential entrepreneurs.
- Take the time to learn business skills. I’ve been a consultant for twenty-five years, so I knew how to start a practice and advise clients. The missing link was how to turn my skills
and knowledge into a viable business. There are many ways to learn business skills, but my solution was The Edge Connection at Kennesaw State University in Kennesaw, Georgia. It’s an award-winning, nationally recognized program that provides entrepreneurial training to women, minorities, veterans, and persons with disabilities.
The Edge Connection helped me set the foundation for SteelBridge. For example, they taught me how to think critically about my concept, analyze the market and the competition, and position my offering to target the kinds of clients I wanted to serve. Then I developed a crisp value proposition and a five-minute pitch that would convince my target audience they should do business with us. This experience was real, hands-on marketing, not a laboratory experiment or an MBA project.
- Figure out what you should do and what you should outsource to others. At first, I thought I could and should do everything myself. It wasn’t long before I was overwhelmed and wanted to outsource everything! Now I am learning how to be selective—assessing my skills and my passions, and finding others to do the work I’m either not so keen on or not trained to do. Marketing is one area that is out of my comfort zone. Although I am good at developing proposals and producing consulting deliverables, I let others promote my services and move buyers to purchase them.
Also, in any business, certain functions are important enough that the owner should perform them. For me, those are Business Development, Client Relationship Management, Contracting, and Quality Assurance. Think carefully about what yours are, and don’t be afraid to seek instruction if you can’t do them as well as they deserve.
- Find a support structure. Starting a business is lonely, so connecting with other entrepreneurs can be a great source of comfort and camaraderie. The Edge Connection provided a built-in support structure for me. My colleagues and I celebrated successes together, served as sounding boards, and helped each other get through challenges. The instructors were supportive, too, offering extra help when needed.
Other options are Chamber of Commerce, Rotary and online peer advisory groups. Some are for-profit like HEMP and Vistage and others, like Entrepreneurs Organization, are non-profit. You can also look for groups on networking sites like LinkedIn. Please note: I have no experience with these organizations, so please check them out carefully.
- Accept help when it’s offered—and offer help in return. The graciousness and generosity of people touched and amazed me. Former colleagues introduced me to people who could hire me or help me. Some also helped me deliver projects that required expertise outside my comfort zone. Bankers and financial advisors reviewed my business plan and provided feedback. Former clients supplied references and referrals. Everyone seemed excited to help me.
I’ve paid that forward by sharing my HR expertise with classmates who weren’t knowledgeable in my field. A colleague and I developed “HR in a Box,” which includes an employee handbook and a set of basic HR processes to guide hiring, performance management, and discipline along with a checklist of HR essentials and a couple of hours of consulting.
- Be patient and accept that building a business takes time. Ah, patience! Early on, I believed that my website would be up in sixty days and I would be generating revenue in ninety days. Ha! Everything took longer than I thought it would, from finding the right website consultant, to hiring an accountant, to figuring out what exactly SteelBridge Solutions aspired to be.
Building effective partnerships requires a significant investment of time. As a consultant, I’ve always referred to myself as a ‘trusted advisor.’ Until I started my business, I’d never been on the ‘client side.’ Now I really get ‘what trusted advisor’ means—which I hope will make me a better consultant.
That’s it for lessons from year one. I’ll post more as I discover new secrets in year two. And if you’re thinking of starting a business—or if you’re already well along in the process—send me a note. I’d be happy to be part of your advisory network.
What about you? What recommendations do you have or knowledge you can you share from your entrepreneurial experience?