Startup CEO advice you must consider before setting up your business
I always get asked… “Wilson, if you started your entrepreneurship journey all over again, what are some key criteria you would consider knowing what you know today?”
Now this question has SO many layers to it, but let me give some of the basics to make sure I keep this blog post simple, but informative for you.
Replicate, replicate, replicate
This is the first thing I would look into. Who can I replicate that is already successful in a specific niche or industry.
I say this because if this is your first business venture and your first time going out there, entrepreneurship has enough challenges and enough hurdles to come up with a new and one off idea.
You see, one of the misconstrued sayings I hear everyday is “show me a good idea and I’ll show you a millionaire” AND this could not be further from the truth. Over the past 25 years of building businesses I have met A LOT of people with great ideas that their idea will never hit the light of day.
I say… “Show me a great entrepreneur or first class CEO with an average idea and he or she will show you how to monetise and turn that average idea into a great business”
So… first I would pick something that has a replicable model that works.
Focus on one thing
The next step would be to make sure I ‘Focus On One Thing’. i.e. focus one market, industry or niche.
I have set up and run several businesses in several different industries and the only thing that made the success ones EXTREMELY successful was that I focused on market and dominated that specific niche.
So, I would make sure I find a business model I can replicate and find ONE niche or industry that I can deliver my service or product to.
Deliver above expectations
My next step, once I have found the model then researched and chosen my niche, would be to deliver my service better than anyone else and exceed client expectations every time.
Remember though, in business the only way you make money is by solving a problem for someone or adding a benefit. So just make sure you are solving problems OR adding benefits to people better and more effectively than anyone else in your chosen marketplace.
If I delivered a service to such a level that it exceeds expectations and did this consistently, it would very hard me to not succeed.
The key message here is I would keep it all very simple. Another misconstrued belief in entrepreneurship is business is complicated and it just doesn’t need to be, especially if you are just starting out.
I would take out a lot of variables in my first business, if I had to start all over again. You see, when you are entering your first round in business you want to get a win under your belt because once we get use to winning taking on a harder business is A LOT easier.
Look, I have consulted one on one for some seriously successful and wealthy entrepreneurs and it’s funny that these experience and wealthy businessman and women are running multi-million dollar businesses with such a simple idea and without fail 90% of all the start-ups or smaller businesspeople that attend my programs find themselves in these complex businesses, which to put it frankly is NUTS!
So, I conclude by saying… if you are just starting out or even not yet as successful as you want to be in a current business, take on these points:
- Find something simple
- Find something that is replicable
- Focus on one thing (one industry, niche or market)
- Get your delivery process excellent
- Solve problems or add benefits
You do those 5 things consistently and you will win a market within 12 to 18 months and see your business explode. Get that first win under your belt!
You can hear more about this in this YouTube video.
Now, I would love to hear from you.
Are you starting a business or even have a business and ever wondered why it just is more stressful than it should be? Maybe you aren’t keeping it simple?
Comment below and let me know your experiences in your business and how you have overcome them. And, if you have any questions, post below and I’ll be sure to answer them.
Huge thank you for taking the time to read this and sharing your thoughts below.
Live. Love. Change the world just because you can