Human Resources

Overcoming the Fear of Starting a Business

Posted on Tuesday at 12:00

There are thousands of startup articles that offer advice on the methods, processes and mechanics for starting a business. However, the inner, personal workings of starting a business are just as important as your business plan and capitalization strategy. If you are not mentally prepared to start your business, you will be stopped dead in your tracks.

Perhaps one of the largest personal inhibitors to starting a business is the fear of doing just that. There are numerous fears that most entrepreneurs face, including the feat of quitting one’s job, the fear of losing one’s hard-earned savings, the fear of failing, the fear of not being there for one’s family…the list goes on and on.

While these fears are completely natural and can actually help motivate you to be successful, there are a few techniques that you can use to ensure that your fears do not debilitate you.

• Say yes to your inner voice that’s been elbowing you to start this venture. In fact, write down your reasons for starting your business and remind yourself of these reasons and of your commitment on a continual basis. Believe in yourself and your business.

• Create a journal or idea board where you constantly write down new goals, ideas, emotions, commitments, etc. This will keep you motivated and excited about your venture.

• Visualize your success. Determine what success looks like for you, make it tangible and specific: “In 3 years, I will know that I am successful because I am working less than 30 hours a week, taking over $75k/year in salary, attending all of my kids soccer games and going on a date twice a month with my significant other.”

• Similarly, create affirmation statements and repeat them to yourself. “I am going to sign 3 new deals this month.” Keep a constant list of affirmation statement on hand and read them daily, sometimes multiple times per day.

• Become concretely aware of your beliefs. Prioritize yourself, your business, your family, your money, etc. Be aware of your beliefs and do not allow yourself to stray too far from what is important to you.

• Empower yourself with knowledge. The more you know about your business, your finances, your competitors, your customers, various business strategies, etc, the better and more informed you will feel about the decisions you make.

• Take baby steps. Start your business part-time while maintaining your full-time job. This will allow you to determine if entrepreneurship is right for you and if your business is truly a good idea while mitigating the risk of failure.

• Be realistic with your expectations. If your expectations are too low, then you likely are not suffering from the debilitation of fear. On the contrary, if your expectations are too high, than your fear of not meeting them is likely valid. Be sure to align your expectations with your resources, be that time, money, support, knowledge, relationships, etc.

• Continually build your non-financial capital. Your business relationships and advisors as well as your personal support systems can often be the most effective way of getting through the tough times that you will certainly face.

• On a practical note, be sure to continually shake up your routine so that you do not fall in a rut. Refuse to make excuses, accomplish unfinished tasks and check them off your list.

• Lastly, accept your fear and face it head on. Know that it is better to have tried and failed than to live with regret of what you could have done. The latter will be far more disappointing.

Tags: fear, How to, overcoming fear, Pre-Launch Actions, self awareness

Build an All-Star Startup Team

Posted on Wednesday at 11:44

You have a great new business idea. As it forms into a plan, decisions will be made around how to support business functions necessary to succeed and if you should plan to assemble a team.

Know what you have, determine what you need.

Create a clear outline of how the company will develop as an organization. Understand your goals and format them to support a strong mission and vision. What skill sets and abilities are necessary for your business to succeed? Of these, which will you not be able to fulfill? Gain a clear understanding of yourself, your competencies and shortcomings. As resources will most likely be initially limited, understanding which functions and abilities are the most critical will allow you to target and bring on a team member that will bring the most value to the business.

Once you have defined the position, it is time to look for the best candidate. At the startup level, traits including inventiveness, ambition, and autonomy should be heavily weighted. Look for people with experience in relevant fields, interest in startups, and an ability to perform across functions of the business. The ideal candidate will be driven to achieve the goals you have set and share passion for the success of the company.

Networking and becoming involved in the community – online or offline – are good places to start when looking for the right people to create your team. Your own social network is a valuable tool. Communicating an enthusiasm for your new business will often attract people with entrepreneurial drive.

It is important to build a team with personalities that complement each other. However, your first few additions should have skills different from your own with backgrounds crossing business functions. Your goal is to create a solid foundation for your business to grow.

Tags: Business Idea, Pre Launch, Pre-Launch Actions, Startup Phase, Startup Team

Top 5 Questions to Consider When Building A Management Team

Posted on Tuesday at 7:58

Whether you promote an employee from inside or hire someone from outside, a new manager brings his/her beliefs, practices, skills and past experiences. As a result, this will bring new ingredients to your management team and effect either positive or negative changes. It is important to keep this in mind when building a management team. Before brining on a new manager, ask yourself the following questions:

1. Does the person fit into the company’s culture? Company culture is basically defined as the values and practices shared by the company’s employees. A company’s culture should be aligned to its business goals and therefore, the management team should also be aligned with this culture in order for a mutually beneficial and productive relationship.

2. Does the person know the industry? Experience is one of the most valuable assets that a manager can possess as it enriches his/her judgment and enables him/her to make strategic decisions. Management, to a very large degree, is about making decisions. Therefore, a person who knows the industry well tends to lead the company on the right track towards success.

3. Does the person have a skill that the other team members do not? An entrepreneur should avoid surrounding him/herself with people of similar skillsets and backgrounds. A team should have similar values but comprehensive skills. In order to select the right talents, you must first be honest with yourself about your own strengths and weaknesses.

4. Is the person in it for the long haul? Adapting to a new environment and system can take many months, especially in a management level position. High turnover amongst management can be very costly and dangerous towards maintaining stability, culture and competitive advantages. Be sure to hire people that are looking to grow and stay with the company for the long run. Additionally, be sure you provide the right support and resources necessary to ensure your management team continually sees value in working for you and your company.

5. Is he/she a person of integrity? Integrity should be at the core of every business. It is a crucial and essential characteristic for the long term development and growth. When looking for people to manage your company, maintain client/customer relationships and oversee your company’s products/services, be sure to find someone who you trust and who can represent the company with integrity.

Entrepreneurs and business owners should incorporate their organizational chart, management roles, hiring strategy and core values into their business plan based on the considerations mentioned above. By planning and articulating a company’s management strategy, entrepreneurs and business owners are already one step closer towards hiring managers that fit the company’s culture, know the industry, have diverse skill sets, are in it for the long run and honor integrity.

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