I'll admit it, this is certainly not a comprehensive list, but it does represent some important fundamentals.
1. A good business idea. Basic enough, but will your idea work? Have you written a biz plan? Do you know where you want to go, and how you plan to get there?
2. Enough talent to carry it out. Do you have the stuff to do what you'll do? Only you know the answer to that. (I’ll be writing on this topic soon, so stay tuned!) You can’t go into the marketplace trying to fool the people.The people are smart—and they recognize integrity and a good idea.
3. A marketplace. You’ll need a niche--people to buy your stuff. Identify it in your business plan.
4. A marketing plan. The marketing channels available to entrepreneurs today are seemingly endless. Which are the right ones for your business? How will you reach your niche market. You must continually reevaluate your answer.
5. Common sense. Make sure you idea is based on sound research, not a flight of fancy. Have a financial cushion going in; it may take awhile to generate revenue. Keep expenses under control. Pay yourself as little as you can to get by, until your biz has proven itself--after that, remain thrifty. Listen to your gut. Stay focused. Don't spread your talents too thin.
6. Enough money. Many microBusinesses can be started with little operating capital. Can yours? If not, where will you find the money to buy equipment, inventory, raw materials, and services? Can you get a loan, use credit cards (that’s expensive!)? Can you borrow from family, your life insurance policy, or your home equity? Perhaps you can get start-up capital from a microlender like Kiva or Accion USA. Maybe you can continue to work at your current job until your business starts making money – not an attractive scenario perhaps, but one that has worked for many microBusiness owners. Bottom-line: to sustain your mBiz, you've got to start it on a reasonable financial platform, otherwise you're fighting an uphill battle right from the start.
7. Support of your family. Yes, you'll need their support, because it’s tough enough to run your own mBiz, without having to continually convince your spouse, or significant other that you’re doing the right thing. You need your loved ones on your team.
8. A jar by your door. (To put your ego in.) You’ve wanted to be the captain of your own ship. You’ve dreamt of the lifestyle that a microBusiness can bring. Now you’re the boss! While a well-planned microBusiness can bring money, autonomy, and a healthy measure of freedom into your life, remember this: If your ego leads, you will fall behind—it can cloud your thinking. Customers aren’t much interested in you personally. They’re interested in what you can deliver to make their lives easier or better.
9. Control of your fear. Everyone’s fearful in the beginning. After all, there’s a lot riding on this. But you’ve got to manage your fear. If you don’t you’ll be making knee-jerk decisions that will almost always be wrong. Keep a cool head, even when things get dicey (and they will). You’ll be much less likely to get tripped up.
10. Passion. (And this is a biggy.) A microBusiness is mostly just you. You may have some helpers or a small staff, but basically most micros run off the fortitude of the idea person, the entrepreneur. To maintain that fortitude throughout the years and throughout the difficult times, you’ll need passion for your idea, and passion to make your customers happy. It’s the fuel that will keep your ideas energized and your business moving forward.
11. Innovation. Innovation is a BIG buzz word in corporate America. But it falls into the same category as "customer service" in that, they all think they have it, but seldom do. The most innovative companies in the world are microBusinesses. They're small, nimble, and can implement change instantly. For example, you’ll need to be aware of market changes, new products, competitive forces, and be able to adapt or adopt as needed to those changes before you they adversely affect you. Business is dynamic. Micros have to innovate too!
I'd love to hear your comments! Do you have questions on this post? Please feel free to post a comment here, or e-mail me, or let’s talk on Twitter or Plurk.
