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Don't Go At It Alone – Entrepreneurial Success Requires Help

Entrepreneurs tend to be fiercely independent people who have a dream and are willing to do whatever it takes to achieve it. What is often the entrepreneur’s strongest asset sometimes turns out to be his or her greatest weakness as well. Simply put, too many entrepreneurs attempt to go it alone. They fail to realise that entrepreneurial success almost always requires a bit of help.

Your average entrepreneur fails multiple times before eventually succeeding. Along the way and with each failure, the entrepreneur learned from mistakes. He or she also picked the brains of other successful entrepreneurs. That combination of personal experience and the knowledge gleaned from the experience of others eventually lifts him/her over the top.

You Need Help with Funding

Funding is going to be critical in determining whether or not you successfully launch your new business. And even if you do launch it, if it becomes viable over the long term may very well depend on multiple levels of funding from a variety of sources. This dictates that you are going to need help with funding.

A start up funding guide is the place to begin. A detailed guide will explain the various sources of business funding including bank loans, crowd funding, angel investing, and so forth. It will tell you the pros and cons of each and how to obtain funding using the best sources for your particular circumstances.

You may be committed to bootstrapping your business for the first 6 to 12 months, which is to say you will fund it entirely from your own financial resources. That is all well and good, but where are you going if you get to the end of the bootstrapping period and still don’t have enough revenues to cover your expenses?

Bootstrapping is a great idea; don’t misunderstand. But go back to that start-up funding guide and look at some of your other options. You may need to follow bootstrapping with some private equity investment or even a crowdfunding campaign. You might need a business loan in order to make capital improvements to your business.

You Need Help with Plans

The first step in building a business is coming up with a solid business plan to get things off the ground. A solid business plan includes the core service or product the company will offer, an explanation of how that product or service will be offered, how the business will be funded, how it will make money, and so forth.

Because there is no black and white model for writing a good business plan, it is not as easy as downloading a template and filling in the blanks. The best written business plans are often the result of collaborating with other successful entrepreneurs and listening to their input.

A fringe benefit of collaborating with others is the opportunity to learn from their mistakes. Just by listening to what they have to say, the new business owner can pick up key things to avoid. There will also be key things to pursue. The point is that you need help in developing your business plan. Do not try to write it yourself under the false assumption that you know exactly what you are doing.

You Need Help with Mission and Vision

Examine the fundamentals of most successful businesses and you’ll discover that having a mission and vision are critical to long-term success. A company’s mission is an official policy that explains why the business exists. Its vision is an official policy that explains where ownership wants the organisation to be in the long-term.

Do you absolutely have to establish mission and vision statements in order to start a new business? No. But it is still a good idea. Moreover, you are probably going to need help to do it. Like writing a solid business plan, coming up with an achievable mission and vision requires a bit of forward thinking along with some knowledge that only comes by way of experience.

Running a business is rarely something a single person can do on his or her own. Business success is an entrepreneurial collaboration between multiple parties. If you are starting a new business, do not make the mistake of attempting to go it alone. Look around for others able and willing to provide the help you need. The more willing you are to accept help, the more likely it is your enterprise will succeed.

 

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