Great start, but no finish

[Kevin Lee]

Many people get off to great starts about their business ideas, but then fail to follow through (let alone finish).

What advice can we give to these aspiring startups?

[bmueller47]

Many people get off to great starts about their business ideas, but then fail to follow through (let alone finish).

What advice can we give to these aspiring startups?

Hi Kevin,

The very basic advice is as always: "Never, Never, Never give up". These were the famous words of Sir Winston Churchill during World War Two.

Of course, this is a universal advice. But every one has a different pathway, then the advice need to be 'taylor-made' to meet the excact situation.

Regards


Beat

"Unlock People's Potentials!"

Everyday matters, so keep going.

www.wealthtreasures.com

[OmnivoreInk]

I think anyone who starts a business has grand dreams for it - they think it will be a success right off the bat.

So they start full of enthusiasm...and when the customers/orders what have you don't start coming in... when they're faced with having to work a bit harder than they'd expected to draw those customers/orders... the enthusiasm can sometimes wane.

The thing to do is remember that for every business that is an "overnight success", most of them clipped along for years, struggling to keep head above water, until that one "thing" happened that propelled them over the top.

[Kevin Lee]

Hi Kevin,

The very basic advice is as always: "Never, Never, Never give up". These were the famous words of Sir Winston Churchill during World War Two.

Of course, this is a universal advice. But every one has a different pathway, then the advice need to be 'taylor-made' to meet the excact situation.

Regards


Beat

"Unlock People's Potentials!"

Everyday matters, so keep going.

www.wealthtreasures.com

Hi Beat,

I think a lot of aspiring entrepreneurs (including myself ) get distracted by other things/ideas and simply lose interest before they even had a chance to quit. For instance, you can't quit something you never even started.

Would you have any "commitment" tips? Or do you think it's more of an issue of picking the "right" path/business idea?

[babyjoy214]

Hello!

Maybe they expect too much of their plans and there's no more room for a bit of disappointment, that's why they quit ahead when they see something wrong.. hehe..

I'm just a passerby here and interested in the ideas that businessmen do, offer and share of their experiences. I can only relate business as to my experience back in school and while I was sort of a Asst. Manager in our family business..

In my belief, when your heart is on that something or anything there's always hope and giving up is no where to be found on the options.. Also as to what I have read on some posts and articles, before starting any business everybody should do research and business plans.. there's always downside on things, consider all aspects of the business, competition for one and demand for the target market..

Hope what I said was ok..

[Kevin Lee]

In my belief, when your heart is on that something or anything there's always hope and giving up is no where to be found on the options.. Also as to what I have read on some posts and articles, before starting any business everybody should do research and business plans.. there's always downside on things, consider all aspects of the business, competition for one and demand for the target market..

Hope what I said was ok..

Hi babyjoy214,

Perhaps the problem lies in doing more research and learning about the competition if you're intimidated as it can be a way of talking yourself out of following through.

[ChrisH]

In my belief, when your heart is on that something or anything there's always hope and giving up is no where to be found on the options.. Also as to what I have read on some posts and articles, before starting any business everybody should do research and business plans.. there's always downside on things, consider all aspects of the business, competition for one and demand for the target market..

Hope what I said was ok..

Hi babyjoy214,

Perhaps the problem lies in doing more research and learning about the competition if you're intimidated as it can be a way of talking yourself out of following through.

I think a few things that help the process to be more successful are:
1 - thorough research
2 - be brutally honest with yourself about the idea and your personally abilities and skills
3 - research the competition
4 - take the time to compile a thorough business plan - including a financial and marketing plan

A thorough business plan can walk a person through the numerous details that are needed to make a business work. If all bases are covered and honest answers are given, it can be the eye opener a person needs to make an educated decision about the idea. It could also be better to use parts of the idea or to make some changes to the idea. Just because any of us get an initial idea - that doesn't mean we can't make adjustments to find a better idea. You're going to need to evaluate and make adjustments once the business is operational to make it effective, why not start learning how to do that early in the process

Chris

[OmnivoreInk]

For myself... a few years ago I started a science fiction webzine, and it has taken until now, three or four years... to become profitable. I thought about giving up many times, because it's depressing to put a great product out there and not have anyone read it. But after four years... people are reading it.

The annoying thing is, about a year or so ago, I started a sports webzine, and that took off almost immediately, so that I"m at the point with that now that I am with the SF zine, and in 3 years less time. So I'm seriously considering droppng the sfzine entirely and focusing on my sports stuff, because it clearly has far great market potential.

I hate to give up my "first born," but I'm thnking it has to be done...

[RussellWebb]

Expanding on Chris' comments...

Why not start with a mini business plan?. It can be a short 10 pages that identifies the core elements of the start-up. It may take several weeks to gather the data, but a lot less overwhelming than a full scale business plan.

[litekepr]

Expanding on Chris' comments...

Why not start with a mini business plan?. It can be a short 10 pages that identifies the core elements of the start-up. It may take several weeks to gather the data, but a lot less overwhelming than a full scale business plan.

Just from the things I've seen with business people who had problems from the beginning - a mini business plan would be all right for someone who actually understands business and more specifically the type of business they are planning to start. But, if a person puts together a mini plan and they are seeing problems or have questions and concerns --- it would be good to do a more detailed plan. The detailed plan is a lot of work, but a thorough plan helps a prospective business person identify the more complete picture of what's involved. If a person isn't willing to put the time and research into complete business plan, are they going to be commited enough to actually get the business off the ground and stick to it when the problems start??

Shri

[TheRainmaker]

Hi Guys,
I always, always recommend a starter upper read THe E-Myth by Michael Gerber. Many of those that decide to start something dont realize how much work, and how multifaceted running and building a real company is. This books shows people the ins and outs in a simple and effective way.

As far as commitment goes, they have to be willing to become lifelong learners. If they arent willing to do that, I have very little hope in their businesses getting past the 1 year mark.

There's alot of self reflection that has to go into starting a business, and recreating your life essentially. I also recommend books and resources like The Success Principles by Jack Canfield.

Jude

[litekepr]

Hi Guys,
I always, always recommend a starter upper read THe E-Myth by Michael Gerber. Many of those that decide to start something dont realize how much work, and how multifaceted running and building a real company is. This books shows people the ins and outs in a simple and effective way.

As far as commitment goes, they have to be willing to become lifelong learners. If they arent willing to do that, I have very little hope in their businesses getting past the 1 year mark.

There's alot of self reflection that has to go into starting a business, and recreating your life essentially. I also recommend books and resources like The Success Principles by Jack Canfield.

Jude

Hi Jude

I wish you had been in a business book forum with me in March There was a guy sitting beside me who kept telling the crowd that all you need is an idea and the desire to have a business. That is just not enough -- there is so much more to running and/or owning a business. I got hit over the head with those facts at 19 I was managing a business doing over $750,000 a year - with NO business or office experience. Talk about learning under fire

Each time I said something about taking the time to learn about business, management, hiring, firing, accounting, suppliers and on and on -- he kept arguing with me and saying that I had the wrong approach. We could've tag teamed him After the talk was over, I got to talk to many of the attendees and they thanked me for the information I shared.

Shri

[orxan]

My advise is FOCUS on your business.

Focusing is the main factor to succeed on business. If you have a great idea, then follow it only, don't look anywhere else. It is especially essential in an online business. Because there are a lot of mind blowing sales letters promising millions dolllars or overnight success, people find it difficult to concentrate on one business and they lose their energy.

Concept is simple.
1- Have a good idea;
2- Build your business on it;
3- Monetize your business;
4- Promote it;
5- Build list of responsive customers;
6- Maintain You Business.

Focusing and not fearing from competition (instead you can learn from competitiors) are main tips of billionaires ,BTW.

Orxan

[Kevin Lee]

My advise is FOCUS on your business.

Focusing is the main factor to succeed on business. If you have a great idea, then follow it only, don't look anywhere else. It is especially essential in an online business. Because there are a lot of mind blowing sales letters promising millions dolllars or overnight success, people find it difficult to concentrate on one business and they lose their energy.

Concept is simple.
1- Have a good idea;
2- Build your business on it;
3- Monetize your business;
4- Promote it;
5- Build list of responsive customers;
6- Maintain You Business.

Focusing and not fearing from competition (instead you can learn from competitiors) are main tips of billionaires ,BTW.

Orxan

Thanks orxan! But how do you know if you truly have a good idea or not? If we ask ourselves, we may be suffering from tunnel vision. On the other hand, friends/family may try to discourage us from pursuing a small business because of their own fears, while others will simply give us an empty "you can do it!" line.

[orxan]

Hi Keven,

By good idea or niche I mean the area where you have good knowledge. Here is how. I want to start my online business. And I must find the good topic for my business. WHat can it be? I 'm lawyer and have enough knowledge about it. THen why not to start a blog giving legal advice to people?

Or if you are weight loss expert, then weight loss i a good idea or niche for your online business.

Also the monetization potential of the niche is important too. If there is good mon. potential and I have special knowledge about my niche then I can have advantage in the competition and it can be a good idea for my future business.

This is what I mean by" good niche"

After finding my pofitable niche, it will be easy to build business on it.


Orxan