On November 30th we had the pleasure of attending an inspiring and informative event geared towards entrepreneurs. It was presented by Chevon Hines, a driven and passionate young woman who graduated with her undergrad in May 2012. She had the vision to start her own company and she did; this was the first event she put on as Chevon Hines Enterprises.
So whether you are a recent startup or have been in business for 20 years, the panel of experts shared some very helpful advice that can benefit everyone.
- OK, so you have your big idea. Before you write a business plan, write a position paper, this should cover a few vital points: (1) What’s the problem in the industry? (2) What’s different about you? (3) Why does this difference matter? This is helpful to know before you hit the road running to see that your product/service is actually needed in the industry.
- Do you have an innovative idea? Someone’s going to catch up to you. Have a strategic plan to deal with it when it happens and a plan to keep moving forward.
- What is your end result? A panelist said that that he asked this question to many new business owners and they didn’t have a clue. Are you trying to eventually sell it? Have it acquired? There are only a few options, so pick one for now and work it.
- Understand the legalities of your business, this can help you avoid a lot of future headaches.
- Have an operating agreement with your co-owners. Get it out of the way in the beginning and this will also help you avoid more potential future headaches.
- One of the panelists invests in new businesses, when asked what he looks for in a person to invest with, he responded: “Does this person have passion, optimism, and character? Do I trust you as a business person, and do I believe in the value you are bringing to the customer?”
- Learn profit and loss statements. Even if you are not dealing with lots of the financial statements, you should know when and how you are making money within your business.
Whatever you are doing to start/grow your business just know you are not alone, and there are countless resources for you. Stop by The Work Spot and find out how you can tap into some our resources to help you accelerate your business. We have a lot of exciting things happening and we want to collaborate with you!