Replace “dream big and work hard” with “think strategically and work smarter.” You are the primary resource at your disposal.
With “dream big and work hard” as your mantra, your business fails because you did not dream big enough or work hard enough. But, markets refuse to support businesses for more reasons than the lack of size in your dream and the lack of hardness in your work.
Consider that most novice entrepreneurs create more expectations than they create business strategies.
When you look at successful businesses, it appears that the adage is true: It takes money to make money. It is a mistake to pattern your business after the RESULTS of another’s business strategy. Create your strategy by applying the lessons of creativity, patience, and predictable luck that began in the garage, the dorm room, the book club among friends that preceded the store-fronts, the sold-out stadium, and the best seller’s list.
I have encountered entrepreneurs who want to establish a public-facing business. They often plan first to acquire a building. I always counsel that this is not a plan for success. To start with a building is to start with liability and debt.
The best start is a foundation of content conceptualized for dissemination through multiple media channels.
Build evidence attesting to the creativity and originality of your content. Patiently work to refine your product. It does not have to be perfect, but it does have to be complete. Connect to your market in spaces where followers naturally congregate. Secure your market. Predict with certainty that your market will seek out your product.
The truth is that resources are vital to leverage sustainable success.
Realize where you begin. If you have any resource (information, people, time, or money) you can convert that resource into capital. Why “capital” as opposed to using the word “money?” I say “capital” because the conversion may not yield money. The capital could be favors, relationships, introductions or other bartered services or trades.
[The preceding post is excerpted from COACH Me: Gameplanning Your Success available Fall 2012 by MAWMedia.com]