Ask yourself this question, “Why do businesses exist?” They exist to provide solutions to problems. Has there been a time in recent years where there have been so many problems? Then it should be no surprise new business start-ups are on the rise during this pandemic. Numerous articles confirm this trend, and here is one of many https://www.npr.org/sections/money/2020/11/10/933105790/the--boom-in-startupsunexpected
What about the start-ups themselves. Is it sufficient to just form an LLC, find a bank and install an accounting system? To achieve sustainable success obviously requires more. Is there a clearly conceived vision for what the business will look like in a couple of years? Are there strategies with goals and actions plans for moving toward the vision? What about the people we bring on board – do we have systems for finding and retaining the best? Is our overall culture motivating for the team members? Do we have a couple of differentiating factors that are defensible and that make us more preferable to our customers than our competitors?
Also it is “lonely at the top” for even the entrepreneur starting or buying a new business. Ideally, the beginning entrepreneur can find an organization of like-minded entrepreneurs who can function as an advisory board for each other. This organization can serve as a safe haven for getting feedback on critical issues under the guidance of seasoned executives to support its members on the path to continued success.
If you want to continue this discussion, please feel free to contact us.
Mal Bass
Co-Founder – Global Executive Forum Entrepreneurs, LLC