“The successful person makes a habit of doing what the failing person doesn’t like to do.” – Thomas Edison
It is often failure, pain, anguish,
financial loss, or some other form of pessimistic misfortune that tends
to help some entrepreneurs learn that a great idea, founded upon
nothing, will fail! Over a course of five years, I witnessed the
opening and closing of two great business ventures piloted by myself.
It was not until two years ago that I sought to assess those failed
ventures and distinctly pin point how the business failed, when it saw
its demise, who created this downward spiral and what could have been
done differently to secure a successful future endeavor. The answers
to those questions were quite simple but the key inquisition that
needed to be answered was WHEN. After months of debate within myself,
I came to the conclusion that the business failed prior to opening the
door to work with prospective clients in need of the services we
The keys to a successful business is
not always embedded in adjectives like dedication, hard work, skill or
even knowledge. Yet, those attributes tend to engage in the success of
your endeavor. A start-up companies entrepreneurial misfortune tends
to begin when the business persons are engaging clients and customers
prior to laying down the foundation for their own entity. Based on my
experience with failing endeavors and now with a growing firm engaging
successfully with clientele in various markets, I found that a
lack of purpose, direction and corporate allocation was missing. These
fundamental items can serve as defining or a defeating constructs.
how does one secure a successful endeavor? Simple. Like writing any
good newspaper article, your foundation elements should lay in 3 of the
Why are you starting this business? The
answer to this question should be apparent and to clarify your
intentions. Figuring this out can be clear in the drafting of a
business model. This model allows you to delineate the clear purpose
of your company. Whether it be financial, philanthropic, fun, etc. A
business model can be the defining document for your companies
operation. You will find yourself asking frequently, “does this align
with our business model”?
Link to explanation of Business Model: http://en.wikipedia.org/wiki/Business_model
services will you provide? What software will be use? What defines our
success or failure? The “what’s” allow your business to clearly define
how it will function. The answer to the what question can be clearly
expound in a business plan. The plan is a formal statement that allows
you to set organizational goals, define products and services, and
more. It is also equally important to explain what your goals and
aspirations are for your company as well as provide a clear mission
statement for your organization.
Link to explanation of Business Plan (http://en.wikipedia.org/wiki/Business_plan)
help writing a plan? The Minority Business Development Agency has a
step by step tutorial guide to help (http://www.mbda.gov/?section_id=5)
Answering the question of who, allows you to define aspects of both
your business and your prospective customers. Who is your target
audience? Who will you partner with? Who will you employ? Who will
produce your idea and/or services?
Additional, the answer to this question should assist with creating
lucidity amongst not only your customers, but amongst your staff and
prospective investors. How? How will you do it? how will you gauge
success or failure? How will you find talent to set your plan in
motion? How will you monetize or gain financial success?
Drafting the foundational documents that will serve as the driving
force behind your business could provide the direction that is needed
in order to mobilize a successful entrepreneurial experience.
Milton Jackson is the Owner and Lead Project Manager at the Blok Creative Design Agency (www.theblokgroup.com). He is also an academic instructor at Eastern Connecticut State University.