It’s an old saying but oh, so true!
Business startups don’t plan to fail, they just fail to plan.
About 80% of startup businesses fail within the first three years. Yet, of the startups that had a plan, and stuck to it, less than 10% failed in the first 5 year period.
So clearly, you stack the odds on your side if you take the time to map out your business strategies before you start your business.
But what plans should you be formulating?
Are you dying to know what are your KSI’s? Well hold on a minute…
Really what I want to discuss is how you choose the right strategies when you are planning. You’ve probably taken some time off and wrote your Vision, Mission and Values Statement, and then detailed what this means in your day to day activity; you’ve probably brainstormed your Strengths, Weaknesses, Opportunities and Threats, and worked out your goals for the year. But now, how do you choose between all the ideas to find the most critical strategies?
That’s where your KSI’s come in, or Key Strategic Issues.
This week is for budding entrepreneurs and start up businesses.
I have extracted this mini-training video from my online course “How To Start Your Own Business.”
In this video I will assume that you have established the “why” of you business – your vision of it’s place in the world, why it needs to exist, why the passion you have for the solution to problems will lead you to success.
From there I deal with the “what” in this mini-training. We will look at detailing your business idea and then research the industry that it fits into. You will drill down into what makes up that industry and find a niche. You will look at demand for your product in that industry or niche, what competition is out there and what barriers to entry exist. This is the “feasibility study” that you need to do. Read More
This week I’m giving you a free mini-training on one of the most important things to do when you start a new business – know yourself!
Even if you have already started a business, take a look at this 6 minute video that will take you through the key things to think about how you are set up to own and operate your own business. It’s from my online training course called How To Start Your Own Business.
The video takes you through whether you really understand what it takes to run your own business, and to be prepared for the curve balls that could come. It explains some traps and pitfalls and talks about getting a strong “purpose”, as well as the skills and character traits you will need.
For an expanded version of this module you should join my online training course called How To Start Your Own Business. It contains 5 lessons:
as well as bonus material on how to write Position Descriptions and Organise Your Team, and You, Your Business, Your Purpose, Your Effort about entrepreneurial success.
Even if you have already started your business, join the course to learn about details that may be missing about how you’ve set up. For example the lesson on Your Business Model takes you through the relationship in your business between your value proposition, revenue streams, cost structures, key activities, key resources, customer segments, customer relationships, channels and key partners. The way these interact is important for any business.
Learn more about the course and get your freebie report and checklist on Business Startup by clicking here (on my social media channels this link might not work so go to my website at teikoh.com and click on “products”).
To find more valuable and free systems that you can implement in your business to grow your business today, go to my website at teikoh.com. And while you’re there, just so you don’t miss out as I release more systems and processes that you can implement straight away, why not subscribe so that I can send them directly to your inbox every week.
This blog post is entitled, “3 Secrets of Entrepreneurship”.
Really? Only three?
Well, yes! These are the top three things you must get right if you want to be a successful entrepreneur. They are the three key strategic issues because everything else comes and cascades from these three secrets. All the work you have to do is to ensure you get these three secrets right. I don’t care what kind of a business you own and operate, whether it sells products or services, whether it’s lifestyle or technical, whether it caters to men or women, whether it’s online or bricks and mortar, whether you’re a solopreneur or you do or intend to hire a huge team.
You have to get these three things right.
Copyright © Teik Oh Dot Com. Developed by OTS Management Pty Ltd
No comments yet.
Add your comment