Entrepreneurs Treat Your Business Like a Baby

Wed Oct 28, 2009 1:38 pm

Summary

For those of us who are parents we know the joy of bringing new life into the world. Starting a business is just like that. There are many similar stages that we go through from conceiving the idea, planning the small details, delivering the final product or service, protecting it from competitors, raising capital, sharing it with the world, and finally letting it go.

Conception

Conception is the fun part. The music is right, candles flicker against the night, the smell of your lover and the taste is so delicious. Then right at the climax you realize that your life will change forever in 9 months you will have an addition to your family.

Conceiving the business idea is just as fascinating. You might have been in the shower or fast a sleep and when the idea hit you reached for a pen and paper and started scribbling down notes and drawing diagrams. You know that this is the one that will deliver your family from your poverty stricken position and create a legacy that your children’s children will benefit from.

Just like after the initial thought of creating new life and starting a new business you want confirmation. So, the first thing you do is get a pregnancy test. After peeing on a stick you know for sure whether you’ll be expecting or not. The same with the business idea, you want confirmation to its validity so you seek expert advice that is where a trusted friend becomes a sounding board and with his yes or no determine your excitement level to whether you have a viable product or service to pursue. Once you get the thumbs up you begin to tell everyone you know about your impending success. But I caution you to protect that little seed as much as possible from negative people and dream snatchers.

Planning

The next step after finding out that you are pregnant is to get professional help. You go straight to a doctor that you trust and you allow him to poke you places only your lover has seen. You put your babies life in his/her hands and you trust that they will guide you to a successful delivery. By following the doctors advice and taking your folic acid ensures that you will have a healthy baby and increases the chances of a happy outcome.

Thus with your business idea many people miss the planning phase. They go straight from conception to delivery with out even seeking professional help. Why? I never understood this thinking process. Would you get in a plane with out formal instruction and attempt to take off without knowing anything about aviation. Or would you get in a boat and take it out to open water by yourself with out any instruction or an idea of where you are going? Then people have the nerve to wonder why their business never gets off the ground. You have to seek professional advice. If you don’t know anything or very little about business or presenting your services or products online then you need the professional help of AB Internet Solutions dot com they helped many corporations large and small be successful in their pursuit of financial freedom.

The most important aspect about the plan is the financial outlay that will be required to get your idea into an actual product or service. You also need projections and an exit strategy if things don’t go the way you plan. The planning phase is the most critical aspect of having a successful business because you are able to role-play on paper before investing any time or capital into the project.

Delivery

Uh oh, this is it. Do or die. This is by far the most painful part of the process. Any process. I remember being in the delivery room with my wife. It was not pretty. And it was not for the faint hearted. She was a mess. Hair uncombed, teeth not brushed, and man was she upset at everything and everybody. I was wise and stayed at the south end of things (lol). To watch the actual birth is something that I will never forget. She was screaming, breathing hard, and it was not PG. The head came out like a cone and everything was slimy. Man it was nasty. The nurse quickly grabbed the baby and took it over to the cleaning station and washed the baby up and wrapped her in a pink blanket. It was done. The 9 months of vomiting and being cranky was well worth it. For her I mean. I will never forget my wife’s face when she held her first born for the very first time.

A business is very similar. But different; with a business you have to raise the capital before getting anything off the floor. And the way the economy is today: good luck. But have no fear. With a good business plan you will have the power that you need to walk into any bank and show them a clear concise plan. It will tell them when you expect to be profitable and when the bank can expect to get its money back. But there is one problem. The bank does not know you and they get a lot of people with big ideas that are not able to pay back their loans, so they want something in exchange. It is called collateral. What this means is that if you are unable to pay back the loan they will take your house and you and your family will be out on the streets. Not good. Try explaining that to your wife. Another way to raise the money is through investors. The problem here is that they want a piece of your baby. Most of the time up to 50% of your company, so how do you raise the money to start your company? A good business plan will reveal other sources of revenue that you can use or even break the business plan down to bits that can be implemented to raise seed money. For AB Internet Solutions dot com we decided to follow a blueprint for an already established online venture that was proven to raise capital: Profit Miracle, and we were in profit within two days. Now that we have multiple streams of revenue coming in we are able to remain debt free and keep 100% of the firm.

Protecting

There is no greater feeling that I know of then holding my newborn in my arms. I was so protective of her. You had to wash your hands, you had to be seated in a chair and daddy was always arms length away. I watched my baby like a hawk. When we were out in public you could look but don’t even think of touching. I was quick to intercept a hand reaching for the cheek. I didn’t care if they thought I was rude or not. You cannot and will not touch my child: especially if I did not know you. When she started to walk I was always 2 steps behind her; ready to catch her if she fell, and our house was baby proof.

You have to be diligent in protecting your business. Your competition does not want you to succeed. They will do anything to take you out. I advise that you read: “The Art of War” by Sun Tzu. The book uses ancient military tactics to describe business strategy. A revised and updated business plan will keep your competitors at bay by running competitor analysis on a regular basis you will be able to get the upper hand on your competition. You will also be able to keep a thorough track of your finances and with projections and a budget you will be able to safely keep your company profitable.

Raising

Raising children is no joke. Oh my goodness. If you let them they will drive you crazy. I remember holding my baby in my arms and wondering what her voice would sound like when she begins to talk. Now I know, and I can’t get her to stop talking (lol). All kidding aside, you have to guide your children and give them the food that they need to grow and also the encouragement that they need to develop their confidence that they can do what ever they put their minds to.

Raising a business is much harder. Now you have another family that you have to provide for. Many companies choose to hire staff to work in a central location. The business plan will walk you through every single step from the number of employees to the color of their cubicles. Or the business plan may show that it will be smarter to work out of your home and outsource some or all of the needed tasks. The business plan will take into account policies and procedures for any situation that you can imagine and will be a guide to run your enterprise.

Sharing

This is the hard part. Or, the fun part, it is hard because you have to trust your kids with strangers. Some parents have to return to work immediately after giving birth and they have to trust their new born to a total stranger. My wife and I could never do that. We were blessed to always have one of us with the children at all times until they went to pre-school.

Sharing for the business means going out and getting new customers. This is where many companies fall short. They spend all their money in getting set up or building a web site that they fail to consider how to get people to walk through their door or click on their link. The first thing that the business plan will focus on is the target market. Who is most likely to benefit from your product or service? Don’t just think about it, have a business plan and define their demographics. Where do they live, how much money do they make, what kind of magazines do they read? The questions go on and on. Know your target market intimately. Once you find out whom your target market is you need to know how to go after them in the most cost effective manner.

Letting Go

The final point is knowing when to let your children go to make their own mistakes and to learn from them. Like when they go off to college to explore the world on their own terms. I have not reached that stage yet in my personal life or in my business. But perhaps you have and you would like to share your experience with us. We would love to hear your feedback on this post and be given suggestions for future posts.

To Our Success,
Michael Anthony Townsend
CovertMillionaire
 
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Joined: Fri Oct 23, 2009 6:45 pm

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