The Water Trough- We can't make you drink, but we will make you think!
The Water Trough- We can't make you drink, but we will make you think!
Starting Strong: The Importance of a Solid Business Foundation
In this episode of 'The Water Trough,' hosted by Ed Drozda, the Small Business Doctor, Ed provides guidance for individuals contemplating starting a business. He emphasizes the importance of taking things slow and establishing a solid foundation, including vetting ideas with trusted individuals and seeking their emotional support. Ed outlines the significance of creating both a vision statement, which sets long-term goals, and a mission statement, which defines immediate actions. He highlights the vulnerabilities and distractions faced during the initial phase of business contemplation, advocating for a careful and deliberate approach to increase the likelihood of success.
Welcome to The Water Trough, where we can't make you drink, but we will make you think. My name is Ed Drawster, the Small Business Doctor, and I'm really excited you chose to join me here as we discuss topics that are important for small business folks just like you. If you're looking for ideas, inspiration, and possibility, you've come to the right place. Join us as we take steps to help you create the healthy business that you've always wanted.
Microphone (Yeti Stereo Microphone)-18:Welcome back to the water trough. This is ed draws to the small business doctor.
Microphone (Yeti Stereo Microphone)-19:Today. I'd like to reach out to those of you who are thinking about starting a business,
Microphone (Yeti Stereo Microphone):you know, You're in your current job. You're not happy. You lacked the autonomy and independence that you want. You think you can do better by yourself, make money and have the freedom to accomplish the things that are important to you. Maybe you just don't want to have a boss anymore. You've got this great idea. And with all the things that you've seen. Heck you like so many others and succeed. And make lots of money.
Microphone (Yeti Stereo Microphone)-2:This is the first step in starting a business.
Microphone (Yeti Stereo Microphone)-1:In this phase, you're attracted to the notion of starting a business.
Microphone (Yeti Stereo Microphone)-7:That attraction is so powerful for some of us. That gets overwhelming. We are so filled with ideas, hopes, and desires. That we become particularly vulnerable. To all the influences that are out there. In fact. Most of those influences. I have no interest in us at all. But they can have a powerful impact on our decision-making. So let's take a look at the idea of starting a business. What do we need to think about. What do we need to do? How do we get started?
Microphone (Yeti Stereo Microphone)-8:I should warn you. My belief system is. That we need to take things slow. That is we need to create a foundation first and build upon it. And for some people that's not very exciting. It's not very sexy. It's more a case of. Let's hurry up and get going here. Let's do this thing. But I do believe, and I've seen through experience that. The more time we take in establishing a foundation. When contemplating starting a business. The greater our opportunity of success. And so. I'm going to take us back to that foundational process. The foundation consists of many things. Most of which are inherent in ourselves. And in the relationships that surround us.
Microphone (Yeti Stereo Microphone)-9:The seed. Of an idea. Of what our business might be is typically the first introduction that we have to future possibilities. We envision what may be, what we can do. And. Initially, at least we keep this to ourselves. We toss it around. get all excited about it. And we think. Ah, yeah, that's the way it's going to be. That's what I'm going to do. One of the very first things that is beneficial. Is to share that vision. With those closest to us particularly those who are going to share in the journey,, whether they be spouses close friends, family, people who are actually going to be with us on the journey as this business idea. Unfolds.
Microphone (Yeti Stereo Microphone)-10:There are two primary reasons why this is such an important share to make. The first of these. Is that.
Microphone (Yeti Stereo Microphone)-12:When we take our thoughts. And we bring them into a conversation. Particularly with people. We trust. And who we can count on. To provide us. Healthy legitimate feedback. Unbiased feedback. It allows us. To more thoroughly vet. Our ideas. It helps us to explore our idea. Through the lens of different folks. We can identify potential roadblocks and potential opportunity. That we might not be aware of. Remember again, We're in the conceptual phase here. We're trying to establish
Microphone (Yeti Stereo Microphone)-13:the validity and practicality of our ideas.
Microphone (Yeti Stereo Microphone)-12:We've not set any kind of pinned paper. Two. Legitimize this thing yet, we're still exploring. And through this vetting process. With other trusted individuals. We're able to become more clear. About what our intended goals are.
Microphone (Yeti Stereo Microphone)-10:The second thing that's really important about this conversation. What people close to you? He is.
Microphone (Yeti Stereo Microphone)-9:Ideas are fantastic. But none of us can do everything. In a vacuum. Now we might be the ones doing the work. We might be the ones. Conceiving of the business. We might be the ones that are going to go out and make things happen. But our support network. Is very important. At a time like that. More than ever when moving into this sort of space. We really need the support of the people. That are there with us all the time. Maybe we don't need anything more of them. Then a shoulder. To lean on. Or maybe to cry on. We don't need them necessarily to do the work. But we need to know that they're there for us. And we need to. Try to convey to them the importance of what it is we're looking to do. In short. We're looking for their buy-in support. That's not a financial support. This is an emotional support. The kind of support. That we can turn to. When we're having difficulties. Grasping. The brevity of what we've undertaken.
Microphone (Yeti Stereo Microphone)-16:After the discovery process is complete. We are in a position to develop a vision statement. For our business.
Microphone (Yeti Stereo Microphone)-17:Efficient statement. Essentially answers the question. Where do we aspire to go? What do we aspire to be?
Microphone (Yeti Stereo Microphone)-16:It's a forward looking statement. It can almost be viewed as a beacon. That will draw us towards the goal that we seek to achieve. It's always best to have some idea of a longer-term goal to draw ourselves towards. Because that way. The efforts that we make. We'll have a sense of purpose in all of those. We'll be predicated upon that vision. The vision is also an important part. Of our business plan. The business plan, of course, is a roadmap for how we're going to conduct our business, what our business is and a whole variety of things. I'll actually talk about the business plan. In a subsequent episode. But for now the vision statement. Is a statement which tells us and others. What we aspire to be with this business. The other component. That we look at here is the mission statement. The mission statement. Unlike the vision. Is not so much forward looking. But it's the present and ongoing, what will we do to achieve the vision? What steps will we take to get from where we are today? To where we seek to be.
Microphone (Yeti Stereo Microphone)-21:So let's recap. We've come up with a business idea. We're really enthusiastic. We've got all sorts of ideas of how we can bring this to fruition. And we admit we are surrounded by a lot of influences that might mislead us. And so we speak to those close to us, trusted individuals, to whom we can. Ask for guidance, bots and so on and so forth. Having gone through the process of discovery. We've concluded. That we have some idea that we'd like to explore further. We've gone so far as to create a vision of what the company might be. And so then we move on to the next step. In this foundational process of creating a business plan. Which we'll talk about in the next episode. Once again, I want to remind you. The process is not designed to be done instantaneously. I talk often to clients who are. Particularly excited about ideas. And I remind them about the shiny penny syndrome. They have a great idea. But the next idea presents itself. And is very, very flashy, very charming looking. And is distracting. Or may distract them from their initial idea. This is a very vulnerable time. When you were first contemplating starting a business. It's not a bad thing. In that vulnerable time, you're also acutely aware. Of all the things that are going on around you. Once again, this supports the need for, and the value of creating a strong foundation before. You go further down the road. Of starting a business. This is ed draws though, the small business doctor and here with the water trough. I want to wish you a healthy business.