If you ask an engineer, they’ll swear to you that you build your business around a great technology. If you ask a marketer, they will tell you to develop your unique selling proposition. If you ask an accountant, they will tell you that the first thing you need to do is make sure you are making a profit. A human resources specialist will tell you the foundation of a great business is its employees.
Even if you are wearing all four hats, these four departments must align to have a successful business launch. Think of your business as the frame of this house (not the roof). Each side of the house represents one aspect of the business. What would happen if any one of these sides is weaker than the other? The house collapses. The four sides of the house must have equal strength, not only to stand, but to build upon.
The same thing happens in business. When your marketing is not as good as your engineering, your business risks the mistake of building cool products no one wants. If you have a week accounting department, then you risk building cool products for people and you can’t understand why your bank account is constantly empty. If you have a weak human resources department, then you will risk having poor employees, poor products, and poor marketing.
When someone asks “what’s the first thing to do to get started”, the answer best answer I can give is to find your passion, develop your vision, and get these four departments in order.
As always, I would love to know what you think. In your mind what IS the first thing to do to get started?
{ 2 comments… read them below or add one }
Greg, I’m enjoying reading your blog and I love the idea behind it.
I may be old school but whenever I start a business one of my major concerns is understanding the potential customer and being as certain as possible that whatever product or service you’re offering will be something they will spend real money on. Passion and vision are great, and of course necessary, but it is the customers willingness to pay for your output that pays the bills.
Best of luck and I look forward to continuing to read your though provoking posts.
Steve
Greg,
You bring up something very interesting which I believe many people may not really be thinking of as they start their business. Yes all 4 sides of the house need to be in equal balance but more often than not, businesses that get started are usually missing something in one area. What happens? Well you said it yourself. People don’t get the results they expect and even if they do, took them much longer than expected.
To me, the most important thing in starting a business is doing all your necessary research. I know that is a very broad statement as research could be anything, but this means understanding your industry, your direct competitors, customers view on the types of related businesses that you are starting, their profitability, etc. Now even with that being said, I agree with you and Steve on your thoughts – understanding your customers and defining a real passion and vision to serve these customers based on the needs and wants that they have. This simple, yet challenging key principle, is often overlooked and that’s why most businesses fail in the first year or two. Keep em’ coming!
John