Fact #1: There’s no limit to good ideas. My past year spent with the Women’s Enterprise Centre of Manitoba attests to this. More often than not, I’m impressed with the ingenuity, resolve and passion that our clients possess when they come to us for business plan development or financial assistance.
Fact #2: Would-be entrepreneurs are often so enthusiastic about their ‘epiphany’ in terms of a proposed product or service and the possibilities inherent in their concept, that they fail to fully research and test the idea’s business viability. It’s easy to lose one’s objectivity when the initiative you’ve been working on for several months or years is something close to your heart and experience.
Fact #3: Passion, conviction, and related know-how are not enough to ensure business success. These qualities are an important part of an entrepreneur’s potential for achievement, but an equally integral aspect is the commitment to research and assessment of an idea in order to ascertain its real potential. If it can’t generate ongoing revenue within the market it operates (given the peaks and valleys of enterprise and competition) and sustain a ‘reasonable’ return for the owner (including a requisite salary/draw), then it’s not a sustainable business; it’s an expensive hobby.
Fact #4: The veracity of a good idea is made infinitely more credible and, consequently, the likelihood for financing is greatly enhanced when an inspired venture is backed up by unbiased research and a well-articulated business plan. The prospect of failure or false starts vs. success is mitigated by the systematic analysis of the factors influencing the industry in which your proposed business operates.
We encourage all our clients to begin their business journey strategically. Take the time to research and plan for the inevitable road blocks that may arise.
On a recent weekend, one of our neighbours observed our beautiful blooming tree as she was driving by. Noticing my daughters playing in our yard, she stopped and came over to chat with us about the tree. The conversation topics then took many turns, and we discovered that we had many common connections, which is not surprising in our city. We had acquaintances in common through Victoria Beach, the Women’s Enterprise Centre, and our shared neighbourhood.
The conversation was a reminder to me that each time we interact with a new individual, whether in a personal, business or recreational setting, we have an opportunity to either promote or demote our business. Although an individual may not fit in to your target market, there is a very high probability that they are either related to or acquainted with someone who will fit that target. It follows, therefore, that each new person should be offered a positive, up beat and respectful interaction with you. When they learn of the professional “hat” that you wear, they will be all that more inclined to choose to be a customer of yours, or alternatively, refer friends and family to your business.
In a very price competitive marketplace, with competition from all corners of the globe for many of the products and services that we offer locally, positive face to face promotion (rather than demotion) is a very powerful competitive tool that other competitors cannot duplicate.