5 Keys To A Successful Small Business Startup

Feb 26, 2020

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In this episode, I sit down with my personal coach, Tim Fulton, to discuss the 5 keys to a successful small business launch.

He shares with us his thoughts on having a business plan. Quoting a study that pointed out that there is a larger than expected number of small businesses that have any type of plan, he puts the absence of a plan down to a fear factor - the fear of being held accountable, the fear of this becoming real when it's in writing.

He also emphasizes the fact that growth sucks up cash - Unfortunately, many business owners don't realize that until they're in the midst of it and all of a sudden, cash is getting scarce.

Another pearl of wisdom - Find some advisers, and be humble enough to ask for help.

He also talks about the significance of being clear about your “why”.

Tim feels having a growth mindset is important. Individuals having a growth mindset almost look forward to making mistakes because mistakes are learning opportunities.

Stay tuned to know and learn more.

Key Points of Discussion:

Having a business plan (7:59)
A study found less than 20% of small businesses have a plan (8:19)
Why do so many businesses not have a plan? It’s a fear factor, feels Tim (8:40)
Be adequately capitalized. Growth sucks up cash (11:33)
Find some advisers, and be humble enough to ask for help (15:42)
Have a strong “why”; figure out your purpose, your mission (18:03)
Tim feels having a growth mindset is really important (24:54)
Those with a growth mindset almost look forward to making mistakes… (26:21)

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