Learning From My Mistakes: Key Resources
After developing a solid business plan (which I covered in my last post that you can access here), a business owner should take stock of their Key Resources, some of which will be available immediately, while others may still be required. I spoke about these resources at SHAPE – Leaders in Business Innovation in Durban after my talk on the importance of Planning.
Here are the Key Resources that I have identified in my journey as an entrepreneur so far.
Let’s face it… you don’t really have a business until somebody wants to buy your stuff. The importance of customers as a key resource cannot be overstated.
Even the most basic business has start-up costs. Those expenses could include; CIPC Registration, a telephone line, a professional business address and business cards. The more resourceful you can be as a entrepreneur the better, but at some stage you are going to need access to some sort of funding.
These funds could be savings, investments, grants or loans. They can come from financial institutions, friends, relatives or private investors. In my case it has been a combination of these financial sources over time, which has included taking on investors.
I would recommend hiring or speaking to an accountant or financial advisor to help with all the regulatory challenges.
Arguably the best thing that an entrepreneur can do when establishing their business is to gain as much relevant knowledge as possible.
If reading is not your thing, or you don’t have the time or place available to pick up a book, there are many digital tools available. I watch a lot of TED Talks and I listen to audio books using an app called Audible. Joining associations or groups will also help you build a network of people that you can learn from.
The most prominent physical resource that comes to mind is space. Whether you’re starting a small home business or a larger operation with multiple locations, every business must have the necessary physical resources to survive. This includes a proper workspace, working telephone and IT infrastructure, and people to support these facilities. While this is arguably the most important physical resource, it also tends to be the most expensive.
Starting and running a business can be extremely stressful and requires a lot of determination, grit and persistence. Needless to say, energy is indeed a key resource for any business owner. To stay motivated and maintain my sanity, I make time to cycle and meditate. Whatever it is that keeps you energised and motivated, I believe it is very important that you make time for it.
You have got to believe in yourself and your business. Even if nobody else does!
By Brad Porter