You may be tempted to think your business idea is so clever that others will steal your idea as soon as they hear about it. Chances are your idea isn’t so unique, and you have more to gain from telling everyone who is prepared to listen than keeping your cards close to your chest. Unless you have a potentially patentable product, don’t waste time and money on protection – even with a patent you probably can’t afford to defend it. https://youngfoundation.org/social-innovation-investment/social-enterprise-mistakes-worrying-that-someone-will-steal-your-idea/
Consider a lean start-up
We talk about finishing a business plan before launching a business to lay solid foundations to give the business the best chance of success. In reality, a business plan is never finished – it’s a promise not proof and sometimes waiting to ‘get it right’ is an excuse for doing nothing. Sometimes it’s good to jump in before all the details are worked out. At that ‘test trading/ piloting’ stage you’re doing real life market research and you’ll probably be more willing to make changes because the plan is less fixed and you’ve committed less time to it. https://enterpriseessentials.wordpress.com/2014/03/06/running-on-fumes-a-case-for-lean-business-start-up
Things always take longer than you want/ expect
When you’re fired up about your business idea, you don’t want to be told that it won’t develop as quickly as you’d like; that things won’t follow the time-line in your well-worked business plan. You’ll want to keep the momentum going but remember – your timetable is no one else’s. If you’re collaborating with others and depending on the support of partners who have less interest in your success than you do, you may have to be patient – they have their own timetables.
Passion is rarely enough
People are too eager to say that passion is all you need for starting a business (it certainly helps) and if you want it badly enough you’ll succeed. The latter is not true and sets up people to fail. Some business ideas and the people behind them have no chance of success and ‘managing expectations’, if not actually damping down their enthusiasm, is often kinder in the long run. That said, being proved wrong is always a delight! https://enterpriseessentials.wordpress.com/2013/10/27/lesson-1-roots-wings-and-balance
Be prepared to stop making products you want to sell and start making products that people want to buy.
The paying customers is (almost) always right – if they want it, make it. Business is business – don’t let your personal views stop a sale (unless it’s a commission that simply won’t work).
If you’re making products, you’ll probably take pride in your creation having spent a lot of time and effort in the process. But you have to let go – in business you must be prepared to sell your favourite pieces, even to people who don’t appreciated your talent. You may also have to compromise your standards and at times; accept ‘good enough’ to operate competitively. https://enterpriseessentials.wordpress.com/2015/11/25/the-paying-customer-is-always-right
Keep it simple and limit choice
Whether it’s pricing and discounts / membership processes and application forms / product and service ranges, keep it simple. You shouldn’t need a degree to work out the price of an item after taking off the discount, adding delivery and VAT etc. It’s also proven that limiting choice will result in higher overall sales. So, don’t display 15 different ‘bespoke’ mirrors – put 5 in the spotlight and keep 10 under the counter.
The ‘right way’ is rarely clear cut
‘Getting it right’ is usually a question of balancing different options. Whether it’s balancing social and financial objectives, pricing for affordability vs pricing for viability, and balancing quality against cost-effective production, there’s usually a judgement to be made. Making 150 bird boxes is good for business but not for the wellbeing of workers who want to be creative.
You can’t run a business on fresh air and goodwill
You can go a long way by appealing to your friends and family and tapping into the time and expertise of volunteers – there’s a lot of free support and advice around, particularly for start-ups. But sustaining a functioning business in the longer term, is likely to need at least some paid staff input. A contract of employment is important for underpinning commitment and reliability.
For more start-up lessons go to https://enterpriseessentials.wordpress.com/category/learning-about-earning