In the book, there are specific comments on the characteristics of being an entrepreneur, together with up-to-date, practical and useful management tools and techniques for entrepreneurs. In my next couple of blogs, I will share with you a couple of these tools, as a sample of what you can find in my new book. I hope these will be helpful for many of you, existing and aspiring entrepreneurs!
A number of would-be entrepreneurs would like to get to the endgame quickly, build the business, show the trappings of success, and sell. They would therefore be selling an intangible asset, such as the future profits, being the goodwill of the business, which is a difficult yet not impossible dream.
The business would be flawed if it was missing a vital ingredient. This would (could?) occur if the business has not matured and could take the form of a key senior employee. It may also be too much reliance on one customer or supplier. However, to the right buyer this could also be a definite attraction. It may make the business cheaper on sale and therefore, while this is covered in a later chapter in my book entitled Trade-in, it is tantamount to the smooth acceleration of the business and the entrepreneur by taking ‘100 little steps’.
‘100 little steps’ means taking time over growth and strategy, taking matters in an orderly fashion, in a timely and on a considered basis, thereby growing a sustainable business. This type of business may realise more on sale.
The often-used phrase ‘Rome was not built in a day’ is extremely relevant to the entrepreneur. This manifests itself when the entrepreneur considers the strategy and growth of their business, not extending themselves with their resources.
‘It is not the speed you go - but the distance you cover’
Doing the right thing right in my blog last week all the while through the ‘100 little steps’ will build a worthwhile and highly sustainable business.
The 100 little steps can be broken down into five to 10 sections or mini-milestones. At each stage on the milestone, a mini strategic review of the business can or should be taken.
Perhaps a further full strategic review should be undertaken after two years from the start of the business and then again after say 40 of those little steps. Having a defined plan, means you can cope with the variances to such a plan.
The 100th step is to sell, but the business should be groomed for that sale right from step one.
It should not be considered easy to set the steps, and it may be that only four visionary milestones can be set at the outset. The first major milestone may be at step 15 and therefore there are 15 smaller steps to get there. Without achieving these, you will not get to the first major milestone.
When these have been identified and agreed, the functions required to deliver each will become obvious. This breaks the milestones down into small functions enabling the milestones to be achieved easily.
When the business is reaching the fourth or even fifth milestone, a further review of its overall objectives and resources, especially manpower and the ability of the entrepreneur to take it to the next stage, would be useful. The initial direction of the business may have changed and a total review very necessary. This review of the team may ask:
Can the team deliver the next phase?
Are the key people in the right positions?
Give it a go for you and the team in your business and let me know how you get on.
If you have any questions, please let me know - I look forward to hearing from you on Robert@real-entrepreneur.com