Entrepreneurship: Cover the basis of your ‘Start-up’

By Theda Muller

DUBAI 10 January 2018: Entrepreneurs, there are specific rules and techniques to follow before and once you initiate your ‘Start-up’, especially if you plan to successfully brand your company at minimal cost.

Theda Muller
Theda Muller

Ensure that the business type you choose, personally resonates with you, that it is a large part of your passion and calling and you will know this, because you will feel the emotion from deep within.

It’s an emotion that resonates with:

  • what you were meant to do;
  • clarity – you need to do this;
  • you’ve done your homework and the concept still comes up trumps!
  • you know the plan exactly – initial layout, costs, operational costs for the next 6m minimum is covered;
  • you’ve identified the team you need to activate your start-up;
  • you have a plan to minimize your costs and operational expenses;
  • your marketing plan is solid – you know who your target audience is and how to reach them;
  • your strategy is in tune – you know who your clients are and how to reach them;
  • the importance of sacrificing all of your time to ensure the success of this venture;
  • the fact that you know for the next 12months there will be no compromising of your time, conflicting with your personal life, very important, as hard work and commitment is expected during this initial crucial phase;
  • the importance of being able to sustain yourself personally and your business during this time;
  • you are in control of your personal and business finance, no surprises if someone else is control and after a few months you find your funds are depleted, because opting for credit is not an option, unless you have secured investors;

Quite often when entrepreneurs start out, they have not covered the important basis and if they are new to the game and they ventured unprepared, then there are some horrible surprises along the way that will stop you in your tracks and crush your dream – trust me, it’s real!

More so when you have limited funds you need to take extra special care about spending and one very key lesson to master is giving money away to your business first, where you are last in the queue, because sometimes there is not enough money to go around, you see you have sizeable funds generated, but once it is disbursed to its rightful owners, you might find yourself with zero and then the latter is what you must accept, maybe for months, as the business owner.

So, a word of advice is maintaining a contingency plan, a lifeline for yourself if you would, so you can sustain yourself as all your energy, brilliant innovation and creativity, focus, clarity, management and entrepreneurial skills will be needed during this time, where there is no time to allow depression or negativity to set it, you must push forward if you believe in what you are doing.

This advice is specifically for those transitioning from a corporate to their own business, because the opportunities look simpler when you are seated in a job, with an excellent salary, dreaming about being your own boss, the perception is easy to believe.

Once you make that change, the story is different and even if you believe you have covered all basis by:

1. Checking in with existing clients of your employer, to ensure they will support you once you own your business and they are positive, believe me their attitude will change once you are independent, because then:

  • You represent yourself, with no independent reliable reputation as you are not an employee of your organization anymore, upon whom they could depend for satisfactory service;
  • As an independent, you are not yet a trusted authority on your subject;
  • You don’t have independent client reference sites;
  • Your company is brand new
  • So are you, brand new in the business;
  • Branding is gold and the key to business success, where you face many forms of adversity i.e. competitors, those who view your concept as ‘the next gravy train’ and opt to jump onto the bandwagon to make a buck, but who really don’t realize that if your concept is unique, then it is onus to you, with you owning the blueprint, having the whole story, where they have quarter or half the vision, so they cannot achieve the success that was meant for you, simply and I’ve been there, so I know;

2. It is a culture shock for anyone venturing from being a corporate employee to an entrepreneur, with the firm belief of support from your existing clients, only to find once you have made the transition, you may not secure their support and the reason is never personal, they only pertain to the above, as they too must review their own due diligence which entails the risks they must take in dealing directly with you, as an independent.

3. Then they must also contend with ethical principles of transitioning from your existing organization to your business, where many clients are loyal to organizations, not only to individuals, the latter situation are rare cases where sound unshakeable relationships exist between a client and a vendor employee and then approving the decision to move their business, only based on their relationship.

The advice tendered here today is that if you don’t cover all your ‘Startup’ basis, it’s hard to go back if your venture results in a failure, because you never took the time to make an informed decision. I agree that the plan can never be full-proof as embarking on entrepreneurship is a risk many are not prepared to take, especially if you are accustomed to your comfort zone with your salary being credited monthly like clockwork, and where instability unsettles you.

If this is the case and you really love your job, if you must make a comparative and you are not prepared to take any risks, then focus on your job that you love doing and direct your positive energy to climbing the corporate ladder, commission an experienced mentor if you must and opt to invest your money there, which is minuscule versus opening a business. I am not discouraging anyone not to opt for entrepreneurship, I am simply presenting an alternative, which could be a choice for those who want an option.

“We all have our innate gifts, it’s your job to identify what that is, nurture it well for your benefit and success, whether that is within entrepreneurship or a corporate, but if the fit is right for you then you will be enriched for the success of it, fulfilled and achieve your own greatness for which you are ordained”.

Note: Theda Muller is a UAE-based visionary entrepreneur, CEO & Founder of various UAE companies, business advisor and legacy mentor, US trained and globally experienced. She is also an author of two books: Embrace Financial Freedom Volume One: 10 Proven Ways To Release Debt And Emotional Fears In Today’s Economy, and Volume Two: Releasing Fear And Bouncing Back From A Debt Crisis. She also conducts webinars and workshops on debt recovery.