TES 011 - Blow Through the Obstacles in Your Path
In this episode, Mel Abraham continue our journey down the three phases of business life by digging further into Stage 1 of Phase 1 which is the Decide stage. We talk about the obstacles and challenges that may come up and the ways to navigate them:
1. Are you in the right business?
The right business is the one that is driven by your passion and vision. It serves at a greater level helping people shift their lives, and get solutions for their problems.
2. Financing: "I don't have the money to start a business".
There are different ways to access funds like debt, bootstrapping, crowdfunding and angel funding. We need to think about our capital requirements, costs as well as the legal costs.
3. I have a hard time finding customers.
To find the right customers you have to create loyalty, connection and relationships. Deliver customer promise by connecting with them at an emotional level. Know where your customers hang out, communicate and understand what they are looking for.
4. When do I quit my day job?
Before you quit your day job, you have to have a sensible plan and the financial foundation to back you and your family during lean times. Make sure that the cash flowing in from your part-time endeavor is at least 30% of what you're making.
5. Should I be an entrepreneur?
Being an entrepreneur means being comfortable with psychological obstacles. Every day an entrepreneur needs to stand with one foot in the bank deposit line and the other in the unemployment line.
6. Obstacles with respect to legal, tax and money management.
Always make sure that you have proper legal advice. Get your taxes paid up front with a system in-place and get educated about book keeping.
7. Imposter syndrome
You get this fear that you're going to be found out, you're not good enough, and maybe you shouldn't be doing this. Don't suppress this self-doubt but deal with it and overpower it.
8. How do we deal with staffing? Who do we hire? How do we hire?
Do value based hiring, coaching and if necessary, firing. Make sure you hire people who have the same or similar values.
9. What is your competitive positioning?
