Raise Your Hand
Every student knows that the only way to get your questions answered is to raise your hand first. The same rule applies to your business operations. Potential clients, vendors, and investors are not going to magically appear at your door (a few might wander in). Realistically, in order to get ahead of the crowd you have got to put yourself out there in a way that is going to get you noticed. You have to distinguish your products and services from your competitors. Showcase why your business has the answers the market has been looking for. In the business realm, raising your banner, distributing your fliers, and/or posting an advertisement is the functional equivalent to raising your hand. So get out there and raise it high.
Do Your Homework
The only way to pass that spelling test (and fingers crossed, you may make it to the Scripps National Spelling Bee) is to do your homework. Every night you have to learn new words, discover their meanings, use them in a sentence, and spell them out loud. The only way to pass that test, or any test, is to study. That rule has never changed. Your business idea may be amazing, and you may be the best at your craft, but that is not enough. The only way your business can innovate is to keep studying.
Take the time to learn everything there is to know about your particular industry. Review all the details about your business so you can identify what is working and what is a waste of your resources. Track trends in the market and in your own client base. Discover the latest products and emerging technologies in related fields. You will never know what the competition is thinking, but you can control your product and navigate changes in the market, if you are prepared.
Go For Extra Credit
Every student has a bad day. You remember those days. The one where you ran your fastest but still missed the bus. What about the day when the dog really did eat your homework? Well, as we grow older the bad days do not go away. You will have a bad day every once in a while. A day where nothing gets done and nothing goes right. Extra credit was made for bad days. Sometimes those five extra points make up for that missing homework assignment.
As an entrepreneur you will have a lot of rough days in the beginning. The key is to store up those extra credit points. When you have time to put in an extra hour, take on an extra client, or go the extra mile, do it. You never know what rewards that action will reap. A little extra customer service for the right client may open your business to new opportunities you never imagined. If anything, the extra mile today will pick up some slack for those days when you can’t fully perform.
Write Your Name On Your Work
There often comes a time when after returning student homework assignments the teacher is left with two unidentified papers. One of those papers has a good grade, and the other one has a bad grade. The teacher calls out for those students who did not get the assignment returned to come to the front. One of those students is you. Which assignment is yours? The one with the good grade of course! What happens if the other student claims as his own what is rightfully yours? That’s not fair!
As you have learned since those days in grammar school, life isn’t fair. Sometimes, business isn’t either. It is an important lesson to learn that you have to claim what is yours before a sneaky competitor claims it. Every new entrepreneur knows that it is very easy to get overwhelmed by the big problems and overlook the minutiae. The key is to act fast to claim ownership of the products, services, and intellectual property of your business.
In order to preserve the integrity of your product and the good name of your business take control of your marketing, protect your brand. If it is yours claim it and make sure everybody knows it.
Make New Friends
Just like we need friends in our personal lives, we need friends in our professional lives. Back in school you would have never stood a chance against that bully if your friends did not have your back. Networking is essential in today’s economy. A small business cannot do it alone. The market is tight and competition is stiff. Your best bet is to make strategic partnerships that can innovate and sustain your business in the tough times. Stop in to say hello to neighboring businesses. Identify what businesses in the area provide services or goods that compliment your own. Give your customers referrals to other business, host joint events, share a little counter or bulletin board space for their coupons and announcements. Be a good to a friend and your friends will be good to you.
Play Fair
Nobody likes a cheater! Everybody remembers the kid who didn’t play nice. That cheater is never asked to play, because playing with a cheater is no fun.
If you want to make business connections your reputation is your greatest asset. Don’t muddy your reputation and stake your business’ future on a quick win. Don’t let your business goals be so short-sighted that you risk making enemies and alienating partners. Playing dirty will cost you in the long run.
It does not have to be lonely at the top, make allies not enemies. Remember, cheaters never win. On the play ground you may get a time out. In the real world you can face a costly legal battle, or even criminal sanctions for cheating.
So, have I got your thinking about some of the lessons you learned back when you were as smart as a third grader? Good, apply those lessons to the challenges you face in your business today. For every hardworking entrepreneur out there reading this blog, remember this, even grown-ups need a recess. Take a break sometime.
This Guest Blogger Feature was written by T.M. Ross, an attorney living and working in the Washington, DC Metropolitan Area.
The Firm can assist you in starting up your new business. Please ContactUs@DandridgeLaw.com for more information regarding this post or our services.
Labels: business planning, Business Start-up, intellectual property
