“The Art of Making Business Happen” radio show started the 2010 season with how to start an enterprise quickly. Andrew Morrison, President and Founder of Small Business Boot Camp shared his expertise with us. Andrew has trained thousands of entrepreneurs from Hawaii to Nigeria and has appeared on several radio and tv shows, including the Oprah Winfrey show.Research has proven time and time again that 90% of new job creation is created through entrepreneurship. In an economy such as this, it is vitally important that you are the “key” to your own economic benefit and that of the community.One of the biggest challenges people face in starting a new business venture is the “lack” of ideas, focus, commitment and resources. And so, how can one begin to examine and tap into the immense opportunities. First, one should take a look at their existing capital. Existing capital refers to community (friends and family), cash-on-hand, mind-set, and vocabulary. Andrew speaks strongly that there are three very important tools (referred to as the 3 “R’s”) to help birth a new business venture. They are:
· Relationships – (social capital) consists of who you know and who someone else knows. Thus, creating a captive audience. Speaking with others about your idea will allow you to build social capital and will also help you to re-define or re-engineer your current ideas.
· Resources - what are your current assets that you are not using that you can turn into revenue; and
· Results - what are your past results and how can you use them to help build your business and your community.
In starting a new business concept, one should become the owner of your own niche. Find some words that illustrate/resonates your niche and trademark it. Andrew Morrison, proud owner of the 16-Week Challenge, trademarked this niche phrase and any company and/or individual using it will pay residual income to Andrew. Next, build a social media profile through a website or a blog. Also, surround yourself with other successful people. A good example of media coverage is through local cable advertisement. With minimal expense, one can increase his visibility and create a new community of consumers/customers instantaneously. Finally, develop your concept document which states this is my business and this is how I am going to make money. Talk to others about it and they will help you flush out what the focus will be. Once your concept is written, it makes a huge difference in the process. Write things down. It doesn’t take a long time. You can write your concept document in a few days, if you have a clear idea.Take time to listen to the entire radio segment at: http://www.blogtalkradio.com/art-of-biz/2010/01/13/start-up-at-the-start-of-the-year-rapid-ramp-up. Additionally, you can learn more about the Small Business Boot Camp at http://smallbusinesscamp.com and the 16 Week Challenge at https://16weeks.ning.com. If you need help developing your business concept document, check out the short seminar, “The Business Model: The Heart of the Business Plan”. And finally, follow The Art of Making Business on Twitter to get daily suggestions.