How do you define what building an “ORGANIZATION” really means to a new venture?
Everyone seems to have their own concept in mind when defining how they will build their new venture or business organization. However, there are some very basic concepts that are often overlooked. Most importantly, the concept of an organization should be thought out before you risk your‘s or other people’s monies. To have a little fun, I have spelled out the word below with some thoughts. Feel free to post this on your computer as you think through your business idea.
It is important to note that although the word associations below are designed for new business, it is never too late to rethink or structure your business. The Entrepreneur’s Advisor™ suggests revisiting your “Organization” on an annual basis to make sure that you have not strayed to too far or adjust for changes.
To increase the chances of success for your new venture, think through the following:
O: Operations – they need to be planned, efficient, and managed by a true generalist
R: Responsive – to customers, employees, and marketplace
G: Goals – measurable – “What is measured gets done”.
A: Action – action plans (30, 60, 90 day), then 6 month, 1 year etc.
N: Negotiation – everything must be negotiable (equity, terms, agreements, wages, plans)
I: Intellectual Capital – combination of human resources, IP, relationships, knowledge
Z: Zest – this is your passion (darn was it hard to think of a Z word)
A: Attitude – positive, energetic, adaptive, inspiring, “Can Do”
T: Timing – fund raising **, markets, not waiting until everything is perfect
I: Innovation – the ultimate challenge of change management. How can you do better?
O: Opportunity Recognition – where is the current and next sale coming from?
N: Not be afraid of failure
** Note on the timing of fund raising. If you are looking to raise capital, do not wait until you need the money, start as soon as your executive summary and power point or presentation is ready. Raising capital takes times unless you are very very lucky.
Still wondering what is going wrong? Have a trusted confidant review the “Organization” below and see if they apply to you or your team:
O: Overeager – not thinking through your idea
R: Resistant – to help, advice, change
G: Greed – how many billion dollar ventures have been built or owned by one person?
A: Anxious – you have trouble understanding why it is taking so long to achieve objectives
N: Not managing your business by the numbers.
I: Inaction – things do NOT fix themselves
Z: Zero – tolerance of those who do not agree with you
A: Arrogance – an unwillingness or unacceptance that someone knows better than you.
T: Totalitarianism – “It is your way or the highway”
I: Inability – to trust, confide, or work with others, or be able to plan, organize
O: Overconfidence – leads to mistakes
N: Negativity – you only see problems and not the opportunity?
If you need assistance in getting your venture going, contact The Entrepreneur’s Advisor™. We are the elite yet modestly priced to fit most budgets. Our advisory and implementation services range from simply having someone to talk to, business plan assistance and review, setting up operations and infrastructures, raising capital and mentoring. Our strengths are operations and experience in performing virtually every task associated with starting a business. Talk to someone who loves getting their hands dirty.
Website: The Entrepreneur’s Advisor
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