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- you need to focus on ONE project at a time to be successful
- you need to have ample time to start and grow your business
- do not look for life balance when you start a business. It is very hard tomaintain and will be an energy drainer
- do not spend your time and money on online programs which do not offer one-on-one support
#3 CFOS Good Example: You start a business like my last JV (www.30dayBootCamp.com) while you are conducting another business. You allocate clear time slots for this venture. YOu write them down as busy time and never schedule anything at that time. For 30dayBootCamp, I allocated more time at
beginning than now of course. But I always sticked to my resolution when it came to time management. Now, this JV has taken off so I have reduced my time allotment for this project but I still stick to an organized pattern.
#3 CFOS Bad Example: My not-so-successful JV was a victim of this CFOS. I simply did not allocate enough time and resources in general to this project. Maybe because somewhere deep deep inside me I did not believe in it.
So, suppose you have found right partner, you share same vision, same timeline and you can allocate same amount of resources... What's still missing to make this JV a big success? You still need: a great product, a target market and a great networking ability (or enough cash in bank to hire a great publicist!). Would that be enough? Well not even. YOu see, having best partner on earth, best product and a market waiting for you is not even enough.. According to venture capitalists, on a scale from 1 to 10, an idea only represents 1! They like to say that what matters most is "Business Planning". Indeed, only when you have understood inner details of your vision will you be able to execute and become successful.
So our #4 CFOS is Business Planning. You cannot improvise when it comes to business planning. If you don't know how to write a meaningful business plan, then hire a specialist. I have been teaching how to write business plans for past few years and I can say that only professional business plans get funded. Not looking for funds? Not a problem! YOu still need to thoroughly understand what your product will be, your market, your competitors, your execution plan, your marketing challenges, etc.....
So remember:
- you need a great product
- you need a target market (unless you are wealthy enough to create your own market)
- you need a business plan
#4 CFOS Good Example: for my first high-tech startup, one which developed a software based on artifial intelligence concepts, I wrote a complete 50 page business plan. Only then did we uncover tricky aspects of our business model. This helped us raise money we needed and find clients we wanted!
#4 CFOS Bad Example: I cannot talk for myself because I always do what I preach but I will talk about startup failures. In late 90's, VCs were easily showering with dollars any person with a great idea. Business Plan? not needed. A one-pager maybe but that was pretty much about it. Hence staggering sums put down drain with countless startups. An idea is not enough, you need a plan!
There are other factors of success when you start and grow a JV. But if you do your homework right, write a business plan (and insist on parts you dislike most, this is where you are likely to find business traps), look for and find a great partner and are ready to work hard towards achieving your goal, then you will have put all chances for success on your side and you will be on your way to an amazing and rewarding journey!
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© Valerie Vauthey.
Business Coaching at My Private Coach
Valerie Vauthey is CEO & Founder of My Private Coach. She can be contacted at info@myprivatecoach.com.
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Valerie Vauthey is the founder of http://www.MyPrivateCoach.com and the president of the Silicon Valley Coachville Chapter. She brings long years of successful experience in the areas of Personal Coaching, Weight Loss, Financial Coaching, Time Management, Motivational Techniques and Behavioral Science. She is a permanent guest on the acclaimed Good Life Show hosted by Jesse Dylan.
