Success Lifestyle Magazine Issue 6- October 2019 | Page 13

“Do�’� worr� abou� bein� success�� bu� wor� towar� bein� significan� an� th� succes� wil� naturall� follow.”
~Opra� Winfre�
Entrepreneurs often worry more about
being successful rather than making an
impact. Your business should make an
impact on consumers and the community
at large, but you can’t do it alone; you need
a strong support system. The ups and
downs of starting a business are
unavoidable. You face daily battles trying
to determine how to reach customers,
how best to start your business, the best
source of funding and how to find the
right people for your team. It’s a never-
ending cycle. A strong support system
filled with the right people can help you
the backbone of your business. Here are
some questions that you should consider
as you identify the right support system:
How do you feel when speaking
to this person?
Do they have the best interests
of the business in mind or are
they looking out for their own
interests?
Do they understand your
feelings and needs?
navigate the murky waters. Do they give you good advice?
Wh� ar� th� Righ� Peopl�? Do they take an interest in your
endeavors?
In the words of Jack Ma, “You need the
right people with you, not the best”. This is
a key concept when considering the
support you need as an entrepreneur. The
right people will support the growth of
your business and believe in your ability to
make it successful. Having people who are
at the top of their game in their chosen
fields is great, but that does not mean that
they are the right people for the team
you’re trying to build.
The right people ensure stability for your
business. They are trainable and can
become the best in the industry under your
leadership. However, the right people are
not only your team members; they’re also
the people in your immediate circle, and in
the community, who are not a part of the
day-to-day operations of the business but
still offer support. Your core team, and the
people who offer external support, form
Issue �: October ����
Do they celebrate your
triumphs and encourage you
through challenges?
What active role do they play in
your life?
How can they help to propel
your business?
Believe it or not, these questions can help
you find the right support system for your
business. They also help you know who
you need to distance yourself from.
However, always remember that support
is a two-way street. It’s your job to
maintain these relationships and offer
support in any way you can for their
endeavors. One hand feeds the other.
�� 4 Mai� T�e� of
Suppor� for Entrepreneur�
An entrepreneur’s support system is a
source of empowerment and primarily
includes:
Family and Friends- They are the closest
members of your support system who
provide honest opinions and feedback.
Sponsors- Sponsors promote your brand.
They are a powerful tool for marketing
your business and helping you meet your
business goals.
Local Banks- Your business requires a
good financial push to start. Therefore,
having a good relationship with your bank
is a great avenue to facilitate this.
Team members- Employees can make or
break a business. It is important to build a
business with an honest, reliable and loyal
group of people.
There are many different types of support,
but our focus will be on 4 main types that
all entrepreneurs need to start and
maintain a successful business.
�nancia� Suppor�
Capital is needed to support the cash flow
of any business. As financial experts put it,
“Cash is king.” There are different ways to
acquire funding:
Bootstrapping where you use your
own money to fund the business
A business loan or line of credit
Giving up equity to investors
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