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 ��