5 Keys To A Successful Small Business Startup

In this episode, I sit down with my personal coach, Tim Fulton, to discuss the 5 keys to a successful small business launch.

He shares with us his thoughts on having a business plan. Quoting a study that pointed out that there is a larger than expected number of small businesses that have any type of plan, he puts the absence of a plan down to a fear factor - the fear of being held accountable, the fear of this becoming real when it's in writing.

He also emphasizes the fact that growth sucks up cash - Unfortunately, many business owners don't realize that until they're in the midst of it and all of a sudden, cash is getting scarce.

Another pearl of wisdom - Find some advisers, and be humble enough to ask for help.

He also talks about the significance of being clear about your “why”.

Tim feels having a growth mindset is important. Individuals having a growth mindset almost look forward to making mistakes because mistakes are learning opportunities.

Stay tuned to know and learn more.

Key Points of Discussion:

• Having a business plan (7:59)
• A study found less than 20% of small businesses have a plan (8:19)
• Why do so many businesses not have a plan? It’s a fear factor, feels Tim (8:40)
• Be adequately capitalized. Growth sucks up cash (11:33)
• Find some advisers, and be humble enough to ask for help (15:42)
• Have a strong “why”; figure out your purpose, your mission (18:03)
• Tim feels having a growth mindset is really important (24:54)
• Those with a growth mindset almost look forward to making mistakes… (26:21)

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Additional Resources:

• Small Business Matters website
• "Small Business Matters" by Tim Fulton on Amazon
• "Small Business Matters & All That Jazz" by Tim Fulton on Amazon
• "Start With Why" by Simon Sinek on Amazon
• "Start With Why" - Simon Sinek's Ted Talk on YouTube
• "Delivering Happiness" by Tony Hsieh on Amazon
• "Mindset" by Carol S. Dweck on Amazon
• "Good To Great" by Jim Collins on Amazon
• Learn About The Alloy Franchise Opportunity

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