Before you invest in a startup project ask yourself this question: “Should I operate the business, or should I find other people to do it”. It’s a critical question not because you shouldn’t start your project, but because you’ll start it better. If you answer yes to this question you will need to acquire business acumen, if you answer no you will need to become an investor. When you answer yes, our advisory team will help you acquire business acumen through 4 important best practices. If you answer no, our advisory team will help you find a great team to build a business around your product or service.
To acquire business acumen, you will need to educate yourself in business through books, videos, experiences, wins and losses, and formal education, but you will have to be committed. The problem with entrepreneurs is that they create amazing products and services, but they forget about improving their business intelligence and later get shown the door by the board. To us, the best people to run a company are the ones with the vision and the ones with the vision are usually the founders, but they must pursue business acumen.
Founders must also learn about systems engineering because successful businesses are engineered not built.
They must also learn about management systems which are simply accounting and financial systems, asset management systems, human capital systems, risk management systems, marketing and sales systems, and global market research systems.
A great entrepreneur understands that to become a successful businessman or woman you will need to tackle problems EVERYDAY, everyday is a messy day in business, you will be challenged e-v-e-r-y-d-a-y. That’s where business analysis comes in you must fix issues that you know exist today, you must look for the ones that are on their way, and you must plan for the long-term issues.
Once you’ve understood systems engineering, management systems, and business analysis you will be ready to strategize, and your continuous pursuit of business education will allow you to create strategies that will have higher odds of succeeding.
Lastly, Business Process Optimization or BPO is what we preach at Waxdale, wasted processes waste businesses or kill businesses. It does not matter at which stage you are you must always optimize your operations to implement your strategies. Business processes are put in place, so you can execute your business model and it might sound simple but it’s extremely critical to your company’s survival.