• Marquis Advisory

Startup Barriers and… 3 Tools to Dismantle Them

Marquis Advisory Group LLC

Creative, ambitious, intelligent visionaries of their own life are entrepreneurs. That profile was true of immigrants in the 1840s and the 5.9% of U.S. workers who are self-employed as of October 2021.

Why would 4.4 million workers resign from their paying job now and decide that the benefits of the freedom of controlling your life more both professionally and personally was the best?

The Wall Street Journal today reported that, “In addition, if labor shortages ease, freelancers (entrepreneurs) could face stiffer competition from companies in landing clients.”

Is that the tip of the iceberg and are there unforeseen, destructive barriers ahead or are we in a new era? Do lower cost, entrepreneurial creativity in needed services, new technology, problem solving on environment, education, agriculture, and entrepreneurship the keystone platform of the future? Are they the rising tide of the decades ahead just as manufacturing changed and improved the economy of the world?

Success as an entrepreneur takes more than having an idea of what could be, whether it is a needed service for healthcare that relieves the shortage of healthcare workers, or an invention that enables seniors who have lost their ability to walk safely without a walker, to walk safely without a walker.

On education, an interesting, compelling, and successful way for primary school students to learn independently, at their own capability level. It would be designed to supplement and enhance their classroom teaching and smart enough to let the teacher know exactly where each child’s level of understanding is on every subject and enabling them to address in a personal one-on-one method.

Getting thru the barriers to success are primarily knowing what they are in advance and recognizing new barriers that are unique.

(1) Planning:

Question: It is one thing to have a good idea that you are confident you can provide, but what is it going to take to execute your new business successfully?

Answer: Planning. Start from where you are now. Make a list of the things that you think you need to accomplish before you can launch your business.

· What are the steps to put my product or service into reality that a customer can use it?

· What is the sequence of the process that makes practical sense?

· How much time do I think it will take to do each step?

· How flexible should I be when I run into a barrier in execution?

· At what point do I consider raising capital and how do I do that?

· How do I analyze barriers to find a solution, particularly if it is out of my experience and knowledge?

· Do I register my new business with the State before I am sure I have a product or service that will generate income?

· Do I research if there are competitors already doing the same thing?

· Do I research if my potential customers know that they will benefit from my service or product?

· How do I protect my product or service from someone else replicating it?

· At what point in time of planning and before I have a product or service in place to provide income, will I need income? Where will it come from?

· Are my expenses in development of the business all the way to income realization tax deductible?

· Am I better off creating my business at home or in an Incubator?

· What are the resources that I can turn to for guidance on any of these Barriers?

(2) Execution:

· How should I test my product with a safe, potential customer to get feedback before launching?

· What are the measures of customer need and interest that should be charted?

· What are the characteristics of the safe potential, safe customer?

· Should I provide a reward or gift to the trial customer? What are the benefits of doing that?

· How do I determine pricing of the product or service if there are no competitors?

· What portion of my product pricing should be for marketing?

· What portion of my product pricing should be for overhead?

· What portion of my product pricing should be for salary?

· What portion of my product pricing should be for business investment?

· What portion of my budget should be for gaps in sales?

· How do I determine the most effective marketing strategy?

· Do I need a license to sell my product? Local, state, national?

· How do I select professional services that understand my business and provide practical advice on legal, accounting, strategy, distribution, marketing, accounting, etc.?

(3) Developing and Maintaining Growth (annual assessment):

· Assess what has worked and what has not worked.

· Determine customer satisfaction and customer future needs.

· Do I need additional education in some aspect of my business?

· Hiring or drawing on contractors for services, what is best, most efficient for my busines and customers?

· Does the business need more capital to accelerate its growth?

· How much is needed and where would I find it?

· Prepare a revised execution plan in every detail from the first, with updated information gained.

· Am I enjoying my new freedom and lifestyle? How. Name the ways.

· What can I do to improve my lifestyle and freedom?

· Do I enjoy being an entrepreneur? How? Why?

Stephen N. Anderson, Founder, Marquis Advisory Group www.marquisadvisory.com sanderson@magsf.us 415-776-6499


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