So, you are starting a business? This is a difficult decision, and congratulations on taking the leap. You have an idea you’ve been researching for years. Picture this: time to launch, you sit down at your desk at home, in a coffee shop, or even better a coworking space :). But now… What do you do, day one? It is generally understood time is of the essence when launching any new venture. So then why, on day one, week one, or month one, are you focused on building a flashy website, setting up an LLC through a lawyer, or even designing a logo?
Most people will say they are setting the groundwork or even getting everything laid out to start operating business. While certain activities are necessary to facilitate business, most activities are not crucial to testing the viability of the business.
Think about any business idea you had before or are pursuing now. What is the gamble that must work for you to be successful? What is the hardest thing you need to achieve to make this new venture successful? Maybe it is a good idea to focus on that. (Note: If you do not know what this variable/gamble is, please re-examine your business plan.) Use whatever rule you want – 80/20 seems to make sense. Spend 80% of your day ensuring your business is viable: get that first client, build that list of subscribers, anything that is crucial/hard/important for the business. 20% can be used for the other areas.
Too many times you see smart, driven people drowning in work being side tracked with these “nice to haves” that are not pinnacle to the company’s success.
I invite you to examine your daily activities and label an activity as vital and nice to have. This sometimes is sobering, but well worth it.
Think of a car, many people would agree A/C, decent stereo, leather seats are all great features. But, all of these don’t matter if the pistons aren’t firing. Build that engine, make sure those four wheels are rolling, and then add the nice to haves. GM gets a bailout when they mess up, entrepreneurs aren’t always so lucky.
Alex Mazurewicz is the Community Director of the Burlington HiVE. Burlington’s only co working office space. For more information visit www.burlingtonhive.com or for a tour or questions please email him: alex@burlingtonhive.com. Follow the HiVE @BurlingtonHive