Starting up the engines of your business plan

Coming up with a great idea, although a significant step in the entrepreneurial scheme of things, represents only a fraction of the game plan required to achieve fulfillment of a business dream.

This is not meant to discourage but rather to foster a sense of reality. It is essential to the success of any venture that you understand the hurdles you are likely to encounter and the method by which these hurdles can become opportunities for advancement and success.

Ira Nottonson

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It is not only unlikely; it is axiomatic that no one can have all the diverse talents necessary to begin or maintain a successful business. It is more a question of recognizing the talents that you do have and, especially, those that you don’t. At that point, it becomes appropriate, if not mandatory, that you seek and find the person or the people, necessary to your achieving the next plateau.

Money may very well be a necessary component of your next move but there are three basic elements involved in that scenario. The first is the business plan necessary to explain the concept, its potential and the method by which such potential will be achieved. The second is the amount of money involved, how it is to be used and the method by which the investors will receive their compensation … and their bonus for having made the investment. The third is the person or persons who understand how to properly use the investment to achieve the necessary results.

Moving too fast can overreach the capability of the dollars and the people involved. Moving too slowly will exhaust the dollars and the people without achieving the necessary momentum and incremental growth required for success. The ideal time line is different in almost every case and essential to the proper movement of the business activity.

It is very important that the people involved in a business, especially at the outset, be compatible in all the important business ways. The distribution or allocation of responsibilities should be a high priority in the initial plan of organization. Each person should be matched-their talent with their responsibilities. The ability of the team to work together can never be stressed too much. It is essential.

It is unlikely that all people at the outset will be perfect for the proper operation of the team. It is a good idea to structure the organization to avoid the need to retain those people who cannot perform within the structural parameters of the business. This kind of preparation is not easy but is essential to maintain the success of the business. Many businesses, otherwise successful, have fallen as a casualty to the structure of a bad organizational effort.

It is said that one round of drinks at any pub will generate a variety of ideas. The real key is not the idea. The real key is the sticktuitiveness, the energy, and team effort that takes an idea from a mere dream to a solid reality. Don’t think that a good idea makes itself happen. That is not the case. It takes time, hard work, understanding, dedication, and a little luck to make it happen. You should be aware that it doesn’t happen overnight. If you have a business or an idea for a business, keep in mind that you are almost always starting from the beginning again. Every day is a challenge that must be met.

Every day is a problem that must be solved. Every day is another opportunity to prove out what every entrepreneur dreams of … success. It is elusive. It is sometimes fleeting. But it is there. Just like the brass ring on the merry go round. You have to reach out and grab it.

Ira Nottonson is a business/legal consultant for small businesses and a business valuation expert. He lives in Boulder and can be reached at (303) 447-9672 or e-mailed at [email protected]. Nottonson will be teaching "Secrets of a Successful Business Plan" at the Boulder Chamber of Commerce. Call the chamber at (303) 442-1044 for information.