Startup Success Secret 3

Posted in Business Management, How To, Project Management, Startups, Strategy on Nov 17th, 2014 | 0 comments

Startup Success Secret – Know your weaknesses

“Don’t be a lone wolf. Lean on the experience and smarts of your teammates, investors, and mentors to help solve the tough problems and take advantage of the opportunities – SETH BANNON, Amicus

First-time entrepreneurs are often oblivious to their own weak spots. Getting to know your strengths and weaknesses is easier said than done.

Self-assess yourself by making a simple list of every business skill you think you possess. Then, add other skills that you think make a good leader/business owner.

Add any additional questions you think would be helpful. Take stock of the lacunae in your skillsets, and rank which positions you need to hire first.

“Know your core competencies and focus on being great at them. Pay up for people in your core competencies. Get the best. Outside the core competencies, hire people that fit your culture but aren’t as expensive to pay.”  – Mark Cuban

If you want your business to be successful, challenge yourself, be honest with yourself, surround yourself with talent, and watch success find you.

As you reflect back on the evolution of your business, it will be clear to you that you would not have gotten to this point had you  not identified your strengths and weaknesses, looking to fill your weaknesses with external talent.

Example SWOT:

A start-up small consultancy business might carry out the following SWOT analysis

SWOT Analysis

Why use SWOT Analysis?

SWOT Analysis is a very effective way of identifying your Strengths and Weaknesses, and of examining the Opportunities and Threats you face.

Carrying out an analysis using the SWOT framework helps you to focus your activities into areas where you are strong and where the greatest opportunities lie.

Strengths:

• Being able to respond very quickly due to lack of bureaucracy and red tape, no need for higher management approval, etc.
• Being able to provide hundred percent good customer care and satisfaction
• Strong reputation within the market
• Being able to adapt to the changing market quickly
• Little overhead, so can offer good value to customers

Weaknesses:

• The company has no market presence or reputation
• Has a small staff with a weak skill base in many areas
• Vulnerable to vital staff attrition
• Cash flow will be unreliable in the early stages

Opportunities:

• Business sector HAS SCOPE FOR EXPANSION , with many future opportunities for success
• Local community wants to encourage local businesses as it provides work opportunities to the people of that community
• Competitors may be slow to adopt new technologies

Threats:

• Will developments in technology change this market beyond our ability to adapt?
• A small change in focus of a large competitor might wipe out any market position we achieve