A Strong Foundation

Latest posts by Joel Welsh (see all)

Let’s hit the button on the “Way Back Machine” for a moment today. One of the things we took a great deal of time with as we started up Showcase U is talking about, evaluating, brainstorming and then painstakingly documenting the foundation for the company. This included a well researched business plan and moved to the meticulous aspects of our administrative & operational structure.

This is a difficult discipline to adhere to because when you’re excited about starting up a new company, all you want to do is get going, get it launched and start making money!! But the time spent in these early days being diligent about building a rock solid foundation brick by brick will give you a much better shot at weathering the storms that will inevitably come.

We are a virtual company at this stage as I work from a home office in Michigan, Jake works from a home office in Indiana and Chad works from his laptop in whatever city the Philadelphia Phillies are playing in during the major league baseball season and from his home office in Louisiana during the cold months.

We decided to go with an internet based solution for our email and document creation & storage. We’re using Google Apps and Google Docs and Gmail. It’s free and the document sharing capability has proved to be pretty slick as we all can work on the same document or spreadsheet at the same time, which is a whole lot better than emailing versions back & forth to one another. It also means that we don’t need to invest in a server to house these applications, and when I purchased a new computer last month I saved money by not including MS Office in the package cost.

But the very first foundational action that we took was to create our life plans. When you’re starting up a new company you want to make sure that what you’re working so hard to create will fit within what you want out of your life. Otherwise it’ll become more of a job and you’ll be less likely to give it the enthusiastic energy that it will need to succeed.

Jeff & Rich Sloan appeared on CNBC’s “The Big Idea” last evening to talk about the importance of creating a Life Plan as an entrepreneur. Being a startup CEO myself, I was working & didn’t see it live, but I recorded it & will check it out while eating lunch today (you just gotta multi-task as an entrepreneur). You can learn more about creating your own life plan right here at StartupNation.com.

Total
0
Shares
Previous Article

Creating a mission statement

Next Article

What Watching Speed Racer Can Teach You About Business

Related Posts
employee feedback
Read More

A Startup Guide to Creating an Employee Feedback Strategy

Startups can be high-pressured environments, with world-changing missions that inevitably encourage staff to work incredibly hard. It’s probably no surprise that the average tenure at a fast-growing startup is just two years, several years less than the market average. High levels of staff turnover can be disruptive and very expensive. It’s also particularly challenging to...
entities for incorporation
Read More

Ready to Exit Sole Proprietor Status? Consider These 4 Entities for Incorporation

A new year means a clean slate for business. If your business is still in sole proprietor status, now is the perfect time to start thinking about incorporating as a registered entity formation. What registered entities should entrepreneurs incorporate as? Here are a few popular options for entrepreneurs planning to exit sole proprietor status. Limited...
communication skills
Read More

7 Tips to Improve Your Business Communication Skills

Communication skills are a crucial part of any business. To increase your success, you need to learn how to communicate with the people around you. Communication skills make it easier for you and your team members to work together more effectively on projects, solve problems more quickly and reach goals faster. The following seven tips...
data-driven marketing
Read More

The Pros and Cons of B2B Data-Driven Marketing

Data-driven marketing is a marketing strategy that uses data to define consumer behavior patterns and then uses that information for marketing purposes. For example, if the pattern shows that the majority of your target audience is engaging with you on social media, then you would invest your advertising budget there. The main goal of this...