| Most people are familiar with the 4 Cs of diamond | | | | idea will remain just that -- an idea. |
| quality, but are you familiar with the five Cs of business | | | | 4. Cash -- No legitimate business can be launched on |
| startup success? Keep these five things in mind while | | | | zero dollars. While there are free resources available |
| starting a business. | | | | (advice, web-hosting, informational sites), you almost |
| 1. Courage -- Starting a business is not for the faint of | | | | always get what you pay for -- nothing for nothing. A |
| heart. Successful entrepreneurs are not afraid to fail, | | | | serious entrepreneur needs to purchase tools and |
| not afraid to learn new things, and not afraid to change | | | | resources for planning and management, marketing |
| direction. Courage is critical every step of the way, | | | | elements, and production. They need enough cash to |
| because startups don't leave time for indecision or | | | | live on during the Pit of Despair (the time between |
| fear. Successful entrepreneurs require the courage to | | | | launch and actual sales can be weeks to months |
| do what needs to be done, even if some discomfort | | | | depending on the business model, even longer to reach |
| or risk is necessary. | | | | profitability). Even if an investor is ready and willing to |
| 2. Confidence -- Often, the courage found in | | | | back a startup, the entrepreneur needs to put up their |
| entrepreneurs is driven by confidence. The belief that | | | | own resources to complete the planning process |
| one is better, faster, and stronger than all the others is | | | | before accessing the outside funding. No savvy |
| very motivating and makes it easier to deal with | | | | investor is going to write a check without evidence of |
| setbacks and frustrations. Confidence allows an | | | | the viability of the business. "Free startups" are |
| entrepreneur to quickly become comfortable with new | | | | unrealistic and, really, ridiculous. Considering that starting |
| information and new circumstances, and is an | | | | a business is likely the most important life decision |
| important factor in effective marketing. Confidence | | | | most people will make, it is absurd to expect success |
| allows entrepreneurs to be creative in dealing with | | | | to come for free. |
| problems and to avoid becoming discouraged during | | | | 5. Character -- The image and culture of a startup is |
| the darker times inevitable in any startup. | | | | wholly encompassed within the owner, and any lack of |
| 3. Commitment -- Business success doesn't happen | | | | character will quickly be revealed in the course of |
| overnight, and it doesn't happen for free. | | | | business. Honesty and integrity are critical -- the |
| Entrepreneurship requires significant commitment of | | | | consumer public has had enough of corporate thievery |
| time, money, and energy to even get off the ground. It | | | | and greed. And, with the current recession unleashing |
| takes time, money, and energy to learn everything you | | | | a virtual assault on working Americans, employees are |
| need to know about your industry, market, and | | | | likely to be far less tolerant of unfair practices and |
| business fundamentals. It takes time, money and | | | | unreasonable expectations at work. Good character is |
| energy to reach the critical mass of potential | | | | not optional! |
| customers to drive sales. A true commitment to | | | | The quality of a diamond is defined by the 4 Cs. The |
| succeed provides motivation and a true commitment | | | | Five Cs of startup success -- courage, confidence, |
| to starting up the right way increases the chances of | | | | commitment, cash, and character -- will determine the |
| success. Commitment to a startup is absolutely | | | | quality of your business. |
| necessary -- without commitment, a great business | | | | |