How many months in advance do you book/plan your end of year holiday? Do you take cash with you when you go on a road trip? Do you check the traffic report before you commute to work? If you said yes to any of these – congratulations, you understand the value of planning, preparation, and foresight when undertaking an activity which involves an element of risk. So if most people think it is necessary to plan their daily lives ahead of time, why would anyone not consider planning ahead for their business?
In a world where risk is an inevitable consequence of entrepreneurship, the notion of undertaking a due diligence check of your business or startup is a relatively useful tool in mitigating and navigating foreseeable issues that the market will throw at you.
Although all businesses start off with a business plan, it is surprising to note that almost 80% of startups fail within their first 2 years; does this mean that 80% of entrepreneurs are failing to properly research and enter their relevant industry? (Debate the percentages however you want, but the point is that there will always be more failures than successes). However, can the business services that Art of Start® and iBOP offer any more assurance of success? Absolutely.
Art of Start® and iBOP are two innovative business initiatives which are designed to complement the development of the entrepreneurial venture. I have already written an article recently on the Art of Start® but here is a quick summary – Art of Start® is a business service that is designed for entrepreneurs and start up firms who are seeking to ‘hit the ground running’ when the enter the market. This means that it offers due diligence, advisory, and assistance to help guide entrepreneurs who are either not sure, or unclear of their responsibilities and expectations of the new personal and professional lifestyle they are taking on. In conjunction to Art of Start®, iBOP is another business service that offers an online user experience aimed at analysing the specific details of the startup/business, and other general pitfalls such as websites, financials, and strategy. As iBOP is an intelligent and interactive method of conducting the business’ operations, planning, and pitching stages of the life cycle, and thus a integration data analysis tools including CRM, surveys, and results reports so that the interpretive aspects of the business can be minimised. And risk minimisation is the actual aim of the game.
So how can startups utilise and benefit from both of these platforms? Simple, they just need to ask. They need to ask themselves “Have I considered all the ins-and-outs of going into business?”, and they need to ask to ask the people behind Art of Start® and iBOP “How can I manage these issues?”. That means being objective (if that is possible), acknowledging multiple and different opinions, and acting in the best interest of your stakeholders (if you have any). You cannot possibly hope to succeed if you put yourself at the forefront of every decision – the business comes first and the individual last – and it is only through this manner of functioning that a startup can thrive during an uncertain period.