The biggest enemy to executing your business strategy and meeting the goals of your start-up business is not what many people think. Procrastination is the enemy that keeps new businesses from launching in the first place, but there is another enemy
that lurks around the corner waiting to pounce on you after you’ve overcome the hurdle of getting started.

That enemy attacks in the area of staying focused and it often appears in the unsuspecting guise of multiple good ideas.

Initially you’d think that the bandit that steals the momentum of your launch and highjacks your agreed-upon milestones in the process would be more evident in bad ideas or concepts. But in many cases the ideas that sound great but steals our focus away from the intended target are the ones that get in the way. It’s the good idea that would be great to pursue …but not now, or the one that someone needs to do…but not you…those are the ones to beware of.

To prevent this from happening, something I learned from the book Good to Great by author Jim Collins is what I stand by. It’s called the “Hedgehog Concept.” It’s reminiscent to the age old “tortoise versus the hare” tale and it goes like this: There are two different types of business leaders, foxes or hedgehogs.

Although a clearly defined objective or goal is defined for his business, the fox is easily distracted, especially when adversity hits. The fox is seen as always running back and forth at every new scheme that is introduced. Just like in the tale of the tortoise and the hare, the fox is picked to win because of a few short term successes, but loses in the long run because each good sounding idea had no relevance in reaching the intended endgame target.

The hedgehog has a much different business approach. A hedgehog in the real world only has one effective method of defense. When threatened, the hedgehog curls into ball, allowing the spikes of its fur to protrude to keep attackers at bay. It then rolls in a direct path forward to get out of the dangerous situation.
The hedgehog exemplifies sticking to focused, specific tasks. He is an expert in what works, thus the reason why he’s consistent. Like the tortoise, the hedgehog may not be picked to win at the beginning, but he comes out the winner because of a focused strategy.

Both of these business types are approached with good ideas during the course of their growth, but the hedgehog filters out ideas that don’t align with the intended end-game target.

How to Avoid Getting Off Track

Keep it simple: Make sure that your business target at the end of the term is a simple, achievable goal.

Any new idea should directly or indirectly help achieve that strategic goal. If it doesn’t, toss it or at least table it.

Finish what you start before branching off to start something new, especially if the new idea does not line up with reaching the target.

Here’s a secret mindset to have in order to help you grow your business start up and maximize its value: run it like you want to sell it!

Where does this concept come from? It’s a concept modeled after homeowners that wish to sell their homes. No matter what problems, blemishes, short cuts or work-arounds the homeowner has grown familiar with or tolerated, when it’s time to put their house up for sale, there’s a concentrated effort to make sure that the home is upgraded and polished so that its value can be easily recognized.

But, how does this apply to the entrepreneur?

Some homeowners clean up their homes so well for the sale that they decide to keep it for themselves.

The goal is not necessarily to put your business up for sale, but to adopt a mindset that allows you to develop your business so well for yourself that others see the value and would want it for themselves.

So what would it take to make your business so appealing?

1. Having a clearly defined value position:

You must communicate what your company does best and why what you do best is needed. An easy way to clarify this is to ask yourself, “Why does my business exist?” with the follow up question, “What would happen if my company did not exist?” The answers should lead right to the problems that you solve for people who need you to solve it (your customer base).

Clearly defining this would make a potential buyer desire to own your business. It also would help you, as the current owner, to stay focused by keeping the “main thing the main thing”.

2. Be on the right road toward profitability:

Too many businesses fail to use what some have called the “report card” for determining if the business is experiencing a profit or a financial loss. That report card is a Profit and Loss Statement, or a “P&L”. Planning your start up’s progress with this tool will clearly define what actions are required to make your business activity turn a profit. Documenting this potential to make money is what gets the attention of a potential buyer of the business. What’s better in this scenario is that the business is yours to hang on to.

3. Establish your brand:

This is not limited to having your logo, business cards, etc., although those things are a part of your brand. What your brand truly means is the establishing of your company’s identity and culture. This not only includes the logo and business cards that you immediately think of when the word “brand” is mentioned, but it also includes how you or your employees dress, how you answer the phone, how a message is taken, what language is used, how meetings are conducted—the very culture of your business. What makes this significant in the sale of a business is that structure and methodology that leads to your business’ success are defined, making it easy for a buyer to pick up where you left off on the road to success. The good thing about our scenario here is that you don’t have to trade that success off to someone else.

4. Establish relationships:

What, or better yet, “who” would a buyer get in addition to the business itself? A loyal customer base with relationships that your company has established is an obvious answer. You can make sure that you connect and keep your customers through good old-fashioned customer service. You can build upon that concept by using the new tools that social networking on the web has provided such as with FaceBook and Twitter.

Affiliations with other companies and organizations in your company’s circle of influence add value to your business as well, and would make your business even more appealing to a buyer.

Thanks so much to Dan Waldschmidt for his vision with sales and having “edgy” conversations! With a true heart for small business, Dan helps more than 30 companies a year grow their businesses by 300 percent. Wow. He’s not your average sales guy…

We live on the edge, so that we get noticed. If you wanna be noticed, and want your business to grow, you have to explode your business. Living the life on the outer edge of outrageous opportunity is the key. Create moments that take your breath away. YOU have the power to do it. Say to yourself, “I am all I need to change the world.”

Why be edgy in the first place??? The point is to be the thing that gets noticed. Have you ever called someone and said, “Could I have five minutes of your time?” What kind of response do you receive? Most of the time, they don’t have five min. And if they do, they don’t want to give it to you. Couldn’t our five minutes be more effectively spent elsewhere? If you’re not on the edge with your conversation and your business, you’re missing something.

E—Extreme. You can’t act extreme, you ARE extreme. It should be the criteria for how you make decisions. Customer service, creativity, deadlines, effort, passion. Make them extreme. Create your own jargon, create your own facts. If you’re a winner, you’re going to win eventually. Don’t trust other people’s opinions more than your own. Stop living like the last 24 hours is the rest of your life. So what, you lost a customer. Pick your head up and get back on track. Tomorrow, you go back to work. You win everyday.

D-Discipline. Discipline should drive us, not emotion. You need to control your mind. You fail over and over and over again in your life so that you can succeed. You don’t take rejection personally. Stephen King. Jack London. Emily Dickinson. J.K. Rowling. Van Gough. Rejected at first? I’d say so.

G—Giving. Stop taking so much and start giving. Give a new perspective. Give a new vision to your industry. Give a new customer experience that is mind-blowing. Give something that is of value to you, and don’t expect to get anything back in return.

Y—Yuman. (Yeah, it’s human, but this is how he pronounces it) You can’t ignore the people. People are what enable you to have explosive results. To be powerful, you have to understand people.

It’s hard to be extreme, it’s hard to be disciplined, and it’s hard to be selfless. You have to prepare and care more than you’ve ever wanted. If it’s hard, it must be good. Want the results? Live on the edge. It starts right now with edgy conversations, and its starts with your opportunity to change the world.

Thanks to Jake Hayes, from InSource Executives, for his eye-opening session on The Greatest Idea Ever and other beliefs that kill business. What an amazing half an hour!

The Greatest Idea Ever. We all have great ideas, but do we have the business to back up our idea? It’s dangerous to have the greatest idea ever, because if you think about it, you don’t need to do market research. It sells itself! It’s the greatest idea ever! Is this realistic?We look around us and all we see is products. iPods. It’s the business that makes these products successful, not the idea itself. Apple took the mundane product of an mp3, and innovation and commitment to their brand lead the iPod to where it is today.

When you have the greatest idea ever, the idea itself is sacred. So…if that’s the case, you can’t innovate. You can’t enhance it. There’s no room for improvement. When you have the greatest idea ever, what’s the right price for it? If you drop the price, what if the quality drops?

Follow your passions. If everyone in the world starting off by pursuing their passion, we’d have a world full of actors, astronauts, and athletes. Passion and talent aren’t necessary linked. Just because we’re passionate about something doesn’t mean we’re good at it. Think about a football game. A stadium is full of fans watching a sport that they are immensely passionate about. If they passionate about football, shouldn’t they be out on the field playing?

We don’t want to tell people to follow their passion. We’re not in a country of finishers. We start things and we don’t finish them. If what you’re doing today is a bad idea, then stop doing it! Finish what you started, absolutely, but know when to quit.

Finish what you have started. When you are starting a business, you can’t afford to throw away your trash. The biggest pieces of wastes we see in small business is our contacts and our needs. If your business can’t provide the services that the customer needs, find out who can, bring them in, and make a difference. Does your trash consist of lost contacts, lost projects, etc.? How you use this trash can make the difference between profitability and just making it.

The competition is your best chance of success. Being there will make us push to improve our business model and our product. There’s room for mutual success, and you just have to find it.

If I only had more money. Money doesn’t solve problems, it’s the universal accelerator. We’re looking at the wrong gages. Accounts receivable is not how much money you’re going to get. Sales are irrelevant if your costs are astronomical.

As we look out at launching Greenville and taking small business to the next rung, we have to sit down and look at our beliefs. We have to know when to use what we know. When is it important to be motivated, and when is it important to be realistic? We have to have a plan, and abandon these beliefs that are killing our business.

Thanks to Trey Pennington for enlightening us on how to change our perspective, and capitalize on our opportunities. And a huge thank you to Enterprise Launch for getting Launch Greenville in motion and making it the success it is today!

LAUNCH Greenville 2010 is underway, and we are so excited to be here (like, really excited!). We have three enticing keynote speakers this morning and then a marketing, sales, and business owner panel this afternoon! The Marketing Pro. The Sales Guru. The Small Business Fanatic. Key Business Connections….We have a lot of stuff to cover. Stick with us, and you’ll be quite amazed at what we’ll show you (And don’t forget to check us out on Twitter, Facebook, and ….)

2009 was tough, right? So how do we move from the struggle of the previous year to making a change in 2010? It’s about changing your perspective. The age of opportunity awaits us, and we have to be optimistic. When we learn that we are in control of our own destiny, then we can move to the next level.

In order to change our perspective, Trey offered these ideas:

1) Having a mentality of just letting things go. We have to natural tendency to build fences around and guard our assets rather than letting them go. Why not let your gurad down, take risks?

2) Maximizing Sales—Purposely giving things away. The purpose of business is to maximize shareholder wealth, not just making money.

3) Pursuing your passion—Be bold to start something, even if you don’t know the end. There’s wisdom in planning, but it restrains us from taking that first step.

4) Listen, and take the message in— What about listening, instead of getting your message out there? It’s transformative, and it could change the way you do business.

Barriers to changing your perspective: FEAR of the unknown—You have to be willing to make a choice that you’re ok with uncertainty, and that you’re ok with being totally responsible for the outcome. Pursue your passion, put yourself out there, and ignite those passions towards the goal.

Eight Be attitudes to seize these opportunities:
1. Be alert
2. Be quiet
3. Be available
4. Be responsive
5. Be visible
6. Be generous
7. Be helpful
8. Be quiet (humility).

At the end of the day, what’s that point? It’s about creating value for other people. We need to create value for our customer, and not worry about making a buck today. The joy we can obtain from creating joy for other people is endless. Choose to act.

(Yeah, we said GIVEAWAY!)

Business Black Box is giving away FOUR free tickets to this weekend’s Launch Greenville event, at the Carolina First Center!!!

If you don’t know about the event, visit www.launchgreenville.com.(But you’re also in trouble, because it means you haven’t been reading your emails!)

Here’s how you can win:
1. Send us an email at jordana@insideblackbox.com.

2. Put CONTEST in the subject line. (This is important! You don’t want to get overlooked!)

3.Then, give us one reason why you need to go to Launch Greenville. Is it because you need a better sales process? Need to know about marketing yourself? Or you’re just a start-up or small business and need to figure out what you’re doing in the first place?

4.Include your Name, Company, Title, Phone number and Email address. This info MUST be present to win!!

Listen, now, this is important: Deadline is 8 a.m. TOMORROW, Wednesday, April 14. No exceptions! We’ll take the best responses and pick four to attend.

Yes, it’s that simple. So send us an email NOW to get a free ticket ($149 value!)

See you there!

The NextStart community is looking for innovative entrepreneurs dedicated to creating a successful business but lack the experience, connections, and money necessary to start their venture. The NextStart program offers participants the advantage of seed money combined with intense entrepreneurially focused workshops and work space in a unique community rich with innovative spirit and experienced business leaders.

The NextStart program is designed to provide founders of new ventures the tools necessary to start and grow a successful business. Selected companies will be given up to $10,000 in seed capital and participate in our twelve-week program that encompasses mentoring in addition to various learning opportunities, resources, and assistance. The program will provide participants with housing and office space in the vibrantly entrepreneurial community of Greenville, SC. This community has a multitude of both small and international business enterprises, a technology oriented and entrepreneurial focused research university, and a pool of retired CEOs and young executives giving participants the opportunity to create a valuable network of experienced mentors from which they can draw knowledge. Upon graduating the program, participants are expected to use these lessons and their newly expanded network to advance their business plans.

NextStart will also provide participants the opportunity to pitch their company to an audience of qualified investors for additional funding at the end of the program. Applications are due April 15.

Candidates may apply online. Please click here for an application. For more information concerning the NextStart program, please visit www.nextstart.org or contact Jessica Blair.

Scott Whelchel, with the Clemson Small Business Center, discussed creating and/or analyzing your current business model. Here are the key principles he shared that we think you need to know.

Write/refine your business plan. Whether you’re a brand new business, or a business in search of direction, formulating a business plan will help you focus your perception of who you are, where you want to go, and how you’re going to get there.

There are certain questions to ask yourself when creating a business:

•    Does it support who we are? What is your birthright; what is your reason to exist? Does the world really need another bank, magazine, marketing firm, etc.? What do you have that’s unique and that the community needs?

•    Is this business even possible? Is it going to cost you a boat-load of cash to reach your goal? It may be a great idea, but it may not fall into the realm of reality for you.

•    Is it profitable? It may be a great idea and affordable, and not ever make you a dime.

•    Does it help us achieve long-term goals? Can it build wealth for the family business, build name recognition, or move you father down the line?

Writing a business plan forces you to focus your business’s purpose, narrowing you down from all the things that you could do to the things you should do. It requires critical thought and analysis, asking yourself the tough questions and really challenging yourself. You may think you know what kind of customers you want to sell to or what kind of partners you want to work with, but upon further analysis, you may think differently. You may think you know how you want to reach your customers, but when you research it further you realize that it’s not the most effective tool. Whelchel warns, “If the success of your business hinges upon social media—be careful.” While it may aid your marketing now, it may not help to reach the long-term goals you set for yourself.

A business plan should describe the operation of your business, clarify and outline the financial needs of your business, help you effectively manage your business, and build your confidence and credibility as a business. At some point you have to communicate your vision in writing to others.

Remember, the magic isn’t in the written document itself, but the magic is in the process. Asking yourself the tough questions now will save you the trouble later down the road. Investors and lenders will be able to see that you have carefully thought out the vision of your business, and employees will be more aware of what you expect from them.

Key Tweets from @InsideBlackBox (www.twitter.com/InsideBlackBox):

•    Remember: you can’t be all things to all people. Know your position in the marketplace.

•    You get farther at the end of the day if you focus on fewer targets in a specific target market.

•    Common theme in looking at your biz plan (old or new): Research and Refine. Challenge your ideas and study your (target) market.

•    Your momma won’t tell your if your biz plan stinks. Go thru the process; challenge assumptions.

For more Twitter coverage of the speakers at this year’s Greer Community Commerce Convention, hit up search.twitter.com and search #GreerCCC

Join the convo using that same hashtag in your tweets!

The difference between a good entrepreneur and a growing entrepreneur is that a growing entrepreneur develops from sound, trusted counsel and advice. This advice doesn’t come from just anywhere, but must come from a source that has actually walked the walk—a source that has been there, done that and sold the t-shirt. A growing entrepreneur needs a mentor.

Now, the more relevant the experience of the mentor to your business or industry is, the more relevant the advice you’ll get. But here’s the tricky part: typically, entrepreneurs start locally when they seek relationships with advisors, knowing that the most relevant and knowledgeable person is usually someone that does exactly what you do. The irony comes in the fact that on the local level, that person is usually a competitor. Good luck with getting them to be your mentor!

So here’s what I teach my students to do when they are seeking an industry-specific mentor:

1. Same Business, Different State
Seek a mentor by reaching out to a business similar to yours, but in a different state. The business you approach should be at a level of business that is healthy and should also be in a market similar to your own. You’ll be surprised at how seasoned entrepreneurs that do the same thing that you do (or wish to do) welcome the notion of sharing their expertise.

With the potential mentor being in a similar but separate market from yours, the fear of competition is irrelevant and should allow a growing consultative relationship.

2. The Power of the Internet
Long before anyone heard of Facebook, Twitter or even MySpace, there were online forums. These forums are simply websites (or a part of a website) where like-minded people can post discussions about topics relative to their business or hobby. In most cases, either the forum owner or key members of the forum have a level of experience and know-how to act in a mentorship role. They are usually the ones that not only post ongoing resources on the forum that they know users can benefit from, but they tend to be approachable and welcome questions and requests for insight about the industry.

I have used at least two forums regularly for more than four years because of the industry-specific advice, insight and expertise that I get from them.

3. SCORE:
The Service Corps of Retired Executives (or SCORE) is a non-profit association that has provided entrepreneurs access to mentorship since 1964. Initially, this expertise came from retired executives as the acronym states, but today the organization is mostly comprised of working professionals that make up their 12,400 volunteer counselors who share their counsel through a mentoring relationship.

Although SCORE still maintains its In Person Mentoring through the 364 local offices throughout the U.S., the organization’s website (www.score.org) allows entrepreneurs to go the next level through their Online Mentoring program. There you can conduct multiple searches that allow you to drill down and find the mentor that has relative experience for your specific business type.

There are two ways entrepreneurs can learn how to grow their businesses, and that’s through either your own experiences or through mentorship. Your own experiences include your own mistakes and bad decisions. Relevant mentorship allows you to learn from the life lessons of others and build upon proven success.

During the upcoming gift-giving season, when you are asked “What would you like me to get you this year?” don’t go for the generic answer of “Oh, surprise me,” or “Oh, it doesn’t matter.” Give your loved ones’ generosity an opportunity to really make a difference by letting that gift to you be something that will advance your new business start-up.

Each year, I have a mental wish list of the things that would really be of significance to me if I received them as gifts from my wife. Since I am passionate about my entrepreneurial endeavors, the presents she’s given me that I found useful in my business were always the gifts that I enjoyed the most. From tech equipment that made my home office life easier to gift cards used to purchase services, these special items have made both my wife and I happy during the season—me, because of having another tool to advance the business, and my wife, because she saw that her gift to me was truly appreciated.
This is not a new idea. Brides and grooms do this all of the time with wedding registries. It makes it easier for your family to shop for you while also taking your business to another level.
Another cool thing about making an entrepreneur’s wish list for yourself is that the item(s) doesn’t have to be expensive. Sure, technical gifts can be expected to be on the higher-cost end of any list, but sometimes I’ve asked for inexpensive things like a business magazine subscription. Not a lot of money, but something relative and impactful to my business knowledge.

To get started, ask yourself what are the things you need to add to your business’ growth? What are things that you’ve wanted but have either done without or just haven’t taken the time to get?

Here are a few ideas:
Gadgets and gizmos are always the first items that come to mind. Determine what technology tools are needed most for your business, and consider your loved one’s budget. It actually doesn’t have to be pricey, but it should make an impact in your business growth. Last year I received an inexpensive mp3 voice recorder. Nowhere near the price of a laptop, but able to launch me on my way toward creating audio podcasts for my blog. Big step. Small price. Great gift!

Gift cards, especially Visa or American Express, can be used to pay for basic services that will get your start-up in the game. Use for business basics like printing your business cards or giving your first logo a facelift. I once received a Visa gift card as a thank-you gift and immediately used it to launch a new website project of mine. That gift went so much further than a tie or pair of socks!

That trade or business magazine subscription that you know you’ve been wanting.

Classes or workshops that are relative to your industry. Books that speak to your industry or your growth as an entrepreneur.

Gifts that are relative to a person’s passion are usually gifts that get put to use and are most memorable. Your loved ones will smile.