As I shared in my last article at http://www.recruitingblogs.com/profiles/blogs/6-steps-to-launching-a-successful-new-business there are six important steps you should follow when starting a new company. American snowboarder Sage Kotsenburg epitomized several in the process of capturing the first gold medal at the Sochi Winter Olympics.
The first step, “generating a great idea” was demonstrated when, ten minutes before his final slopestyle performance, the 20-year-old decided upon a risky, new move he never tried before. A second, “recruit the right management team” was evident when he called his mentor (brother) Blaze shortly thereafter to check on the worthiness of such a daring gamble. His brother responded, “Dude, you’re at the Olympics. What do you have to lose? Why not?” Ten minutes later Sage flawlessly twirled through the cold Russian air with a Backside Double Cork 1620 Japan, which resulted in his gold medal!
Sage not only created a great concept, but also successfully executed it. Furthermore, he recruited a great management team, which assisted him in his time of need. Though not having the time to do thorough market analysis (the 2nd step in starting a company) to confirm the worthiness of this idea, both he and his brother had many years of snowboarding experience (the 4th step “work for 1-2 companies for 3-5 years”), which helped them to quickly realize that his idea had merit.
My over 25 years experience as an executive recruiter confirms that great business ideas can also yield gold, resulting in a lot more jobs for the U.S. economy! Sage displayed on the cold Sochi slopes that you need to take chances and be unique to stand out among a crowd of similarly talented competitors. However, unlike Sage, you will need to engage in thorough market analysis (the 2nd of the 6 steps) to confirm that your idea is truly noteworthy.
In business, many R&D, scientific, engineering, IT and technical personnel have great ideas. What will set you apart is execution. Sage flawlessly executed his great idea resulting in a gold medal. To do so in business, you need to follow many of the six steps I recommended including: a) writing a detailed business plan b) saving up enough money for 1 ½ to 2 years so that you can stay afloat during tough times and c) recruiting the right advisors you can rely upon in your moment of need.
None of this will be easy, but the rewards will be enormous. Just as Sage proved on the cold, dangerous, snowboard hills, a great idea is golden!
I welcome your thoughts.