Business Plan Writer for Companies Raising Capital

30 Years of Minority Business Development – Lessons Learned on How to Build a Successful Enterprise

As a business plan writer, I’m always working with clients to create a sustainable business. I was sent this list of 30 things we as business owners should do to thrive for the long term.

 

30 Years of Minority Business Development – Lessons Learned on How to Build a Successful Enterprise By Dr. Fred McKinney Tuck School of Business

  1. Have a Well-Articulated Strategy
  2. Think of Culture in the Beginning
  3. Create a High-Quality Board of Directors or Advisors
  4. Have the Capital to Sustain Yourself for the Bad Times – “Winter is Coming”
  5. Get to Know Your Banker, Your Accountant and Your Lawyer
  6. Hire the Management You Cannot Afford
  7. Be Careful of Hiring Family – They are Hard to Fire
  8. Have Transparency with Your Spouse and Family
  9. Set Short-Term Goals Consistent with the Long-Term Strategy
  10. Learn How to Say No – Every Deal is Not a Good Deal
  11. Know the Difference Between Economic Profits and Accounting Profits
  12. Get Certified and Learn How to Use the Certification
  13. Have a (Social) Media Plan
  14. Read the Wall Street Journal Daily
  15. Listen More – Talk Less
  16. You Are Always On
  17. Convince Yourself that Entrepreneurship is For You
  18. Become an Industry Expert
  19. Join Your Industry Association and Be Active
  20. “Sharpen Your Saw”
  21. Celebrate Your Uniqueness Give Back Until it Hurts – Paying it Forward Pays Off
  22. Continue Your Education
  23. Mentor Your Replacement
  24. Look to Collaborate
  25. Get on a Plane and Visit Places Where You are a Stranger
  26. Put Yourself in a Leadership Position Outside of Your Business – Become a Board Member of a Local Non-Profit
  27. Pay Your Taxes
  28. Experience Temporary Failures and Set-Backs
  29. Anticipate the End
  30. Pray