We’ve all heard the saying “It takes a village to raise a child” and other iterations of the phrase. But have you ever heard the expression “It takes a village to start a business”?
In the business world you often hear terms like network, mentors and advisors – but in all the years I’ve spent surrounding myself with entrepreneurs, studying entrepreneurship and working in a range of businesses , I’ve never really heard the term “village”. used. That is, not until recently.
I teach the CO.STARTERS program at the Knoxville Entrepreneur Center to help new businesses get started. One of the first modules we cover is understanding your strengths as a business owner and identifying the people you need on your team. But having the right team in place means more than the people you hire or a business partner. It includes all the people you surround yourself with to help you through the roller coaster journey that is entrepreneurship.
I’ve compiled a list of the top six people every entrepreneur needs in what I call their “business village.” Some of these people you may not talk to every day, but it’s important to know them and keep them handy in case something goes wrong. Others are foundational support that you will likely stay in touch with frequently.
Let’s see who these people are:
Someone Who Makes Legal Less Scary
I get it, talking to a lawyer can seem daunting and expensive when you’re just starting out. But it’s definitely worth the investment to have someone who understands the legal side of business, not only to help you select the right entity for your business (sole proprietor, LLC, etc.), but also to answer all the legal questions you will inevitably face. as a business owner. It is important to have someone you trust in your village to solve these legal problems.
Someone Who Is Good With Numbers
Whether you like it or not, having a sustainable business is all about the numbers. You might be able to take a crash course in social media marketing, but understanding taxes, tax returns, balance sheets, and cash flow can be a lot for most new business owners. That’s why seeking advice from an accountant can make all the difference in not only helping you understand your business finances, but also giving you peace of mind.
Someone Who Understands Risk
Some businesses have obvious liability risks like construction, transportation, and restaurants, but almost every business carries some form of risk. No matter what type of business you have, you will likely need some form of liability coverage. Read also : Ideas for sharing Netflix passwords aren’t new. Talking to a licensed commercial insurance agent can not only help you understand the types of risks you are exposed to, but can also ease your mind and ease your stress levels.
Someone Who Can Hold You Accountable
If you’re venturing on your own, it can be hard at first to stay motivated and push yourself. To see also : Business Intelligence – how New York’s jets and their corporate partners have evolved. Some people will invest in a business coach for this reason, but when money is tight and you’re getting started to start your business, having a friend who believes in you and checks on your progress can have a huge impact on achieving your dreams. of an entrepreneur.
Someone Who Has Been There Before
Having a mentor or advisor in your business village who has walked a similar path can help you not only avoid costly mistakes, but also navigate the complicated process of running a business. It’s common to get so wrapped up in day-to-day business activities that you forget to look at the big picture. On the same subject : Flathead Business Watercooler | Daily Inter Lake. Finding a mentor/advisor who can provide sound advice based on their experience will ensure that you build a business that is not only successful, but sustainable.
Someone Who Sticks By You
When looking for someone to complete your business village, think of that person as your entrepreneurial best friend. Owning a business can sometimes be lonely and it’s an experience not everyone will understand or support. There will be days when you want someone to help you celebrate your big wins and there will be days when you need someone to talk you out of quitting altogether. Having someone who will stick by your side through all the ups and downs is not nice to have; in my opinion this is a need to have.
If you’re looking at this list and aren’t sure where to start building your village, that’s where the Knoxville Entrepreneur Center can help! Check out knoxec.com for ways to connect with the entrepreneur community right here in Knoxville.
Catherine Porth is the director of Insights & Development at Knoxville Entrepreneur Center, the founder & Chief Counsel of Let Her Speak and Co-Chair of the Women in Entrepreneurship Group – Knoxville. Its mission is to enhance and expand opportunities for entrepreneurs in the community. If you would like to learn more or get involved with Knoxville’s entrepreneur community, please contact her at catherine@knoxec.net.
