Money Matters with Jim Doyle
Season 2, Episode 8 – Growing an Idea Into a Successful Business
Visit our Money Matters with Jim Doyle show page for current schedule info.
Hearing the rags to riches stories of successful start-ups, or the Hollywood ‘glamification of entrepreneurship’, it can be tempting to want to quit your day job and become your own boss. The adrenaline; the freedom, the notoriety, that feeling of being on top of the world – who wouldn’t want that? But tread carefully – for most, success doesn’t come easily. Turning an idea into a thriving business, is likely to take a combination of hard work, perseverance, great planning, the right people, and maybe . . . , just a little luck.
Carpenters have a wonderful mantra – measure twice – cut once. The idea is to eliminate avoidable mistakes, wasting resources, time, effort and money. Getting that little seedling of a business to grow into something substantial, will make some big demands of you? Are you up to the task? Being blindingly passionate about your business idea, can carry you a long way, but impatience, or a lack of business acumen or financial planning, can cause that seedling to wither. Being in business isn’t about how quickly you pick yourself up after failure, but rather, that you get knocked down and you get back up – and carry on. Some business owners will never get a chance to learn this.
What is this episode about?
From business planning to staffing, to raising capital, manufacturing, and delivery logistics, it can be hard to see beyond the horizon. Most business owners I work with, have some business skills they’re great at – but they also understand it’s not possible to know everything needed to run – and build a successful business. This episode highlights the entrepreneurial journeys of BE Alink, Founder of The Alinker Inventions Ltd. (a non-motorized walking-bike without pedals); Brianne Miller, Co-Founder of Nada (a package-free grocery store); and Toni Desrosiers, Founder and CEO of Abeego (beeswax food wrap) as they share how they turned brilliant ideas into business success. One of the first lessons they share: You cannot be an expert at everything. This means developing your network of competent advisors, business experts, peer group mentors, support persons, and a community of friends and family.
What are you hoping will come out of the show?
As an entrepreneur. . . just when you’ve mastered a particular skill, your business evolves and demands even more of you. Are you prepared? Essential business skills cannot be developed via a one-and-done mindset. It’s a fluid process that needs nurturing as part of an ongoing process. So, it’s not surprising that the most successful business owners who have turned an idea into a profitable, purpose-driven venture, have utilized their networks to develop clarity of purpose, to challenge them, to encourage them, and to shine a light on things they haven’t considered.
Watch Money Matters with Jim Doyle Thursdays at 5pm PT and Sundays at 7am PT on Joytv. The program also airs on FaithTV Mondays and Wednesdays at 4pm CT / 5pm ET.
Jim Doyle, Doyle & Associates Private Wealth Management, Investors Group Financial Services Inc.
This is a general source of information only. It is not intended to provide personalized tax, legal or investment advice, and is not intended as a solicitation to purchase securities. Jim Doyle is solely responsible for its content. For more information on this topic or any other financial matter, please contact an IG Wealth Management Consultant. Views of guest speakers may not be shared by IG Wealth.