Many Entrepreneur books will give you the basics to finding investment capital such as asking friends and family, or building a great business plan, or joining Angel investor groups. None of these options applies to 99% of startup companies! In fact, venture capitalists might look at you and maybe invest but be ready to lose control of your dream immediately.

Angel’s won’t take as much sometimes, but you really have to be excellent at networking to find one and it still is a numbers game. Lastly, friends and family is the worst way possible for two reasons. One, most people don’t have a wealthy family member, and two, if you lose their money in the investment your relationship may be destroyed and even worse, you may end up with a heavy guilt complex. I have been there.

Now let’s get to an option that usually results in almost a 95% success rate! Really look at the overall picture before judging this method. When selecting your team to build and manage your new company, make sure all skill sets are covered in the team. Each member of your team could be a partner, future employee, advisor with or without compensation, or a professional you contract too such as an attorney. You see building your team is more important than a great business plan.

The most successful technique requires recruiting for a new partner or employee. Placing ads on various employment websites such as Monster.com or CareerBuilder.com for a Financial Officer is not the first step. The first step is to contact Executive Recruiters and set interviews for your Financial Officer. The important part of this requires you to filter your prospects by how well they are connected.

For example, I had an online insurance information company some years back and I needed investment capital to grow the company. I called many Executive Recruiters and gave them my criteria. The person to be hired needed extensive experience in the Small Business financing industry. This translated to a person highly connected who could bring in money when needed. Once I hired this person, I waited a month before calling my management team in for a strategy session. I told them the new strategy I wanted to direct the company towards and asked for all of their input. As the meeting went on, we discovered the need for investment capital to implement the strategy. The Financial Officer I hired said he had the solution and the following week we were financed.

This technique applies to startup companies as well. The only twist is you must recruit said Financial Officer from the start which is harder, but not impossible. I have seen this work many times. Just remember, your most important job as the Entrepreneur is to share your vision like a viral infection.

Starting a business online may seem to be an easy option. However, it is not as simple as it may first appear. Online businesses fail just as often as any “bricks and mortar” businesses, in fact many researches indicate that a dot.com business is more prone to failure. As with any other types of businesses, there are certain steps that you need to take to ensure that your online business is prepared for operation in the best possible manner.

1. The product or service

There is a commonly held believe that you can sell almost anything on the Internet and, to a certain extent this may be true. However, to start a successful business in this environment as with other modes of business, it is equally important for you to be selling a product that will satisfy the needs and demands of the customer. It is true that you might be able to sell the occasional crazy item through the web, but the real question is can you grow a continuing business out of it. Take for example, the auction sites. Here, for every one person who has made a business out of selling items on sites like Ebay, thousands of others might sell one or two items, but could never be said to have created a business.

A business is something that has a future that can be sustained and that will bring financial success to its owner. Therefore, before you even start to develop your business online you need to ask yourself whether your product or services is one that people are going to continue to buy. Repeat customer purchasing is also important as this helps to provide a better return in terms of profit. However, customers will only continue to purchase if the product or service is good quality and there is a continual need for it.

2. The website and domain name

The second aspect of starting a business online is to build a brand image for it. In this particular instance that brand image will be used to sell the business or its wares through Internet sources. Therefore, the brand has to become instantly recognisable to Internet users over time. One of the ways to achieve this is to create a website for the business and pick a relevant domain name.

Remember that the website is going to be your business shop window. It is essential that attention is paid to detail in this respect in terms of the website design, its content and its ease of use. Unless something holds their attention, customers who use the Internet will quickly move away from a website. Similarly, if the design makes it difficult to read

or use, they will become irritated and move to a more pleasant location. Making your site stand out from the crowd is essential if you want to be successful.

3. The target market

Easy to say that because the Internet is so large you do not have to worry about a target market. This is not true. Internet users behave in the same ways as customers do in the high street.

They look for something that appeals to them as individuals and their age group or needs as a group. Therefore, it is important for your online business to be targeted at the right segment of the market. For example, if you are targeting the elderly, a website with pictures of young people and words and other material aimed a group outside of the elderly will deter this segment of consumers from taking notice of your site. Therefore the brand has to be relevant to the target customer both in its design and content. Of course, you also have to make sure that the SEO words have the same sort of target orientation.

4. Promotion

It is surprising the number of people starting an online business who think that setting up a website is all that you need to do in terms of online marketing. Nothing could be further from the truth. Like any business even one that is based online needs to encourage and drive customers to visit it. Therefore, it is important to build a promotional programme that can help achieve this situation.

The promotional campaign should be spread over as many online advertising opportunities as possible. These should include the simpler forms such as search engine advertising, links and banners with other sites. In addition, you should not forget the countless opportunities that exist online for social networking. Incorporating social networking sites as part of your promotional programme, both in terms of advertising and becoming involved with the conversation and interaction that takes place on these sites can be extremely helpful in terms of growing your customer base.

5. Understanding the legalities

Finally, the one other thing that should be remembered when starting an online business is that the Internet environment does not protect a business from the legislation of the country where the business is domiciled, nor does it protect it from international law. For example, issues like data protection, customer privacy and product standards are still governed by law for online businesses. Therefore, it is essential that you are aware of all the relevant legislation and regulations, and that your online business will comply with these before you start your online business.

From the above it can be seen that the issues that need to be addressed when starting an online business are very similar to those needed for any business. It is too easy to run away with the idea that just because the Internet is a large place with millions of people searching through it almost minute by minute customers will come your way with very little effort at all. Nothing could be further from the truth because the scale of the competition is multiplied by thousands. Similarly, it would be wrong to believe that an online business does not have any of the legal restrictions of other businesses as, despite what most people might believe, the owners of these business have to comply with the regulations that apply both within their own country and in the international environment.

Therefore, when starting an online business it is important that you address all of the areas that have been outlined above. Furthermore, if you do not believe that you have the necessary skills to address all of the above on your own ask someone to help you. Even if you have to pay for that help it will be well worth the investment in the end.

There is a considerable difference between being an employee and owning a business. It is not simply that your position has changed from having your work routine controlled by other to making your own work rules. There are five main areas of difference between being an employee or an owner, although to a certain extent these overlap and it is within these particular areas that the transition process will need to be closely monitored.

1 Responsibility

Perhaps one of the most daunting aspects of change from employee to owner is the responsibility factor. Although employment normally visits some level of responsibility, in most cases this is usually limited to certain key business or task areas.

However, a business owner has total responsibility for all aspect of the business operation and all of the resources that the business utilises, including its employees. For example, instead of having someone else being responsible for your health, safety and performance, you as the owner will now have ultimate responsibility for all of those employed by the business.

Similarly, you will no longer be in a position where you simply follow the strategies and routines that have been pre-determined by management, with no responsibility for the success or failure of these management directions, save to the extent that you are complying with the tasks assigned to your role. As an owner, you will be responsible for creating the direction for the business and identifying the tasks that are required from employees and yourself.

The art of coping with this element of transition is to learn the skills that are required to enable you to effectively cope with the responsibility levels. Part of this learning process will enable you to efficiently delegate those issues that can be dealt with by other employees within the business, leaving you free to concentrate your efforts on issues of responsibility that cannot be addressed by anyone other than the business owner.

2 Decision-making

Employees, when faced with an issue they do not know how to deal with, always have someone of a higher management level you can rely on to make the ultimate decision. Equally, in areas of the business where major decisions are required, such as changes in strategy, policy, product and a host of other departments, the employee normally relies upon decisions made by others.

Owners do not have the luxury of leaving major decisions that affect the business to others. To paraphrase an old saying, for major business decisions “the buck stops with the owner.”

One of the main skills that need to be acquired to ensure that owners make appropriate decisions is learning how to gather all the required knowledge and information needed before embarking upon the decision-making process. All too often businesses fail because the owners have not been aware of all the facts and, more importantly, been unaware of the impact that other factors might have on the decision.

For example, launching a new product without knowing whether competitors have launched a substitute that is both cheaper and more effective could cost the business dearly. Similarly, deciding to expand the business without being aware of the costs involved would be financial suicide.

3 Management

Employees, even those within a management position, are normally only responsible for the management of their own department or specialist process of the business. Although one might say that management is an art in itself and therefore the same rules can be applied across the business spectrum, this is not the case.

Most managers have some level of expertise in the area of the business where they are positioned. For instance, a marketing manager will normally have a background in marketing and a finance manager will possess accounting skills. Where an owner is different is that he or she is expected to manage the whole business, which includes all of the sectors and disciplines that are needed within a modern firm.

To become a successful owner it is important to learn the art of management in a multifaceted situation. As with other aspects of ownership, this will also include being able to delegate those element of management roles to others, perhaps even to people who are more proficient in specific fields than you are. This also means that you need to learn about employee recruitment and selection processes so that you will be able to ensure that you have the right skills in the right places. For example, you may need a qualified accountant to manage the financial department.

Another aspect of good management is learning how to control and monitor the activities of the various business segments. As an owner, you cannot allow any department to reach a position where it considers itself a separate empire divorced from the main body of the business. Each is an integral part of the whole and must be treated in this manner. Therefore, the actions and performance of each department must be managed and monitored to ensure that they are all acting in a manner that will enable the business to achieve its objectives.

4 Investment

A huge aspect of difference between an employee and an owner is the financial commitment that is being made to the business. Whilst it is true that, in many cases, employees might invest in the business they work for through special saving and share schemes, this is not the same as the financial commitment needed to own a business.

An owner is responsible for every aspect of the business finance. They will have to either commit their own funds or borrow from others to start the business and help fund its development. Their personal assets are at risk if the business fails and whom employees expect to pay their wages.

Therefore, it is important for the owner to learn the art of financial management. Part of this means understanding that, whereas before they only had to concern themselves with their personal financial needs, now they also have to consider the business financial requirements.

This means that the owner needs to learn about budgeting. Furthermore, every business financial decision should be based upon resource requirement, affordability and its appropriate use as a business tool. Unfortunately, all too often new business owners make mistakes in this area. For example, the number of people in this position who spend a fortune on a personal car that are too expensive for the business, which can damage profitability, is staggering. Personal choice must be secondary to business needs when owning and running a business.

5 Time control

The final aspect of change between an employee and owner relates to time. Although employees can work overtime, in general they have a set working time pattern. Once they have fulfilled these time obligations, the rest of their time is their own. However, the owner does not have this luxury. Often, due to work pressures, they have to work considerably longer hours than those they employ.

However, the problem that occurs with time during the transition from employee to owner is that too often the latter will overdo it, spending excessive hours committed to the business and its tasks. This can cause serious damage to their personal relationships and indeed their health. What has to be learned and remembered is that, within reason, a business should be able to operate within reasonable hours, leaving owners with much needed leisure and relaxation time. If it cannot do this then there is something seriously wrong with the structure of the business and the way it is being managed.

Owning a business is different to being an employee is all of the above ways and many others. Making the transition from employee to owner will not be easy and can appear frightening to many. However, if this change of status is approached with care and the person making it is prepared to devote the time to learning the skills needed to become a successful owner, it can be achieved with relatively few problems being experienced along the way.

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