Starting a new business can be nerve wrecking and life consuming. The future holds the unknown, and many entrepreneurs face the same troubles. Sometimes the best advice and strategies are gained by looking at the industries and business models that thrive.
When many New Jersey entrepreneurs think of NASCAR, they often think of fast cars racing around a track, not how the racing organization relates to their own business. However, the challenges faced while working in the industry are very similar to issues that new business owners will likely face in their first few years.
The first thing start-ups need to do is launch fast. Nothing is to be gained by sitting around and procrastinating. Business owners who wait until their product is perfect will miss out on many opportunities. By getting the product out in the public, entrepreneurs can receive feedback about their product so they can make any necessary improvements.
Next, it is always important to remember that practice makes perfect. Racecar drivers don't sit around and wait in the garage and then win the race the very first time. With a product, sometimes it takes a couple times before it becomes the right product for the public. Decisions must be made quickly.
Next, have a backup plan. On the race track, anything can happen. Tires can blow out and the driver can hit a wall. The most important thing is not to panic. By having a contingency plan, business owners can be prepared for any hiccup that occurs along the way.
Many people dream of owning their own business. Although it can be a rewarding experience, there will likely be many challenges along the way. Being prepared and having the ability to solve problem and overcome challenging situations are qualities that will help any entrepreneur succeed.
Devising a business plan may not be the easiest task, but it is one of the most important things that can be completed for the success of a new business. Gaining input and strategies from professionals in the area could assist in filing the necessary paperwork, provide guidance for following any applicable laws and help construct a strong business plan for the start up
Source: UpStart, "What startups can learn from NASCAR," Damien Patton, June 20, 2013