Starting a successful business demands more than a good idea or an impassioned vision—it requires planning, industry insight, creativity and the right amount of capital. In the grand scheme, having good ideas or being passionate isn’t enough to become a successful entrepreneur. You must also have well-developed strategies and the dedication to execute them in full. Without the proper tools and foundation, even the most driven, enthusiastic business founders will fall short of achieving their entrepreneurial dreams.
Born in Detroit, Michigan, Dr. Robert Davis is a business-minded medical professional and the co-founder of Las Vegas/Phoenix/Bahrain-based family office, RD Heritage Group. With diverse investment experience in pharmaceuticals, medical devices, AI, dairy farms, real estate and beyond, Dr. Davis is known for his industry proficiency, market insight and business expertise. In the following article, Dr. Davis shares some of the key entrepreneurial insights he’s garnered over the last 25 years, with specific attention to how beginning entrepreneurs can design and implement strategies that, with time, will lead to long-term success.
Craft a Solid Business Plan
While launching a business is indeed a feat of courage, jumping into a new venture without a concrete plan or the appropriate resources is a sure-fire way to increase chances of failure. That’s why Dr. Robert Davis highlights the necessity for a solid business plan. Before you begin investing time, resources or hard-earned dollars, it’s imperative to develop a concrete strategy for success—business plans provide exactly that.
Business plans are essential for all entrepreneurs, but they’re especially integral for those seeking to draw and secure investors. As a company grows, an effective business plan will guide key decision-making, help measure success and determine future goals. At the very least, each should include a succinct, elevator-pitch-style executive summary, a business overview, operations plan, sales and marketing strategies, and an in-depth market analysis. It should also outline an effective, specific exit plan. While this measure might seem counterintuitive, it helps entrepreneurs clearly define their primary goals and determine the intention for the business on a larger scale.
Build the Brand
Regardless of the industry a business launches into, fledgling entrepreneurs must understand that they’re building more than just a company—they’re establishing a brand. Put simply, Dr. Robert Davis describes brand-building materials as the titles, vocabulary, symbols and aesthetic that distinguish a company from its competitors. When executed well, they work to dynamically convey a company’s beliefs and mission.
Historically, the best branding strategies have relied heavily on engaging visuals, strong logos and tone-rich brand voices. Across all platforms, a company should maintain a singular, cohesive aesthetic and tone, which together serve to build brand trust and increase consumer loyalty. Dr. Robert Davis recommends companies struggling to develop a branding strategy consider its mission, how it should seek to be perceived by consumers, what sets it apart from other companies operating in the same industry, and what kinds of feelings the brand strives to invoke.
Implement Effective Goal Setting
Entrepreneurship is about scaling and growth—both of which prove extraordinarily difficult without effective goal-setting practices. As beginning entrepreneurs move forward with their first venture, Dr. Robert Davis highlights the importance of consciously implementing constructive goal-setting practices. When applied practically, these measures will help propel your business forward into success.
Firstly, effective goal setting requires establishing concrete, measurable goals. Success metrics should be clear-cut. For example, “launching a successful business” is not a specific goal, because it contains no clear success metric. Without established details or an exact timeline, a goal becomes useless. Left to interpretation, its definition will evolve alongside a business, making it impossible to achieve. In its place, a more concrete goal such as “start earning $8,000 per month after the first three years” will better serve a company.
Curb Your Expectations
When it comes to launching a company, Dr. Robert Davis believes realistic expectations are key. Rome wasn’t built in a day, and most businesses won’t turn massive profits in their first quarter or even their first 2-3 years. As a novice entrepreneur, it’s essential not only that you’re okay with this—you need to fully embrace it.
It’s easy to become discouraged by slow progress, but if you enter into your business launch understanding that you’re probably not going to see overwhelming, immediate victory, you’ll likely have more drive and stamina to put towards the long haul. Rather than hoping for instantaneous success, channel your focus and energy into patiently building a strong foundation that will help your company thrive for years to come. Lean on preparation, dedication and hard work; with diligence, positive results will likely come.
Accept That You Might Fail
It might sound counter-intuitive, but according to Dr. Robert Davis, beginning entrepreneurs must face (and even embrace) the reality that their venture might fail. All investments require risk—if there’s no chance of failure, there’s no potential reward. The same goes for new businesses; the possibility for failure is inherent in the risk.
As a starting entrepreneur, the sooner you accept that risk and overcome any looming fears of failure, the sooner you can set those negative feelings aside and launch yourself wholeheartedly into building a successful business. You may not be able to guarantee your company’s success, but you do have complete control over how you launch and operate it. Take the necessary steps to build a solid foundation and you’ll likely find that your business will thrive.
