| When you start your own business, you commit | | | | stellar Board of Advisors or Board of |
| to investing your time, talent and resources | | | | Directors. A Board of Advisors usually will |
| in the business to make it succeed. You | | | | help you for free, whereas a Board of |
| authorize a spending plan; you ask the bank, | | | | Directors is paid. The key is to engage |
| your credit card company, friends, family, | | | | thought leaders in your niche who become |
| employees, to endow the business to follow | | | | early adopters of your product or service and |
| your business plan and implement your | | | | advocate for you to their significant |
| marketing plan. There's more to it. You need | | | | networks.Working Capital: Invest minimally |
| to determine where you can differentiate your | | | | here because there's no added value to the |
| company from the competition, so where should | | | | company or the product. Tying up cash instead |
| you invest the most resources? To garner the | | | | of using credit may actually slow your time |
| most flexibility, I suggest your investment | | | | to market. This could be a critical timing |
| priorities should be: Brand Capital, then | | | | mistake if your competition is racing you to |
| Human Capital, followed by Working Capital | | | | market.Physical Capital: Invest minimally |
| with Physical Capital at the bottom of the | | | | here because bricks and mortar don't sell |
| list.Brand Capital: Invest the most in your | | | | product. Yes, you need a roof and windows |
| market and marketing to them. Up front this | | | | that don't leak (I've worked with many |
| could simply be focusing on a small group of | | | | startups in the old mills where workstation |
| prospects. Do the economics to make them well | | | | layout was based on the leaks and drips.). |
| satisfied customers. So much so, that they | | | | You don't need to be a miser. And you need |
| provide the testimonials or become the | | | | the equipment, technologies and conveniences |
| spokespersons for your future sales. | | | | that will make everyone highly productive. |
| Remember, the high value transfer of using | | | | Cost- effectiveness should be weighed here |
| relationships.Human Capital: This is your | | | | too.Whenever you are investing in your |
| team and their track record coming on board. | | | | business, recognize that you cannot manage |
| Only hire stars, no matter what. Only employ | | | | everything, but you can manage the value |
| experts in the key roles of your company. For | | | | equation of each investment. Be sure the |
| other positions, look for great talent you | | | | value to your business is outstanding, so you |
| can mold to your vision, and move around to | | | | can win business with every sale. |
| meet the company's needs.In addition, build a | | | | |