One of the oft quote excuses for business failure is “lack of capital”. So what capital does an entrepreneur have at his disposal? It’s more than money although it belongs on the list.
Let’s take a careful look…
The Capital of Relationships. Who you know is important in business, but not nearly as important as who knows you. Here’s a quick exercise to see who knows you. Pull out your phone. Who can you call that if they saw your number come up on their phone would say, “I better take this it’s _______”? How can that person help you? What is the nature of your relationship? What could you call them about that could help your business?
That person who will take your call because it’s you is valuable capital. How will you maximize that relationship? How will you extend that same kind of relationship to others outside your circle? Is that number growing or shrinking?
The Capital of Finances. Money is a means to an end and not an end in itself. Money only gives you access to the things that you need want and desire. As a business capital it can either be yours or it can come from somewhere else (bank, investor, etc…). Leveraging your capital of finances is the secret to gaining more. Making that money work for you to grow your business is an entrepreneurial skill you must perfect.
Finances involve knowing how to properly price your services, knowing how to handle price increases, how to negotiate with vendors, as well as dealing with bankers.
The Capital of Goodwill. How you treat other people is a capital essential for successful business. How do other people see you? Do they see you as a rich and valuable resource that they want in their circles? How do customers rate their experience with you? Do they believe you’ve done everything you promised to deliver? Are they going to be eager to recommend you to their family and friends? Goodwill is a capital that you can constantly be building to help your business grow.
The Capital of Resources. What resources do you have that will be essential for your business? Do you have the necessary tools? Do you have access to the necessary tools? What is the current condition of the tools you have? If you use that computer everyday how long will it be before it will need to be replaced? When was the last time you had a serious upgrade in the resources you use to build your business?
The Capital of Spirituality. Spiritual capital is the motivation to do what you do. It’s fulfilling your why. It’s the thing that gets you out of bed in the morning. It answers the “my place in the world” question that we all have. It’s your drive. When that capital runs low you find yourself “Closed for Remodeling”. Nurture your spiritual capital above everything else. It’s the fuel that feeds the fire of desire so necessary when everything else seems down.
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Thom Rigsby brings more than 25 years of business experience in companies ranging from the Fortune 50 to mom-and-pop operations as well as more than a dozen businesses of his own. He has an active performance coaching practice, audio & video podcasts, and weekly radio program where he shares the key concepts and strategies he has learned on his business journey, helping business owners and leaders focus their efforts, create results, and replace undistinguished results and burnout with a clear plan for stable, sustainable success. A plan worthy of your best and highest potential!