The 3’s (Commitment, Mentorship, Information/Resources) to get your start-up aligned with potential success!
Let me start by saying I am not a founder or a business owner. However, for 8 years, I have been a business developer and advisor to many startups. I have seen businesses take off from the idea stage and go on to be successful. Unfortunately, I have also seen the other side of the spectrum, where the idea sounds great and there’s tremendous support but still fails. According to Forbes (2015), 90% of start-ups will fail in their first two years. Rather than hypothesize why most startups fail, I would like to focus on the three most important characteristics of startups that are able to survive and grow: commitment, allyship/mentorship, and access to resources.
Commitment can be measured in multiple ways. If you asked anyone where they see commitment most, they would probably give examples like marriage, athletics, or sports team fans. Like a fan of a sports team (“win or lose”) or a marriage (“‘til death do us part”), commitment is necessary to be one of the 10% of startups that survive the bumpy road.
According to Entreprenuer.com (2019), “commitment gives you purpose, it means it’s never finished, and it’s personal.” Having worked with many start-ups, I have seen this firsthand that the work is never done. For example, I worked with a first-generation business owner, her side passion was caring for the aging population. The founder created a program that would give updates to nurses, doctors, and family members. It took her a few years to get her business off the ground. She sat in many meetings where industry executives told her it was not necessary to provide more information to family members. At the same time, she continued to hear from customers that appreciated her efforts. Many times, I sat with her when she tweaked her idea after customer surveys and interviews. I am excited to say that her business made it to the three-year mark. She has even managed to expand during the Covid-19 pandemic.
I have also been on the other side of the Zoom or phone call and felt the founder’s disappointment when they heard “no.” However, that discouragement was typically momentary. Most founders I know are up the next day creating a new plan of attack. That is because most founders are personally committed to their ideas and businesses, and focused on what needs to be done.
The second characteristic that is invaluable for startups is having a mentor. I always guide new entrepreneurs to seek out mentors at SCORE, the SBA, or other incubators. Startups have many questions, from deciding to participate in a pitch contest to choosing a web developer, and mentors can help provide well-informed answers and make connections. According to SCORE, 70% of business owners that have a mentor survived more than five years. If you are looking to start a business, I would make sure that obtaining a mentor is in your top priorities at the start of your journey.
Lastly, it would be unrealistic if I gave the impression that money or resources were not vital to a startup’s survival. They are! Lucky for us here in San Diego, there are many organizations that are invested in the success of our startups. I have had the pleasure of working with incubators such as the REC out of Miramar Community College, the Brink out of University of San Diego, and Connect All out of the Jacobs Center in the heart of District 4. As the Senior Program Manager of Economic Development for City Heights Community Development Corporation which currently serves micro-enterprise entrepreneurs in the heart of City Heights, we are committed to providing start-up and expansion services for ALL entrepreneurs. We proudly serve primarily immigrant and refugee entrepreneurs in an area where we speak 46 different languages. We are committed to the level of engagement required to help our BIPOC entrepreneurs succeed! From working with the City of San Diego on permitting, zoning, fees, and cost, to creating a business plan, marketing plan, or looking for relief funding, we are your allies.
Another great resource is The San Diego Regional Economic Development Corporation (EDC). The EDC is working with other community partners on a national initiative, Advancing Cities, which is focused on talent management and skills. Advancing Cities has held business roundtables and provided tech assistance for small businesses.
Many of these services are free of charge or at minimal cost and the best part is that all of these organizations work together to best serve our business community. Regardless of the resources you choose, once you are working with one resource partner, it is likely you will be referred to another. That is because we are just as committed to investing in your startup success as you are to your startup.
