If you are heading into battle – whether your opponent is a well-funded start-up, a seasoned veteran powerhouse or a field full of windmills – how tough is your armor?
Think of this as needing to have “thick skin”. I’m sure you’ve heard that analogy for business, right? Some people will tell you “no” an awful lot of times. Customers, banks, suppliers, brokers or anyone else in or around the industry you are trying to enter will look for a reason not to support you before they throw roses at your feet.
With tough armor you not only can maintain your confidence in tough times, but you can also be protected from the slings and arrows of your competition. Remember, these are the folks hoping you will trip over the hind leg of your horse.
So how do build up a tough skin? First, you start with a great concept. One that can be protected and insulated from those who wish you would fail quickly.
For example:
Legally, you need to look for a patent, register for trademarks and get your copyrights.
Financially, you need cash both to start up and to operate your business (expenses, employees and inventory).
Strategically, you need hard competitive advantages. These are barriers that prevent your competition from stealing your hard fought gains.
Operationally, you need the people and systems to help you run the business efficiently.
In short, a well-protected company allows confident, long-term decision-making. So build up and toughen your armor – every chance you get . . .
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