Updated April 2021
- Knowledged Capital
- Human Capital
- Financial Capital
1. Knowledged Capital
Depth of Knowledged & Breadth of Knowledge
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2. Human Capital
We often consider the term entrepreneur to be that lone wolf type of role when in reality it does not have to be that way. Also, if we are honest with ourselves, as entrepreneurs, you know all too well that you are not good at trying to do everything.
Many of us try to grow our businesses alone, while this is possible, it’s also not the most efficient and practical way for you to be using your time as the lead person in your business when there are other people that can do certain tasks faster and at a higher quality than you can.
Solopreneur - One who organizes manages and assumes the risks of a business or enterprise without the help of a partner. - Merriam-Webster Dictionary
Building a team or looking for persons to outsource or partner with has the ability to grow your business much faster than going it alone. Unless you intend to live in the world of a “Soloprepeurship” forever, it’s important to understand that all successful businesses (large or small) have a team supporting them.
It’s a common saying that “Your Network is Your Net Worth” and by now many of us will know that there is some truth behind that phrase. As entrepreneurs, we have to keep strategically positioning ourselves to be around or making contact with the right people that can either be part of our team or can be part of value chain offering to your customers.
Here are some platforms and strategies that will support the growth of your team:
- Using LinkedIn to find people with similar skills or interests
- Joining LinkedIn Groups
- Join Facebook Groups
- Local Associations/Committees
- Create an apprenticeship programme for your startup
3. Financial Capital
This one is always the toughest for some entrepreneurs/startups because it's a big driver in the growth of the company. Money raised either through sales or venture capital funding must be aligned to some sort of growth strategy.
If you are bootstrapping and funding your business organically through sales make sure you have a strategy or plan in place for your business. Note, it's recommended that you consider looking at your business model before looking at your business plan as one feeds into the other.
1. Bootstrapping is the self-funding of your company through stretching resources and finances.
For those of us seeking venture capital funding, looking at that business model canvas suggest earlier will be necessary but keep in mind that your pitch deck is super important. Two things that your potential investors will be looking at in your pitch are your expertise (knowledge capital) and approach to execution which will require some sort of team or network (human capital).
Planning to kick-start your Start-Up in 2022? Watch this webinar below.
Business growth all comes down to strategy and while there are many different formulas, sometimes looking at the basic and simple things helps create the right framework or foundation for your success. Knowledge, people, and funding are three important contents for building the right foundation.