Another Entrepreneurship Project of the  Whitman School of Management at Syracuse University

You are (really) ready to start or expand your business. Now what?

You are ready to take the leap, get out there and change the world with your new business idea. Great! However, there is still a multitude of unanswered questions racing through your mind, several things you have no idea how to do, mixed with others you “think” you have under control… Do not panic: Amy Buckner may be able to help! This seasoned entrepreneur, founder of AnswerLab, and one of the 10 Ernst & Young’s 2011 Entrepreneurial Winning Women Award recipients, believes that her own experience may benefit other female entrepreneurs:

1.   There is no need to raise VC capital unless you absolutely need to. The fact that every other entrepreneur does it does not mean that it is the right strategy for YOU! If unhindered control of your business is music to your ears, and if you have access to alternate funding sources, you may want to think twice.

2.   Think BIG when choosing your advisors. Amy’s idea is to pick the few people in the world you admire the most, and who could could have a great impact on your company; invite them to be part of your advising board! (The worst they can say is no.) Limiting yourself to people you know or have worked with may not lead to the dramatic improvements you may be looking for.

3.    Work ON the business, not IN it. When you start expanding your team, you may be reluctant to give up some of the tasks you used to do on your own. Learn to let go and concentrate on the big picture, like your overall business strategy.

4.    Be reasonable. You have to be mindful that your employees may not have your unwavering drive and dedication to the business. Set up the right metrics, and have attainable expectations.

5.   Get your legal documents in order! Okay, it may not be as fun as changing the world, but hiring an attorney early in the process may save you a lot of time and money. Indeed, Amy states that going through that process after the company has grown is costly and tedious.

For more information about starting up, and to learn more about Amy Buckner, please visit:

http://www.forbes.com/sites/women2/2011/11/30/5-tips-to-starting-up-award-winning-entrepreneur-amy-buckner/

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