BEO Show

Business owners must start with a commitment to the journey

In today’s “Getting Started” segment Matthew Murphy III, Founder of Emboss Partners, discusses one of the most important parts of starting your business: commitment.

Matthew said he thinks business owners must start with a very strong commitment to the journey, specifically because it’s not as easy as it looks. The commitment must be to weather the ups and downs, because there will be many, he said.

Early stage companies often struggle with having resources, enough employees, and attracting customers fast enough. Murphy says that its often going to take more time and money than you think, thus the need to commit to the journey.

He also recommends creating a comprehensive, detailed business plan. A business plan is to be seen and used as a tool, not just a document to check a box. A business plan is also not only used as a roadmap to the entrepreneur, but also as validation to third parties who may provide financial resources.

Matthew’s final tip is to assemble a great team, as business owners can’t do everything themselves.

This information is presented by Matthew Murphy III.  

This content is made possible by Indiana Economic Development Corporation.