Business Startups Need to Start Strong with The C.O.R.E.℠ Genesis Foundation Elements
Think of your startup business like you would a house. You need a rock solid foundation to build on. Every successful (profitable) business has a strong foundation that enables business growth. The C.O.R.E.℠ Genesis system is that foundation. The elements of C.O.R.E.℠ Genesis are:
Concept — This is your business idea. The what you want to do and deliver to the customer. This is the problem or need in the marketplace that is not being served or is underserved. It may also be an opportunity where the current solutions are too expensive or complex.
Opportunity — This is your market potential. Who has the need/problem? How many? Where are they? How do they buy? Who will you compete against?
Entity — This is the business entity model (how you plan to make money) and includes the legal and tax structure.
These C.O.R.E. Elements result in your VCCV factors: Viability (opportunity to grow); Capability (structured to execute and deliver); Credibility (demonstrate results); and Visibility (getting your message out and the customers into the business).
Build a Startup that Starts Strong
The difference between a successful startup and one that goes nowhere usually comes down to the team and the foundation they put in place. Remember, many good ideas (Concepts) have become great businesses because of the business model (Entity), the team (Resources), and the “how” they are structured to do business. They grew and thrived because they optimized how they would do business and who they served (Opportunity). On the flipside, there have been many great ideas that have crashed and burned because of a failed business model and a weak team.
Before you start your business and as you get started, you need to do your homework. Spend time looking at the problem/solution you want to build the business around. Do your market research. Get to know the customer and what they are currently doing and what benefits they are looking for. The more time and effort you spend before you actually start your business on the C.O.R.E.℠ Genesis elements, the more effective you will be when you do open your doors.
Once your startup’s foundation is in place, then the business can work on C.O.R.E.℠ Business Growth elements.
Start-up Package 1: The Basic Guidance on:
- business setup related to your choice of legal and tax entity in the type of business;
- accounting software and setup;
- virtual and physical operation considerations;
- the business launch
- initial target market.
Start-up Package 2: 3 Month Coaching and Development Package
- Guide through the concept; market identification; business plan; and other components of C.O.R.E. Genesis; and
- Coach on development of the VCCV elements;
Articles and Podcasts
- Looking Inside the Gig Economy with GigSalad CEO/Founder Mark Steiner (5/26/2016) - If you are in the music industry or other creative endeavors (e.g., acting, speaking), then you have been living in a “gig economy” for your entire career. Gigs have been around for centuries. However, the gig has come to a new level of visibility in recent years with technology platforms and economic shifts that have challenged businesses and talent not traditionally viewed as gigs to take a new look at how we do business. For those of us who live by the gig (yes, consulting is another type of gig), the biggest challenges are connecting our services, skills, and talents ...
- 10 Elements of Successful Businesses (5/3/2016) - While every business has elements that are unique to it. Every successful business shares common characteristics with other successful businesses. Concept The first element of a successful business is a clear concept of what the business is and does. This concept is more than the idea for a product or service or technology. It includes and understanding that there is a market need and opportunity that seems to have the potential for profit. In the initial stage of defining your business concept you may not know the true market potential, but you have identified through observation, trends, or personal experience ...
- Credit Card Liability – Processing Cards Can Create Liability for Your Business (9/22/2015) - My business does not do a high volume of credit card transactions except at speaking events and trade shows. Yet I chose to make a significant investment this week to protect my firm from liability related to credit card fraud. The investment was not significant from a dollar amount, but from a perspective of managing risk it was essential. If you have a card swipe system (Square, QuickBooks, or terminals) then you will have liability beginning October 1, 2015. The new technology requires inserting the credit card so that the machine can read the microchip embedded in the card, not ...
- Get Out of the Cubicle and Into (Your Own) Business (9/18/2015) - Listen to interview of author Lea Strickland by Tony Trupiano about the book Out of the Cubicle and Into Business. Strategic Leaders A Good Story, A Great Business From Ideas to Business
- Women Mean Business – Seek Investors or Be an Investor (7/31/2014) - Women are often overlooked or underappreciated when it comes to participating in investment forums, serving on boards, and leading companies. Women pursuing investment capital and GETTING investment capital are disadvantaged because many forums aren’t “friendly” to our styles, values, and perspectives. There are nationally recognized forums for women-owned and led businesses to participate in, but isn’t it time that we engage the mainstream capital markets? Successful women-owned and led businesses have typically boot-strapped or borrowed to fund their businesses. The capital markets have not been receptive. Much of the cool reception and limited success may be that women haven’t ...
- “Who You Know” and Open Market Competition (7/31/2014) - The world is not objective. It is composed of people, and people are human (at least most of us are). People are at our most basic emotional and relationship-based. We do deploy our logical minds to override and control much of our instinctual behavior and that also makes us human, and adult or mature humans. It is expected of us to act in a way that is not pure emotion that utilizes more than "raw" emotion in deciding the actions we will take or not take in any given situation. Because of our emotions and our ability to connect and ...
- Who Is Running Your Business? (7/31/2014) - In every business there are activities and tasks that the owner, manager, founder, or key executives don’t like to do, don’t know how to do, or just don’t want to do. When those tasks are key elements or effect the key elements of how your business does business, the people handling those tasks essentially begin “running” the business. At first it may not seem to be important that you allow someone within your organization to make the decision as to how customer, vendor, or product information is gathered, maintained, and reported. It is somewhat of a technical and administrative task ...
- Where Was the Board? (7/31/2014) - One of the most critical roles the board of directors plays is the fiduciary role of ensuring that the actions taken by the organization (through its management and the board itself) are in the best interest of the organization and its stakeholders in the long run. This also means that the degree of risk each organization is allowed to assume is ultimately overseen at the board level. Taking a real-world perspective on this question spotlights several dramatic, public examples of situations where it is appropriate to ask the questions: Where was the board? What was their role and responsibility in ...
- Where Is My Cash Flow? (7/31/2014) - What do I do about customers who consistently pay late? Why does it seem that the money flows out faster than it flows in? These are significant questions for every business. Managing the cash flow is critical to a business's viability. The cash flow equation and conversion cycle has several components: Actual cash Inventory Accounts receivable Accounts payable. Managing each of these components and understanding the impact and implications to the "cash available" is important. A recent addition to the complexity of cash management is the impact of the Check 21 Act. It makes each check written a nearly instantaneous ...
- When Vendor Services Fall Short (7/31/2014) - I have to admit: I had a hard time deciding what to title this article. What isn’t hard to do is actually write the article, at least knowing where to start comes easy. Like many businesses, all too often—despite doing the homework of checking out vendors and getting references and referrals—you can still have a vendor who has a stellar reputation in the community fail to perform on your particular project. This is the subject for this particular article: What happens when a vendor doesn’t perform well on your project either by: taking longer than originally contracted; making a mess ...