Partner, board may help scale brick wall

06/25/06
Brigham Young University
By By Gary Williams Printed in the Deseret News

We often use the analogy of a brick wall to describe the dilemma that entrepreneurs face when they just cannot see the next step in building the business: it's like running into a brick wall. These brick walls have stopped many good ideas from making their way to a market.

I have been talking with an individual for several months about what I consider to be a great idea. She is the classic inventor who can develop a rough idea into a finished product in her mind.

After our last discussion, I sent her the outline of how to develop a summary of her business idea. The task was to write a few paragraphs about each of the following business areas: product, market, customer, distribution strategy, team, finances, etc. We talked about how important it is to be able to reproduce her ideas in a written and organized form in order to see where there might be weaknesses and opportunities - where her idea is in good shape and where she needs work.

We met again today - no summary. I realized that what I was asking her to do - develop the outline of a business plan - is her brick wall. Her idea was further along than during our last meeting, and she had even moved toward a prototype, but the business model was stuck in idle.

Several books have been written to assist beginning entrepreneurs, including "The Art of the Start" (Kawasaki), "Six Week Start-Up" (Abrams), "Entrepreneurship for Dummies" (Allen) and "The E-Myth" (Gerber).

To understand what may be involved in starting a business, take a few minutes and page through the table of contents in a couple of the books. Write down the titles for each chapter. You now have a rough outline of what needs to be accomplished in business formulation.

Next is the critical step: deciding which steps you are willing to undertake from the list, and what you honestly have the competency to accomplish.

Founders will typically fall into one of two types of talent. One is the inventor, someone who loves the product and who has significant knowledge that often comes from a technical, engineering or manufacturing orientation. The other classification is the business founder, which refers to someone who possesses skills in building a business, developing a market, selling a product and/or controlling finances. These categorizations are general but helpful in understanding different skill sets.

My friend's brick wall is that she does not want to have anything to do with the business issues. She is an inventor, and so she is stuck at the product conceptualization phase and is therefore unable to formulate the business side of the initial launch. And so she has two options: bring in a partner with a business mind or recruit advisers to fill in the talent gaps.

Abrams suggests that "the best way to take on a partner is with clear-cut definitions of responsibilities and authority." She suggests working through a list of questions together, such as, "What areas of responsibility do you feel capable of taking on?" and "What areas of responsibility do you want to be in charge of?"

The alternative to a partner is an advisory board. To be effective, advisers need to have the expertise that you lack and should have "been there, done that." In other words, they have done it before and are good and experienced in the area for which they are being asked advice.

As an example, a local telecommunications service provider has a board that includes advisers with the following competencies: technology, strategy and industry contacts in the market. Which make sense for this company, since these are all areas of significance to that business.

Take a few minutes to think about the issues that are impeding your progress in forming or expanding your company. These issues are your brick walls. It may be time to stop crashing into the barriers on your own; it can be discouraging and expensive. Ask yourself if you can find someone who can knock down the wall or find a logical path around it.

author1 is associated with the BYU Center for Entrepreneurship. He can be reached via e-mail at Mr. Williams is associated with the BYU Center for Entrepreneurship. He can be reached via e-mail at cfe@byu.edu. .