Fake It Til You Make It: Gaining Momentum in Your New Business

Kandace Heller

May 26, 2014

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A successful businesswoman in the midst of a community college "start your own business" presentation was once asked, "Can I really start a business today?" She laughed, then said, "Fake it til you make it" to the young woman waiting on her answer. Though the audience laughed at her immediate and energy-packed response, there's plenty of reasons to believe that mirroring success leads to momentum that leads to actual business success.

According to the Small Business Administration (SBA), most new businesses fail in their first year of operations. The business owner doesn't have enough capital or staying power. He or she worries about meeting basic financial obligations as the new business eats money. The business owner forgets, if he ever knew, how to exude grace under pressure.

Freedom to Create
Before speaking specifically about how-to's, it's great to remember that anyone in our great country that imagines success can create a business. With a great idea, passion, and the willingness to work hard, the business owner can build his or her dreams from nothing.

Capital Helps
It's possible to start a business without any money but, as statistics from the SBA show, having no money is not as helpful as some.

It’s a best practice to write a business plan with as much detail about what you plan to offer to which customers at the start. Consult Richard Stutely's "Definitive Business Plan" (2013) for step-by-step instructions. Next, take your business plan to the bank, local economic development agency, venture capital firm, or friends and family to ask them to make an investment in you and your new business. Without this capital as a stable resource it will be harder to succeed with your business.

You Can't Fake Monthly Expenses
The very next step involves thinking through how much capital is available to fund the new adventure. Because, even if you’ve got a new business idea that requires no money to start, you’ve got to keep yourself alive while it grows.

If you own a home, have some collateral, or possess good enough credit to get a personal loan, talk to a banker about a credit facility of some kind. Financing a new business with cash withdrawn from credit cards isn’t usually a good idea, because these accounts may carry high annual percentage rates (APRs). Don’t use money needed to live, including rent or mortgage payments. Put funds aside for the first year's expenses, before starting the business, because you’ll sleep better for it.

Ask local business owners in your area what start up amounts they would recommend. Take the Volvo Specialists Service in Lakewood CO for example, they were established 25 years ago, and they are still in the same location. Just imagine how much capital they would have needed when they began.

You Can Attract Great Mentors
Most entrepreneurs have already been inspired by another person's success. Perhaps a former colleague, professor, or family member is already a powerful example.

But let's say you don't have a great mentor...yet. The Internet, library, Meet-Up, what have you, provides the information necessary to identify the right mentor for you. If you don't know him or her, reach out.

It's fine to use social media. But there is a secret that no one talks about that will absolutely cause the person you admire to reach back towards you:

Purchase a simple, elegant white or cream-colored card without a smidgen of print or color. Write the person you'd like to know a short and simple note, and explain what you're trying to achieve. Thank them for their writing, presentation, or whatever has inspired you about them. Tell him or her the truth from your heart. Address the envelope in clear, legible handwriting, place a stamp on it, close your eyes with a wish, and mail.

No tracking, social media, email, or phone call is necessary! The most amazing people will call, because they resonate with your desire and sincerity. You will feel like singing or dancing the first time this happens.

In Conclusion
Faking it til you make it means living and visualizing success as a part of its creation. The more clearly you visualize the business in process, and the more you know about how well people are going to respond to the products and services offered, the faster your success will arrive.

As Dr. Norman Vincent Peale's classic, "The Positive Principle Today," recommends, visualize to actualize your dreams. Your decision, passion, and prayers make it happen. Combine these steps with a business plan, credit facility, and great attitude, and you will soon have the business and life you're searching for.