Time to Focus on Your Entrepreneurial Ecosystem

What does your ecosystem look like?

What does your ecosystem look like? Maybe first we need to discuss the definition of what an ecosystem is. An ecosystem is defined as a complex network or interconnected system. 

When you journey out to start a business there are several things you need to think about and problems you must solve, some more obvious than others. What financial institution do I use for my business banking account? Who do I use to incorporate my business? Do I need to LLC my business? What if I need a physical location, can I just reach out to any real estate agent for this?

These are all questions that you generally have to answer whenever you are going to start your business, as well as many more. Let me introduce you to what’s called the COI.

Center Of Influence

You naturally have a center of influence even if its something you don’t realize. If a family member tells you they need to get their car inspected and you immediately tell them you “have a guy” that person is part of your Center Of Influence (COI).

If someone tells you that they are looking for an amazing photographer and you have a friend who does this and you recommend them, well then they are part of your COI.

So why don’t we always do this for starting a business? 

This is why building a proficient ecosystem is so important because it organically builds upon your COI and on a large scale it can have a tremendous impact on the local economy.

You want to start a business but need a good lawyer? Well, there will be a law firm that has ties to the community and is part of that ecosystem. This not only simplifies the very stressful significant life event of starting a new business but also makes sure the people involved within this entrepreneurial ecosystem are trusted members.

Being a successful entrepreneur all starts with the ability to build relationships, having this ecosystem to pull from assists with that but it also helps drive organic and natural leads to your blossoming company once it becomes a member of the center of influence. 

I challenge you to think about your current center of influence and how you can expand on it. This can potentially be what takes your business to the next level.

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