Free Shark Tank Jump Start Your Business: How to Launch and Grow a Business from Concept to Cash by Michael Parrish DuDell

customers and team. It won’t serve your business if it’s tucked out of sight. Put it on your website, hang it in your store, and make it a central part of your company’s culture.
BUILDING CORE VALUES
    If a mission statement provides a high-level overview of your company’s philosophy, then core values are the guiding principles that help you achieve it. These simple but powerful bylaws usually come straight from the founder and influence everything from management style to which vendors a company chooses to work with. By spotlighting your company’s beliefs, your core values will serve a fundamental role in all aspects of your business.
    While it’s helpful for your customers to be aware of your core values, it’s absolutely critical that your team—from sales and accounting to HR and operations—understands these values and infuses them in every action they take.
    Keep in mind that while building core values should be in the back of your mind from the start, it’s likely they’ll develop slowly over time. The truth is, outside of your initial idea for a business, you probably don’t know a lot about your new venture. That’s natural at this stage in the game. Don’t ignore core values, but don’t force them either.
    When you are thinking about your core values, here are six central areas you may wish to focus on:
    Employees: What role do you envision your employees playing in your business? Will you invest in their personal growthand development outside the office? Is empowerment an important part of your philosophy? Even if you don’t currently have a team, take a minute to think about these questions.
    Customers: How do you treat your customers? What should they expect from you? What should you expect from them? Building a strong and loyal customer base is every entrepreneur’s dream. Spend some time imagining what that relationship looks like.
    Vendors: How do you choose your vendors? Who’s your ideal vendor? Why should your customer trust your vendors? Whether you like it or not, the suppliers, distributors, and other vendors you choose to work with are an extension of your business. Don’t forget to acknowledge that relationship.
    Product or service: How do you ensure a high-quality product or service? How much time and energy goes into each of your offerings? How vital is your product and service to the success of your business? Core values should express your commitment to building a superior product or service with transparency and authenticity.
    Culture: Does your culture breed excitement and innovation? Do your employees look forward to coming to work on Monday mornings? Have you spent time and care creating a first-class work environment? How does culture affect the day-to-day operations of your business?
    Impact: How does your company make a difference? Do you regularly support charitable causes or organizations? Do you champion a social mission? One of the best ways to have an impact in the
market
is to understand how your business can have an impact in the
world
.
    Core values are another one of those small details that can easily be ignored or forgotten. But as a business owner, it’s up to you to make sure they get the attention they deserve. Spendas much time as you need crafting them, and when you’re ready, share them proudly with your employees, customers, and partners. You never know, your core values may just end up being the legacy you leave behind.
    “You learn core values along the way by doing. With my own business, for example, if you had asked me what my core values were within the first two years, I would have had no idea. But within a few years, I’d learned that our business is all about a collaborative effort and having fun. And that leads to innovation. The more fun we had, the more we were willing to innovate.”
DEVELOPING YOUR BUSINESS MODEL
    If you’re a regular
Shark Tank
viewer, you may know more about business models than you think, particularly which ones