When working with startups in college and in Philadelphia, I find that several elements that are an everyday part of corporate decision making are lacking in the mind of the entrepreneur. Call it unfettered optimism, naivety, or just lack of access to this type of information, but sometimes our fast paced entrepreneurial brains skip over certain processes that just might help us. And, surprisingly, certain things ARE done better in the corporate world.

1) Risk mitigation: a very important, and often overlooked element to any successful business is evaluating and planning for risk. In our zealous drives for entrepreneurial success, sometimes we like to see any potential challenge as a low hurdle that our unique attitude, skill set, or pure will can jump over with ease. But it is neither prudent nor smart in the long run to approach the business process in that way. Large companies engrain the risk mitigation process into new hires brains. As part of any project-planning endeavor, project leaders will come up with a list of all potential challenges, problems, or roadblocks. Then they will come up with two or three “contingency plans” to address those issues, and how the business will react to them. Planning in this way will eliminate some of the surprise element that can occur, allowing you to quickly resolve issues you foresaw and allow you more energy to focus on your revenue creating activities. Try it out!

2) Pilot testing: when working with a small start up here in Philadelphia as a consultant, the president of the company pitched an idea of theirs to me- they wanted to have people attend various networking events for entrepreneurs around the city, tweet about them during the event, and then post a write up and video after. Great idea, right? Well, sort of. They thought they could someone couple this function with a sales pitch they were pushing with some sort of advertising component and “monthly subscription service.” Sounded convoluted to me. Plus they would have to upgrade all of their equipment and servers to do this, pay people to attend, and all on a limited budget. So I asked them if they would consider piloting this for a month or two before launching it full force. The guy looked at me like I was crazy, but then began to see the logic… it will not hurt you to test a potentially expensive, damaging, or business altering for a period of time, measure the results, and then make changes before you proceed. For more on this, visit my website, [http://www.flourishfinancial.com].

3) Business writing skills: there is a distinct lack of writing training available to people outside of universities and large corporations. Being able to effectively write an email, website copy, or a newsletter article can be imperative to your business success. You don’t have to be a stellar writing to write an effective email. Follow this link to see resources about business writing. I promise it isn’t hard to master and once you do, people will better understand your message and respond more positively to your requests.

4) Project planning: another lock that corporate America has on entrepreneurs is planning. While it is not necessary (unless you really like doing this sort of thing) to map out every single step in excruciating detail, it is often times a good idea to make a one page, rough outline of what you’d like to do. For example, you want to launch your own website. So write out a charter. Say what you want to do and why, who it will impact, who your stakeholders are, who your investors are, what the budget it, what resources you will use, and then include a timeline you hope to stick to. Then post it by your desk to remind you every day of your goals and your deadlines. If you have employees, share this with them to gain buy in and support. There is power in actually writing something down, it makes it real and concrete. So write some charters! If you have any good ones, please send them to me at aldenspeake@flourishfinancial.com.

5) Mentoring: mentors can provide insight, shortcuts, and moral support to anyone in business. While most large companies have mentoring programs, it can be difficult for someone just starting their own business to find one. By attending networking events, participating in forums and other social media conversations, and asking friends and family for advice, you can create your own “mentor system.” And if you’re already in the know, give back and mentor someone and continue the cycle. It never hurts to have a second pair of eyes and ears in any endeavor.