Last week we discussed Business Networking and starting a new business. This week continued - what do you want?
Over the past few months we have talked about goals, visions, persistence, business networking and more. Many business professionals are concerned about their future. Some of you may be thinking about starting your own business. I would say go for it however, business ownership is not for everyone. Before you embark on this journey there are a few things one must know.
Last week we talked about your passions. If you are going to start a new business you first need the passion. Is your expertise in this area? Does your idea or product solve a problem? Is your idea a niche idea?
Today we will talk about what do you want? Let us start with you gifts. Your gifts are your talents, knowledge and expertise you know you posses or others have acknowledged you have. These talents are the tools and assets you may posses to start your business. Make a list of five talents, strengths you have that would contribute to starting a new business.
1., 2., 3., 4., 5.
Vision is key to any success. If you do not have a clear vision of where you will be - I can almost guarantee you will never get there. In the next exercise write a paragraph with detail of where you will be in your business. Write your duties, describe your office, how you do business, what is your role? Who are your customers and how do your customers see you? The more clarity and detailed the better.
This paragraph will take some thought and soul searching.
Next exercise - take some time and write down over the past ten years what duties, tasks and jobs you performed and what you really loved about doing them? Write your feelings of how you felt when you performed. If you worked extra hours and it did not seem like work - why?
Do these match your passions?
As you perform these few exercises some items will pop out at you. Another paragraph to write is - What do you really want? In this paragraph write your ideal life style. Where do you live? What car do you drive? Your family where are they? Hobbies, pastime and how do others view you? You have your business and it is successful how much money are you making. What does you bank account look like? How do you dress? Describe your ideal life style.
This one will also take some thought and vision. The process does not work if you just think about it. You need to physically write it all down.
Once you know your assets and talents. You have your vision and know what you want and where you want to end up.
It is time to do a feasibility study. Write an outline of your new business. How do you see it running. What do you do? Were is your office location? Creating an outline will help you see if your business is a feasible business. Many of us have great ideas however, when you look at your assets (capabilities) and your business model you may learn it is not feasible or many adjustments need to be made to make it feasible. The biggest question is how do you make money? What service or product do you provide? Is there a market for your service or product? Does it solve a problem? Is it a solution?
As you write your outline it makes you think through the process of your business model and feasibility. If you do not have the assets that are required you will have to hire expertise. How much expertise will you have to hire?
Over the years the largest part of my success has been with a mentor. I have more than one. You will need a business mentor, a personal mentor to keep you going. Your business mentor provides you with an objective view of your business. Once you have completed your exercises above you may want to consult your business mentor and discuss.
Your mentors are your pillars in your world of business. The best way to find mentors with expertise is through business networking.
You can always pick out the business owners who do not have great business mentors. They struggle with new processes and ideas. They sometimes appear scattered or convoluted. With mentors they help you keep focus of your goals. They make you think differently about your decisions.
The very first thing you need to understand is the vision. It must be clear, concise and detailed. Without the vision it is merely a thought and dream.
