Feb

26

The first time “new business excitement” of the entrepreneur can cause hastiness. Often driven by the mistake that they will be missing out if the business isn’t started immediately. This can result in the business owner cutting corners, specifically research on due diligence.

Research is, and always will be, a very important key as to which potential markets you should be paying attention to. For instance the activities of competitors, the mechanics of the business, financial projections, or methods of marketing. These elements are very essential when completing a realistic and comprehensive business plan.

Although too much research can signal and fuel procrastination. So don’t jump off the deep end by putting to much research onto your plate. Be pro-active about the research schematic so that you are not feeling motionless under the weight caused by research excess.

What is your happy medium? Research and draft a plan by giving a list by importance which area’s you feel need attention. After your plan is drafted, discuss the idea’s with two or three business friends or associates, recording their opinions. Discuss your plan with each one separately; because your looking for a bias view.

Have I been pro-active about the possibilities?

Reading any book about entrepreneurs and there is one word you will find: the word ‘risk’ and somewhere near the beginning. There is a possibility of risk in every new business. There is a transformation with risk that will bring huge success.

Here is a classic scenario; the entrepreneur is all fired-up with a most unique, groundbreaking money making deal ever. This is what the world has been waiting for! We hear that no one person in the history of economics has ever produced this phenomenal idea as of yet. Why not?

Taking the uniqueness of your idea into the business; it’s economically sound, every consumer is looking for this. But why not? It is far better to learn from the mistakes of other’s then to fail on your own. Take the lessons that have been learned and achieve what others have not.

Why am I not working on my own?

Working for yourself has always been the American dream. To some though it can be lonely, isolating and destructive. Before taking the leap and starting out on your own, look at your strengths, weaknesses, pros and cons. You should really as yourself some starter questions.

1) Would any of my personal behavior sabotage my success as a personal business owner?

2) Can I solve problems effectively?

3) How much interaction with other people do I need during the week?

4) Can I manage my personal time between work and my time?

5) Time management, project management, business development, etc., these are all very important. Can I do this?

With these thoughts in mind you need to understand the word “multitasking” and the concepts that go with it.
After the progression into the economic freedom you started, rationalization begins: I’m running out of time, what did I achieve today. Wait just a moment. I had already developed a plan before I leaped into my economic freedom. Stick to the plan and don’t lose sight of the prize. The prize that you had envisioned for “your future”.

There is a mechanical side to any successful business. Again that is why you developed a plan so that there would not be any insufficiency in the launching of your economic independence. So take notice of any early signals.

Take note there are many facets to starting your own personal business; honestly many people fail to envision this. “Victory is the achievement of truth”; conquer and you will succeed. While enduring your new business if you need external help, don’t be afraid to help by getting training a coach for a short time.

A common mistake about start-ups is that they are under funded. Simply put insufficient reserves are needed to survive this start up period. Financial instability is not the direction to take. I’ll be alright; things will be better tomorrow is a long word for Disaster.

On occasion we do hear of an under funded business that launches with tremendous success. Ever wonder why the story never made the news?

Imagine the end of every month; marketing, rent is due, and what went wrong. Remember the plan I spoke of earlier, multitasking you need to adhere to a guide line and follow through. Other wise your life will become draining and it will become apparent to others that you’re economic freedom has put you in difficult times.

Reality can be a rude awakening. Believe in yourself and make sure you have the financial funds to ride out any storm.

In closing, there is much spoken about the first year small businesses failures. Don’t become a statistic. Do your planning to prepare and just get ready for the financial freedom that owning your own business will bring.

Dyna -

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