You are at starting line:
You are the starting line and you are thinking when will the gun go off so I can get going? Hold your horses, I know you believe you are ready, but I will ask you to indulge me just for about an hour or two and answer this questions.
I have done this exercise about twenty times not really with the intention of going into business but because it guide me as am deciding on a course of action for my life.
I promise you your thinking, your mindset and attitude will be changed after this exercise. These questions aren’t new to you; you might have encountered them a thousand times in different forms but just one more time.
So let’s get started.
What is my primary aim? Take time to visualise and write down your vision for your life 10-20 years from now
- What do I value most
- What kind of life do I want
- Who do I wish to be
Why are you starting the business? The purpose of this question is to tie in the business with your personal vision. If in your vision you started you see yourself owning a chain of retail stores then your reason for starting the business would easily fit. But in situation where your ten year plan includes active participation in the stock market and saving plans for your children’s education so that you can retire early to a farm. Or you want to actively participate in volunteer work. Whatever business you start has to meet a personal need as well as a market need.
Skills and Interests Inventory? Jot down the skills that already exist in your talent bank. What do you like to do with your time? What technical skills have you learned or developed? Do you have hobbies or interests that are marketable? It might help to create a personal resume that lists your professional and personal experiences as well as your expertise.
What would make you quit? You might not think this is important at the start of your venture but it necessary that you consider the factors that you think will make you quit. Careful consideration of these factors usually lead to discovery of what mistakes to avoid and also what is actually important to the entrepreneur.
What do you think you will need to be successful? Again this exercise is important as it helps one determine clearly the current understanding of the business they want to go into and also in a situation where it turns out you need more information its easier to now go out and look for something specific..
What need does this business meet in society around you? Sure you have determined what this business is going to do for your life if you succeed, but you do realise the only way you start to make money is to meet a need in the market, society around you, what do people need, is someone else providing it and why do think you will do a better job?
Now let’s look at your business idea and what you have done so far?
- You researched your idea
- You figured out how much it will cost
- You know where you get the finances, as a matter of fact you already talked to the financiers
- You have a business plan ready; business is registered, your systems in place and marketing and customer service plans are ready
- You started courting your first customers
Well hang out the shingles my friend you are ready to start……………..but remember it a long race not a hundred metre dash so don’t wind yourself too early… proceed slowly your business will pick up momentum as it naturally react to the market needs.
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