Do You Have What It Takes?:
It’s in your blood. It’s your passion, your calling. You’ve had it with your day job, and this is your life, your career. You’re hungry to do your own thing.
But wait a minute…
Are you ready to make this commitment? What’s key is whether you have the right stuff to make a go of your dream. To tackle the business world on your own demands stamina, ingenuity, guts. Before you to take on the competition and become a titan of industry, I’ll advise you to scrutinize yourself with an objectivity only a few can muster.
Can You Bring It?
Here are the seven prime elements for a hot self-starter. If your have them, your odyssey, your new life will become a real treat:
- An Obsession: Is your dream job a 24/7 fixation. I mean, if you had to do it for free, would you still burn with the passion? You must ask yourself if you’d still be as driven if the money, the lifestyle, the passion were missing. If you smile, sigh, and beam with satisfaction whenever you visualize or imagine doing your daily bliss, then you’re on the right track.
- A Plan: You must see the broad, general strokes clearly. A vision of your market potential is crucial. Do you have the first steps down cold? Do you have the people, capital, and resources to follow through? All of the “what if” scenarios must be addressed, every “i” dotted and every “t” crossed. Your business plan should become your bible. Get it right and you’ll be off to a great start.
- Money: Speaking of capital, you must have ample financing to make it work. A financing strategy must be in place. Again, this is reflected in your business plan. Loans, grants, savings, venture capital, and family/friends are all sources. Explore your options. Don’t look down at anything. Most businesses, especially in the early days, are cash poor-until the receivables start pouring in. Statistics show that close to 84% of the businesses that fail, fail due to a lack of sufficient financing. Consult with bankers, venture capitalists, the Small Business Administration, and other professionals. Those resources are vital. Get the best advice and follow it!
- People: It goes without saying that you must insert the right people in the right places. You must find them and be able to afford them. A hot entrepreneur must motivate his/her employees. And it’s not always just about money. People need to feel that you can offer growth and a sense of purpose. Everyone wants to contribute and be recognized for their contributions.
Before you attempt to put your product/service on the market, ensure that you’ve sold your people on your vision. Otherwise you’ll waste time, effort, and money. Your company will never get off the ground unless your key employees are mentally, spiritually and physically compatible. They must feel your passion, breathe your air.
- Management: Early on, you should decide whether you’ll manage the daily operations of your enterprise or hire somebody to handle those mundane, yet critical tasks. This is central because your business will crumble without clear lines of responsibility and accountability. There are pros and cons on the issue of hiring management expertise. Most of them revolve around:trust, management style, image. In any case, you must devote yourself to the business of the business via marketing, revenue generation, and financial management. A solid business manager can relieve you of much of the daily grind, so you can handle your company’s growth.
- Flexibility: An embryonic enterprise should never lock itself into a tight script. Be prepared for change. If you’re managing appropriately, welcome it. Doors and new strategies may open for you. Understand that payments may not arrive on time, and people may arrive late or never show up. Contracts may not close and are often broken. People quit. Have a plan B ready at all times, ready for implementation. Don’t become sentimental. It’s about money-success-fulfillment. Have confidence and enjoy the process.
- Survival: How will you make until your customers and clients show you the money? That’s what every owner must grapple with. Give your product/service marketing and sales program a long lead time before income is expected. Just to be safe. Again, plan B. Can you pay the bills, feed your family, and run the business until the cash begins to flow. You’ll require employees who can afford to miss a paycheck or two, and are willing to sacrifice. If not, cash must be tucked away for those lean times. Are you a survivor?
Here’s hoping that you can get it done and live the dreams you dream.