Master This 7-Part Rate Formula To Start Your Own Business
Master This 7-Part Breakout Formula to Start Your Own Business
Are you the rebellion and opinion? Do you like the excitement of change, always eager for the next new venture? Is your idea of security never being the victim of corporate downsizing or reengineering? Are you a very independent risk resident who can comfortably handle the insecurity of being responsible for your own salary?
To answer all these questions, I have been squarely in the entrepreneurial ring for more than two decades, and I can honestly say I was never happier. Or richer. Or more in control of my life and career.
I started with only $ 100 in seed money and my experience as a registered nurse. After putting in long shifts at the hospital, I worked part-time from home for more than a year before my business got enough momentum to end my day-work. I continued to work from home until my business income reached $ 1.2 million.
Did I have a secret formula? No, I went passion, dedication and intuitive vision, but now I have a formula.
If you also answered the questions above and if you have a passion for the excitement and independence of an entrepreneur, as well as the commitment to go on the passion, this 7-part break formula will go where you want.
One Part Research
First, you need to know where you are going, so explore your chosen industry. Identify types of businesses that match your passionate vision and ability. Explore areas that show growth potential and use your experience and insight to look for a non-filled need.
Find a successful company similar to the one you own and study how it started and how it grew. Learn as much as possible from the entrepreneur there. Share books and publications related to your business concept. Talk to other entrepreneurs to discover their best practices.
One Part Vision
As an entrepreneur-in-training, you need to build basic and advanced leadership skills. A successful entrepreneur is a brave visionary, to see what others can’t and is willing to follow the vision despite naysayers. Many entrepreneurs never completed college, but they did not refrain from owning large companies such as Dell Computer and small companies such as neighboring restaurants and consultants. They relied heavily on their visions, not on MBA programs.
Entrepreneurs handle ambiguity with ease. They get excited about leading the way to unfamiliar areas and hitting their noses. Fearless passers-by are usually thought to be poor at operations and management.
That’s okay. Other people can manage for you, but you must be the driving force that inspires your managers and staff to follow your vision. You will bear the responsibility of the shoulder and hold you personally liable for the outcome. As a leader, you need to focus on the big picture and trust others to focus on the details. People who do it all are self-employed but not entrepreneurial.
You must also be an actor. You do and do things done by delegating, subcontracting and using other people’s talents. You are innovative and unsatisfactorily determined, ready to set up fast 16-hour days to reap the rewards of independence, creative freedom and unlimited financial profit.
Learn to be a marketing genius. Everything is marketing, the way you say good morning to the contacts you make on a plane to make a sales call. You sell ideas, products and services to potential buyers by coming into their minds and creative communication benefits.
Above all, you need to grow your business and make profit. People who say I love Id, it does it for free, are not volunteers of entrepreneurial owners. Most entrepreneurs are willing to start small and grow slowly, but they fully expect to earn money. There is nothing noble to be poor or financial.
Two Parts Strategy
If you know where you are going and have the courage to act, the only thing you miss is the strategy to get there, but it’s not a small thing. Jumping into business without the strategic plan is to jump into the sea without knowing how to swim.
To create the strategic plan, plan your business exactly the way you want it. Then write down your goals and goals to reach the vision. For each purpose, create a strategy and target date for achieving it.
Evaluate your strengths. You already have the knowledge, skills and experience that your business will draw. One of my strengths is that I am persistent and go completely on it. List all your strengths applicable to your business.
Then evaluate your challenges. They can include market penetration, profitability, expertise, competition or location. Challenges change as your business changes. My first challenge was for clients to recognize the need for a new kind of consulting service. When my company grew, a new challenge turned up: my weakness as a manager. Without addressing that weakness, I worked solo forever, never achieved the bigger vision. That challenge led me to seek the right directors to support my vision. How will your challenges affect your goals?
Finally, act as CEO. Create an income and spending plan. Know where your money goes, ask each expenditure and keep the cash flow positive. This means that you pay more money than you pay, simply and simply. Make a budget and stick to it.
A CEO gets things through delegation, creating a framework of people who can help you achieve your entrepreneurial vision. Even if you work solo, you can benefit from a wealth of talented consultants, sellers and subcontractors. From day one I hired a subcontractor to help me with client projects, which worked so well that I rented my first employee for ten years. Eventually, I acknowledged that I needed a bigger vision, I needed employees. Expect your framework to change as your vision grows, but build it as much as you need.
I always joke that I’m a working CEO, a style that makes things happen. But no business is invaluable, because the Titanic pushed out its first time. In 1990, I hit an iceberg when my biggest clients disbanded their law firm. Fortunately, through my vision, strategic plan and framework, I had the necessary lifeboats in place. My business stayed and took a new course that changed my business forever.
Having become an entrepreneur for over two decades, I have been happier, more alive and more constantly challenged than I ever thought when I started working in my one bedroom apartment. To answer yes to some simple questions about myself made the difference. If you are mature, opinion, independent and your desire for adventure leads you to entrepreneurship; I guarantee that this tested formula will take you wherever you want.