To start a business at any point is a bold move – an investment in the future, in the team you create and in yourself. Entrepreneurship is not for the faint of heart. It is for the outliers, the people who see opportunity where others do not – and seize it. Entrepreneurship is for the optimists of the world who are tempered by logic. Any venture will have peaks and valleys and certain things must be in place to ensure longevity. Are you still going to feel inspired and determined at the end of that 14-hour day? What about after a week, a month, a year of that kind of time investment day in and day out?
Look beyond the business plan and look at your life plan Talk to any business guru and they will usually say to have the business plan dialed-in. Analyze the market, competitors, your niche, finances, etc. While it is imperative and good to zero-in on the details, it is also wise to be able to take a step back and look at the big picture. Your business plan should feed into your life plan. Is your goal to retire at 50? Make sure your business plan is in-tune with that goal and look for opportunities in industries that are expanding and reaching greater heights. Be so passionate about your endeavor that you will have no trouble defending it against naysayers Imagine being at a dinner party with your greatest/worst critics – that uncle who never believes you do well enough, the cousin who is a perpetual one-upper, whomever challenges you or attempts to make you feel less-than – pretend you have told them about your business idea. Can you defend it? What kinds of critiques will they come at you with? What will your responses be? This is a fantastic test to see if you are truly passionate about your business. It also will allow for you to approach your plan pragmatically, particularly if you are prone to being way too optimistic. Basically, be passionate, but ditch the rose colored glasses. They will come off soon enough, anyway. Make yourself look upon your goals as realistically as possible. Yes, solve a problem or make something better, but go beyond that – have the goal of creating your legacy As beloved business author Stephen Covey said: “Begin with the end in mind.” While the product or service itself may not directly benefit the greater good, it is wise to build a goal of philanthropy into the business model. That can prove a motivator on really tough days. Those days when you get kicked in the teeth and want to pack it all in, it is good to be able to think, “You know, we’ve got to make it happen. Not only do our customers and employees count on us, but so do the people with [insert nonprofit organization here.]” Prepare yourself and your family for years of hard work and long hours Make sure everyone is aware of what that sacrifice will mean and how it will benefit the family in the end. Third, fourth and fifth generation businesses are so revered because they are so rare. Loop your kids in early if you have the goal of passing the business down to your children and grandchildren. “Many children born into wealth are ill-prepared to manage money due to a lack of financial education from their predecessors. This results in poor decision making and puts the family’s capital at great risk. Families who also fail to nurture a sense of responsibility, stewardship, history and family values in the generations to come, ultimately fail their business,” according to FINH, a company that specializes in family business succession planning. There are endless things to consider when launching a business – and these are just a few of them. You know your talents, expand on them. Find something that makes you feel alive and create something that you want to pass to your children and grandchildren.
0 Comments
|
AuthorMaged Elhami is an entrepreneur based in Montreal, Canada. ArchivesCategories |