I don’t think that I can hold off any longer about letting entrepreneurs know the real truth about what makes a business successful. It’s the start of a new year and my deepest desire is to see entrepreneurs succeed. To be successful in business requires effort and a willingness to go on a spiritual journey. It requires planning, money, and most of all, the will to do what ever it takes. If you can honestly say I’m not willing to risk everything, you’re not ready to be an entrepreneur. My goal is to teach every person who wants to be an entrepreneur, how to build the right foundation. Entrepreneurs who have the proper knowledge can withstand any kind of problem, which could cause other businesses to fail.
To be in the game of entrepreneurship, you have to understand how it’s played. You have to constantly pay attention because the game changes as you grow your business, tax laws change, and the economy changes.
Are you ready for the games to begin? You can master these concepts as long as you’re willing to do the work, play well with others, and be willing to learn from others. In every case, there’s a foundation or the core part of the game that never changes. So here’s the basics or the core foundation to help you get off to a good start.
I like to equate a business to building a house. We are going to build a house on a solid foundation where it can withstand any setback with minimal problems.
One of the biggest mistakes for entrepreneurs is to jump into a business without thinking through the process with the end goal in mind. So in other words, how would your house look when it’s completely finished?
- The conceptual planning and research stage. Having a good idea is good but having a great idea that sells, is even better. So in this case, it would be your vision of your home with usable and workable space. There are so many other factors to consider as well but to give you an general idea, it will get you pointed in the right direction. In this stage, you would be looking at your product and how much would it be in demand. Who are you selling to or who is your target market? You need to research your competition, and understand your customer’s needs.
- Then next comes the planning stage where you set down your criteria for your business or the blueprints of your home. The next biggest mistake is to form your business entity without the end goal in mind and no consideration of how it will affect your personal income taxes.
- After the concept, it’s time to start hiring the professionals. You need the professionals to help you build the dream. If you’re building a good quality home, you hire professionals; the architect, the general contractor, etc. unless you are qualified to do it yourself. In the case of your business, you need your attorney, your CPA, and other professionals who will point you in the right direction.
- Now you’re finally ready to lay the foundation. To be extra strong, you want to add things to make the concrete stronger such as rhibar, or additives. When you’re pouring the foundation in your business, you’re looking at your core values, how you want your business to be portrayed to the public. The more core values you have in your business, the stronger the foundation.
- Next step is building the walls – you’re adding some final touches to your business like business cards, stationary, an office, etc.
- It’s finally taking shape so now we’re ready to fill the house with furniture or fill your business with clients. You don’t go out and just buy any furniture to fill your house – you look for a theme, something that matches with your personality, your style, etc. You want to do the same with your clients. Don’t just take anyone, you want them to be similar (that’s your target market).
- Now it’s time to add the little things that make the house nicer, warmer, more inviting. It’s time to add more services or products for you client’s to continue to work with you.
If you notice, there are distinct stages to building the house. These distinct stages in business will ensure that you have a strong foundation.
Part of the journey of entrepreneurship is learning about yourself. You may come across things you didn’t anticipate and need to be dealt with, costs needs to be constantly checked to make sure you don’t run out of money. As you evolve, your business will evolve. As I said earlier, these are the basic foundational things that will never change but how we build our home and decorate it is all up to you.
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