The road to starting your own business is a long and winding one with a lot of obstacles on it. Yet at the end of it all, there are a number of rewards. One of course is the financial independence that you stand to get if your endeavor at starting business turns out to be a success. People who run their businesses are undeniable the most financially successful people in the population.
Another reward for starting your own business is the reward of simply getting something done – especially something that many people endeavor to do, and never really do. After all, not everyone who thinks of (or tries) starting a new business succeeds. Therefore regardless of how your new business venture turns out, your acting on the business idea and turning it into a reality is something to be proud of.
Providing a useful product- whether a good or a service – that the people in the society need is yet another benefit of starting business. It is only through the aggregation of entrepreneurial efforts that communities develop.
Starting your own business also gives you the opportunity to be your own boss, and possibly other people’s boss. If you are disposed to think of it this way, starting business and being successful at it gives you the opportunity to ‘fire’ your own boss, which to many of us can be gratifying, what with all that our bosses put us through.
So at the end of it all, few things are as rewarding as starting your own business.
Friday, June 12, 2009
Starting Your Own Business: Finding the Work – Life Balance In the Entrepreneurship Process
The road towards starting business - also called the entrepreneurship process – can interfere with your personal life greatly.
Indeed people seeking to develop new business have been known to get so engrossed in their endeavors to such an extent that they find themselves unable to give any attention to their families’ needs or even (in the extreme cases) to their own needs. This is where you find a person who is working towards starting business getting so engrossed in developing plans and strategies that they actually forget to eat their breakfast and lunch, only to realize that they are hungry when it is time for dinner! This is also where you find a person working towards starting business getting so engrossed in working out the details on their new venture to an extent that they even stop seeing their friends completely.
Yet even as you go about starting your own business, you can still maintain a life-work balance. Remember, even if you manage to set up your own business successfully, you will still need your friends and family to share your success with (or to flaunt your success to) depending on your disposition.
You need to keep your priorities straight, even as you go about setting up your own business. You need to know why – ultimately – it is that you are looking to set up the new business. And when all is said and done, believe it or not, you are looking to set up then new business (albeit subconsciously) either to impress the people who matter to you with your financial success or to share your financial success with the various significant people in your life. Ensure then, that you don’t lose the very people you intent to impress with your success (or to share you success with) on the way to starting business, because if you do lose them, then your success at starting your own business won’t be as satisfying.
Indeed people seeking to develop new business have been known to get so engrossed in their endeavors to such an extent that they find themselves unable to give any attention to their families’ needs or even (in the extreme cases) to their own needs. This is where you find a person who is working towards starting business getting so engrossed in developing plans and strategies that they actually forget to eat their breakfast and lunch, only to realize that they are hungry when it is time for dinner! This is also where you find a person working towards starting business getting so engrossed in working out the details on their new venture to an extent that they even stop seeing their friends completely.
Yet even as you go about starting your own business, you can still maintain a life-work balance. Remember, even if you manage to set up your own business successfully, you will still need your friends and family to share your success with (or to flaunt your success to) depending on your disposition.
You need to keep your priorities straight, even as you go about setting up your own business. You need to know why – ultimately – it is that you are looking to set up the new business. And when all is said and done, believe it or not, you are looking to set up then new business (albeit subconsciously) either to impress the people who matter to you with your financial success or to share your financial success with the various significant people in your life. Ensure then, that you don’t lose the very people you intent to impress with your success (or to share you success with) on the way to starting business, because if you do lose them, then your success at starting your own business won’t be as satisfying.
Overcoming the Obstacles to Starting Your Own Business
Obstacles have been described by a certain sage as those frightful things you see when you remove your eyes from the goal. So we are supposing that you have decided to set up your own business. Having a successful new business is the goal here, but obstacles are bound are come up on the way to starting business. One of the first obstacles on the way to starting business that could arise even before the new business idea is born is lack of inspiration. The way to overcome this obstacle to starting business is to focus on the ultimate prize – which could be anything from the financial freedom you are to sure to earn if your efforts at starting your own business succeed, to the joy of offering a useful product to the ‘people.’ More specifically , you can read the biographies of successful entrepreneurs and draw inspiration from there.
Lack of business finance is another obstacle you might face on the road to starting your own business. The way to overcome this obstacle is to first work out whether you have a viable new business idea, and if so develop a good business plan around it and then market it strongly and persistently – taking the inevitable rejections in your stride.
Things not going according to plan once you have started your new business is yet another obstacle your might face on the way to truly starting business. The way to overcome this obstacle is to be flexible, and change your plans in the light of emerging realities on the way to starting your own business.
Lack of business finance is another obstacle you might face on the road to starting your own business. The way to overcome this obstacle is to first work out whether you have a viable new business idea, and if so develop a good business plan around it and then market it strongly and persistently – taking the inevitable rejections in your stride.
Things not going according to plan once you have started your new business is yet another obstacle your might face on the way to truly starting business. The way to overcome this obstacle is to be flexible, and change your plans in the light of emerging realities on the way to starting your own business.
The First Profit Report: Your Reward for Starting Business
The profit motive underlies all normal business. And although there are many emotionally rewarding milestones on the road to starting business, it is only when your report the first profit that you can claim credit (if only from yourself) for starting a successful new business.
The first profit shows a number of things about your endeavor at starting business, and about your efforts at starting your own business.
Firstly, it shows that your endeavor to start your own business was based on a viable business idea. This is a business idea you first sold to yourself (to get the courage to attempt starting business), then to financiers (to get the money you need to start business) and now to the general public, who are buying whatever you are selling - resulting in the profit.
Your first profit report also shows that you are doing something right. If you weren’t – believe you me – you wouldn’t earn anything. Clearly doing what you are doing better (or more) will see you earn even better profits in the future.
Your first profit report also shows that your new business is serving a real need in the society. With the difficulty with which people obtain their money, it is clearly only a business that serves a real need that can expect to earn anything from the people.
Needless to say, of course, is that your first profit report is also your first reward for the pain you went through on the road to starting your own business. Some of the most painful aspects of the process you go through when starting business include finding the inspiration to start the new business – which might involve a lot of soul searching, finding the finance you need to start business (which might involve a lot of rejection and perseverance) and getting your first customers or clients as may be the case, which might involve a lot of tiring – and often fruitless – networking before you build yourself a brand.
The first profit shows a number of things about your endeavor at starting business, and about your efforts at starting your own business.
Firstly, it shows that your endeavor to start your own business was based on a viable business idea. This is a business idea you first sold to yourself (to get the courage to attempt starting business), then to financiers (to get the money you need to start business) and now to the general public, who are buying whatever you are selling - resulting in the profit.
Your first profit report also shows that you are doing something right. If you weren’t – believe you me – you wouldn’t earn anything. Clearly doing what you are doing better (or more) will see you earn even better profits in the future.
Your first profit report also shows that your new business is serving a real need in the society. With the difficulty with which people obtain their money, it is clearly only a business that serves a real need that can expect to earn anything from the people.
Needless to say, of course, is that your first profit report is also your first reward for the pain you went through on the road to starting your own business. Some of the most painful aspects of the process you go through when starting business include finding the inspiration to start the new business – which might involve a lot of soul searching, finding the finance you need to start business (which might involve a lot of rejection and perseverance) and getting your first customers or clients as may be the case, which might involve a lot of tiring – and often fruitless – networking before you build yourself a brand.
The first Sale: Evidence of Success at Starting Your Own Business?
There seems to be consensus among many commentators on this subject that making your first sale – also called proof of concept – is the first sign that you have a viable new business idea.
Having the new business idea in the mind (or on paper) is not a major sign of success on the path to starting your own business. After all, many people have such good new business ideas, which never even see the light of the day. And neither is getting the financing you need to start your own business such a major sign of success on the road to starting business. After all, if what you got was a secured loan, it could be that the financier – assured that they would either get their money back or sell your security – did not bother to look too intently on your new business idea. So ultimately, it is your first sale that shows whether your new business idea is really good or what.
Granted, the ease with which you make your first sale depends on the business field you are in. The candy seller on the street corner will naturally have an easier time making their first sale, though this is not always as easy as it seems- than say, an Internet marketing consultant. But when all is said and done, it is only when you manage to make that first sale, or to get the first paying client that we can say that your efforts at starting business are finally seeing the light of the day.
Having the new business idea in the mind (or on paper) is not a major sign of success on the path to starting your own business. After all, many people have such good new business ideas, which never even see the light of the day. And neither is getting the financing you need to start your own business such a major sign of success on the road to starting business. After all, if what you got was a secured loan, it could be that the financier – assured that they would either get their money back or sell your security – did not bother to look too intently on your new business idea. So ultimately, it is your first sale that shows whether your new business idea is really good or what.
Granted, the ease with which you make your first sale depends on the business field you are in. The candy seller on the street corner will naturally have an easier time making their first sale, though this is not always as easy as it seems- than say, an Internet marketing consultant. But when all is said and done, it is only when you manage to make that first sale, or to get the first paying client that we can say that your efforts at starting business are finally seeing the light of the day.
Tuesday, May 19, 2009
Rolling Out Your New Business
Once you get the financing you need to start your own business, the next step on the practical entrepreneurship process is naturally to roll out the new business. Now the eventual success or otherwise of the business will to a great extent depend on how well you roll out.
Ideally, the internal version of the business plan (the one you use for your own operations) should have a section on how you will eventually roll out the business, and it is this that you should use as the blueprint for the roll out.
Take note, however, that things don’t always go as planned. As in all steps towards starting your own business, you cannot afford to be rigid during the roll out. You have to adjust the plans you had developed, probably fueled by the rush of emotions that comes with the inspiration to start your own business in the face of actual unfolding realities.
Don’t panic when things don’t go according to plan in the roll out phase of starting business. Once you panic here, you lose the rational approach to things – and risk having your efforts at starting business coming to naught.
As you go about rolling out your new business too, you need to read widely on the subject of entrepreneurship, and ensure that you are ‘getting things right.’ Be open to other people’s insights. Don’t be wise in your own conceit. Remember, it is how well you roll out the business that ‘set the standards’ for rest of the duration that the new business is to last.
Ideally, the internal version of the business plan (the one you use for your own operations) should have a section on how you will eventually roll out the business, and it is this that you should use as the blueprint for the roll out.
Take note, however, that things don’t always go as planned. As in all steps towards starting your own business, you cannot afford to be rigid during the roll out. You have to adjust the plans you had developed, probably fueled by the rush of emotions that comes with the inspiration to start your own business in the face of actual unfolding realities.
Don’t panic when things don’t go according to plan in the roll out phase of starting business. Once you panic here, you lose the rational approach to things – and risk having your efforts at starting business coming to naught.
As you go about rolling out your new business too, you need to read widely on the subject of entrepreneurship, and ensure that you are ‘getting things right.’ Be open to other people’s insights. Don’t be wise in your own conceit. Remember, it is how well you roll out the business that ‘set the standards’ for rest of the duration that the new business is to last.
Getting the Capital to Start Your Own Business
We can only be sure that you are serious in your endeavor to start your own business when you start looking for capital to roll it out. Now getting the capital you need to start your own business will almost inevitably involve selling your new business idea to someone, and getting that person to fully buy the new business idea – if they are to provide you with the money you need to roll it out.
Even if you are to provide yourself with the capital you need towards starting business, you will still need to sell the business idea to yourself – and have ‘your self’ buy into the idea for you to get the courage to head to the bank, withdraw the money and pump it into the business. Granted, selling the business idea to yourself is much easier than selling it to another person, but in either case, it is a step of faith.
Take note that it is at this step – going out to find the capital you need towards starting business – that many otherwise promising business ideas.
Two things are essential in getting the capital to start your own business – especially if you are to get it from an external source. One is humility. Be ready for the rejection, for there are financiers who thrive on pouring scorn on other peoples’ attempts at starting business – just as there are those who rather than tell you that they don’t have the money to finance your venture, will try to put you off by telling you that there is something wrong with the venture. Second is persistence. You need to keep on trying even after having your new business plan rejected by a number of financiers, if you are convinced that what you have is a viable new business idea. Ultimately, remember, you don’t need to have everyone buy it. You need to only have one good financier buy your new business idea, finance it, and you are good to go.
Even if you are to provide yourself with the capital you need towards starting business, you will still need to sell the business idea to yourself – and have ‘your self’ buy into the idea for you to get the courage to head to the bank, withdraw the money and pump it into the business. Granted, selling the business idea to yourself is much easier than selling it to another person, but in either case, it is a step of faith.
Take note that it is at this step – going out to find the capital you need towards starting business – that many otherwise promising business ideas.
Two things are essential in getting the capital to start your own business – especially if you are to get it from an external source. One is humility. Be ready for the rejection, for there are financiers who thrive on pouring scorn on other peoples’ attempts at starting business – just as there are those who rather than tell you that they don’t have the money to finance your venture, will try to put you off by telling you that there is something wrong with the venture. Second is persistence. You need to keep on trying even after having your new business plan rejected by a number of financiers, if you are convinced that what you have is a viable new business idea. Ultimately, remember, you don’t need to have everyone buy it. You need to only have one good financier buy your new business idea, finance it, and you are good to go.
The Business Plan: The Blueprint for Starting Your Own Business
Once one is sure that they have a viable new business idea, the next thing to do is to develop a business plan around it.
The business plan has evolved over the years – and come to be seen as a tool for securing external financing. Yet while securing such external financing is an important role served by a business plan, it not the only – and neither is it the most important – role of the business plan.
The best way to view a business plan is to view it as a the blueprint upon which you will eventually roll out your new business. For this reason then, it follows that it is you, as the aspiring entrepreneur who should be the first person to be edified by the business plan while on the way to starting your own business.
Without delving too much into the technicalities of writing a business plan(as there is a lot of literature on that), it should be pointed out that the business plan that you ultimately come up with should be very rich both in figures and facts. The figures part of the business plan has to do with things like sales and revenue forecasts, as well as capital budgets. Now figures don’t lie, and if you listen carefully to what they tell you through the ‘figures part’ of your business plan (without letting your emotions get in the way), you can use them to decide whether to go ahead with the business or what.
The facts part of the business plan deals with the specifics of how you plan to be running the business, how you plan to manage the employees (if any), how you plan to roll it out – and so on and so forth.
Developing the business plan is a major milestone on the way to starting your own business, and it is something you really have to put real effort at, if your endeavor at starting business is to be really successful.
The business plan has evolved over the years – and come to be seen as a tool for securing external financing. Yet while securing such external financing is an important role served by a business plan, it not the only – and neither is it the most important – role of the business plan.
The best way to view a business plan is to view it as a the blueprint upon which you will eventually roll out your new business. For this reason then, it follows that it is you, as the aspiring entrepreneur who should be the first person to be edified by the business plan while on the way to starting your own business.
Without delving too much into the technicalities of writing a business plan(as there is a lot of literature on that), it should be pointed out that the business plan that you ultimately come up with should be very rich both in figures and facts. The figures part of the business plan has to do with things like sales and revenue forecasts, as well as capital budgets. Now figures don’t lie, and if you listen carefully to what they tell you through the ‘figures part’ of your business plan (without letting your emotions get in the way), you can use them to decide whether to go ahead with the business or what.
The facts part of the business plan deals with the specifics of how you plan to be running the business, how you plan to manage the employees (if any), how you plan to roll it out – and so on and so forth.
Developing the business plan is a major milestone on the way to starting your own business, and it is something you really have to put real effort at, if your endeavor at starting business is to be really successful.
Developing a Viable New Business Idea
Having found the inspiration to start your own business, the next step in the practical entrepreneurship process is usually to develop a viable new business idea around that inspiration. This is not always easy to do.
Coming up with fancy business ideas for the creative among us (and pretty much everyone considers themselves creative) is quite easy. Coming up with real viable new business ideas is the harder thing to do. Indeed, talk to any serial entrepreneur, and they all seem to tell you that lack of viable business ideas is the greatest obstacle on the road to starting business, and not lack of financing as many of us wrongly assume. There you are brainstorming on starting business, and every business idea either turns out be one that needs too much (in terms of resources) to roll out, or one that is already too flooded (read where there is already too much competition).
So how do you know whether the business idea you have in mind – as you contemplate starting business – is really viable?
Well, the way to know whether a new business idea is viable or not is to subject it objective analysis. You can, for instance, develop a realistic proforma budget to roll it out – and see whether the resources needed to do so are resources you can marshal. In the same vein, you might consider to develop a realistic sales forecast around it (based on your worst case scenario analysis) and see whether with that level of sales and revenue you can really have a viable new business.
Coming up with fancy business ideas for the creative among us (and pretty much everyone considers themselves creative) is quite easy. Coming up with real viable new business ideas is the harder thing to do. Indeed, talk to any serial entrepreneur, and they all seem to tell you that lack of viable business ideas is the greatest obstacle on the road to starting business, and not lack of financing as many of us wrongly assume. There you are brainstorming on starting business, and every business idea either turns out be one that needs too much (in terms of resources) to roll out, or one that is already too flooded (read where there is already too much competition).
So how do you know whether the business idea you have in mind – as you contemplate starting business – is really viable?
Well, the way to know whether a new business idea is viable or not is to subject it objective analysis. You can, for instance, develop a realistic proforma budget to roll it out – and see whether the resources needed to do so are resources you can marshal. In the same vein, you might consider to develop a realistic sales forecast around it (based on your worst case scenario analysis) and see whether with that level of sales and revenue you can really have a viable new business.
Finding Inspiration to Start Your Own Business
Finding the inspiration to start your own business might seem like a subject unworthy of discussion. After all, doesn’t every ambitious person always have some new business idea at the back of their mind? Isn’t the need to fire one’s (often nasty) boss enough inspiration to start one’s own business? If that isn’t enough inspiration to start your own business, what about the need for financial independence? Wouldn’t the opportunity to overcome money worries (which make up more than 80% of all human woes) not be reason enough to consider starting new business?
The truth of the matter however, is that in spite of all these, finding inspiration for starting business is not always that easy. If it were, and if these push factors were adequate in providing inspiration for entrepreneurship, we would have people starting business every day. Why don’t we?
The answer to this question is that having the push (some negative force) to start a business is not enough to actually inspire you to start business. If you dream of ever owning a business, then you need to go out of your way and consciously look for the inspiration you need to start business. You might consider reading some self improvement books that revolve around financial empowerment. You might even consider going for a soul searching session to logically channel all the push you feel within yourself into a viable business idea that you can then start on working towards making it a reality.
It is the inspiration that you find within yourself and cultivate there before starting business that will keep you going even when the money doesn’t come in as fast as you would like it to. Businesses that are started without the right inspirations tend to be the businesses whose owners quickly abandon when the money doesn’t come in as fast as they first expected.
The truth of the matter however, is that in spite of all these, finding inspiration for starting business is not always that easy. If it were, and if these push factors were adequate in providing inspiration for entrepreneurship, we would have people starting business every day. Why don’t we?
The answer to this question is that having the push (some negative force) to start a business is not enough to actually inspire you to start business. If you dream of ever owning a business, then you need to go out of your way and consciously look for the inspiration you need to start business. You might consider reading some self improvement books that revolve around financial empowerment. You might even consider going for a soul searching session to logically channel all the push you feel within yourself into a viable business idea that you can then start on working towards making it a reality.
It is the inspiration that you find within yourself and cultivate there before starting business that will keep you going even when the money doesn’t come in as fast as you would like it to. Businesses that are started without the right inspirations tend to be the businesses whose owners quickly abandon when the money doesn’t come in as fast as they first expected.
Benefits of a Long Distance Relationship
A long distance relationship is a difficult type of relationship to run. And not all people who get into long distance relationships succeed in them. Yet unknown to many people who see a long distance love relationship as a drag (and quit at the earliest opportunity) is the fact that such a relationship has a number of benefits.
Greatest among the benefits of a long distance relationship is that such a relationship provides an opportunity for each of the partners in it to see just how much their significant other treasures them. In this respect then, a long distance love relationship can be seen as a furnace on which a relationship can be tested and purified – a furnace which the partners in the relationship can happily submit, firm in the knowledge that if the love between them is genuine, they will come out of it stronger. And if the bond between them breaks under the strain of a long distance relationship, then clearly the love between them was superficial, and they were probably not meant to be an item in the first place.
Of course, besides the love ‘testing’ function of long distance relationships, such relationships also serve the functional role of letting the partners in them pursue whatever it is that is taking them away from their loved ones (whether it be education, a career or anything in between) – without having to ‘lose’ their loved ones. In many cases, the alternatives to the partner going away not doing so are quite unthinkable. For some, not going away on a job assignment would mean being fired from work, which would result in financial difficulties, possibly culminating an ugly end to the relationship caused by financial woes. Rather than end up with no relationship at all in this way, many who decide to embark on a relationship where they are separated from their loved ones by distance choose such a long distance relationship, knowing that the alternative to it could possibly be no relationship at all. Now what is better between ‘no relationship’ and a long distance relationship?
Greatest among the benefits of a long distance relationship is that such a relationship provides an opportunity for each of the partners in it to see just how much their significant other treasures them. In this respect then, a long distance love relationship can be seen as a furnace on which a relationship can be tested and purified – a furnace which the partners in the relationship can happily submit, firm in the knowledge that if the love between them is genuine, they will come out of it stronger. And if the bond between them breaks under the strain of a long distance relationship, then clearly the love between them was superficial, and they were probably not meant to be an item in the first place.
Of course, besides the love ‘testing’ function of long distance relationships, such relationships also serve the functional role of letting the partners in them pursue whatever it is that is taking them away from their loved ones (whether it be education, a career or anything in between) – without having to ‘lose’ their loved ones. In many cases, the alternatives to the partner going away not doing so are quite unthinkable. For some, not going away on a job assignment would mean being fired from work, which would result in financial difficulties, possibly culminating an ugly end to the relationship caused by financial woes. Rather than end up with no relationship at all in this way, many who decide to embark on a relationship where they are separated from their loved ones by distance choose such a long distance relationship, knowing that the alternative to it could possibly be no relationship at all. Now what is better between ‘no relationship’ and a long distance relationship?
Wednesday, May 6, 2009
What, Realistically Speaking, Are The Chances of a Long Distance Relationship Succeeding?
When many people learn that they will have to be separated from their significant others by distance – precipitating a long distance relationship – they wonder what the chances for their success in such a relationship are. It is not hard to sympathize with this cynicism about long distance love relationships, especially after reading and hearing the numerous stories by people whose previously thriving relationships started progressively cooling off upon their being separated by distance, before ultimately dying out altogether.
So what, realistically, are the chances for a long distance relationship to be successful?
Well, while there is no numerical answer to this question as all long distance relationships are unique, whether a long distance love relationship turns out to be successful depends on a number of factors.
Whether a long distance relationship turns out to be successful does, for one, depend on the level of commitment (also called love) between the partners. Partners who truly love one another (especially a woman who loves a man) have a difficult time finding motivation to cheat on their partners, the fact that the partner in question could be thousands of miles away notwithstanding.
Whether a long distance relationship turns out to be successful also depends on what is in the relationship for the partners in it. If the partners are already married (in a ceremony that was solemnized in front of many people) the egos of the partners will come on the line when they consider letting it die. Where the money question enters the picture also – like where one partner has gone to search for money which the other partner could come to benefit from, then the partner left behind might decide to hold onto the relationship the temptation to cheat notwithstanding, because after all, money does truly make the world go round.
Needless to say, of course, is that the health of the relationship before the factor which is causing the partners to be separated by distance arose will determine whether such a relationship can withstand the rigors of a long distance relationship. If a relationship was already floundering when the partners were close together, then they will find it really hard to nurse it back to health, and then maintain it as a long distance love relationship.
So what, realistically, are the chances for a long distance relationship to be successful?
Well, while there is no numerical answer to this question as all long distance relationships are unique, whether a long distance love relationship turns out to be successful depends on a number of factors.
Whether a long distance relationship turns out to be successful does, for one, depend on the level of commitment (also called love) between the partners. Partners who truly love one another (especially a woman who loves a man) have a difficult time finding motivation to cheat on their partners, the fact that the partner in question could be thousands of miles away notwithstanding.
Whether a long distance relationship turns out to be successful also depends on what is in the relationship for the partners in it. If the partners are already married (in a ceremony that was solemnized in front of many people) the egos of the partners will come on the line when they consider letting it die. Where the money question enters the picture also – like where one partner has gone to search for money which the other partner could come to benefit from, then the partner left behind might decide to hold onto the relationship the temptation to cheat notwithstanding, because after all, money does truly make the world go round.
Needless to say, of course, is that the health of the relationship before the factor which is causing the partners to be separated by distance arose will determine whether such a relationship can withstand the rigors of a long distance relationship. If a relationship was already floundering when the partners were close together, then they will find it really hard to nurse it back to health, and then maintain it as a long distance love relationship.
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