Leadership Archives – Page 8 of 8

Choosing The Right Business To Live Your Dream By Theodore Henderson The Wisdom Man “I chose to be an entrepreneur because I wanted to either make something or make an impact.” – Theodore Henderson Pro & Cons For Entrepreneurship As a business owner I understand how beginning a company will be difficult. It can be incredibly gratifying if you go about it with a proper plan and vision. However part of the growth comes at those certain points when it becomes difficult. The only way you will be able to press on and persevere (challenges and long hours) is if you are deadly serious about what you are doing. Follow your vision; also use your understanding and instincts. Your interests, work history, and knowledge are the most critically important areas to begin with when choosing your entrepreneurial path. Know What You Are Doing You, like everyone else, are constantly bombarded with messaging about whatever is being marketed to you is "a safe bet"? In other areas of life there may be safe bets but not in business. As you consider your business alternatives, without a doubt there will always be someone eager to inform you that starting a certain type of company or getting involved in their venture is "a sure thing"-- do not listen and run the other way. Absolutely nothing is sure except no one gets out of this life alive (J)! You are better off making choices concerning your company and future that are based upon your personal knowledge and passions-- not someone else's. The next key point is that ultimately, the vast majority of customers will not part with their hard-earned money unless convinced that they're going to get their money's worth by purchasing from you. In order to do that, you'll should understand everything there is to learn about what you're selling after you clearly understand who your target client is and what they want. Review Your Work History You may already have years of experience in a certain area, starting a business in an arena well known to you provides numerous benefits. You can leverage your skills and prior education, your contacts, and also your understanding of the industry. You may even already understand your first customers or clients. And if you require loans, investors, etc. to begin your new company, these can definitely be a lot easier to attract when your resume backs up your brand-new endeavor. Whatever the reason the bottom line will be investors see a proven track record as a safer bet. As an example, if you are an experienced senior level consultant, having worked at one of the premier consulting firms in a niche (retail, financial services, etc.) for many years, starting your own small consulting firm will be less complicated for you. You will know technology providers, other consultant resources, and suppliers. You will certainly know the best ways to develop key services unique to your market that larger firms may have no interest in. You will likewise know key prospects at the right level to call upon. And when you go to a financial institution or investor and they see your resume, he/she will know you have the “right stuff” to back up what is generally viewed as a really risky business. If expertise from your previous work experience jumps out at you as something you want to transform into a company, you should talk to smart objective people you have actually collaborated or worked with, concerning just what it requires to run that type of business. More importantly talk to business owners, who you will not be in direct competition with, about what it takes to be successful. Discover all you can around start-up expenses, as well as other expenditures, and also find out how much revenue you could anticipate making. If you have multiple interests not certain which to focus your entrepreneur energy on, I strongly recommend you read the welcome letter on my landing page at www.TheodoreHenderson.com and use the link to access the free (no obligation) self discovery series “The Four Cornerstones of Excellence” (scroll to bottom of the landing page) specifically designed with entrepreneurs and business owners in mind. It allows you to begin considering what may be your greatest skills and also your background to help you figure out which direction you are best suited to pursue. If you want to go further and take “self inventory” to the next level I guide those I coach through a finely tuned process that uniquely targets the right business fit, the right industry, the right work environment, attracting the right people to work it, maintaining key relationships, improving client relations, etc. Click here to contact me. Do Your Homework If your interest and passion lead you to a business direction that doesn’t show up on your resume be prepared to invest sufficient time finding out about it prior to beginning the journey so you are able to avoid making crucial blunders in your business planning. Keep in mind that having "adequate time" might mean deferring your opening date, or otherwise delaying your business's launch date. However don’t be discouraged this is one of the normal bumps that’s just one of the costs of beginning a business you don't have experience with. Consistently Test Your Small Business Idea Whether you have a wealth of experience with your target area or absolutely none, you must do everything possible to assess whether you and your company are a great match. It is much easier and also less costly to realize that you and your business idea are a bad match while you're still in the planning stages compared to when you're already immersed in running it, with supplier agreements, leases, investors expecting a ROI, and loan payments. Final Thought Beginning a company is amazing as well as stressful all in one package. You will certainly have good and bad times and on some days all at once! It is both a liberating as well as at times a terrifying responsibility to know all the brilliant, as well as bad, decisions you make rest with you. The more you mull over, prepare, as well as get organized, the far better off you will certainly be. When all's said and done, the businesses that, from my point of view, always do best are the ones run by someone who lives and loves exactly what they do. Therefore follow your passion, and intelligently implement it. I strongly suggest using the advice outlined here, tracking your business performance, and setting objectives as you move forward and expand. Hopefully you will reach out for coaching, training, and mentorship as your secret ally to help you as needed along the way. About the Author Theodore Henderson AKA “The Wisdom Man” works with those individuals who desire to become entrepreneurs, business owners who want to improve their leadership and management skills, and those who need more productive career strategies. He’s an Amazon best selling author, a Certified Leadership Coach, Certified Career Coach, and a Certified Social Media Security Professional Powered by CompTIA. He is the author of “9 Simple Steps to Becoming a Strong Leader”, “The Wisdom Compass”, the digital course “The Entrepreneur Series”, and the cyber security eBook “30 Smart Ways to Protect Yourself from Cyber Criminals” aimed at owners of Smartphones, Mobile Devices, and also those who have significant online activities including Social Media, financial services, and more. He may be reached via www.TheodoreHenderson.com.