Effective business planning 101:How to plan your business inorder to build the business of your dream.
Effective business planning 101:
How to plan your business inorder to build the business of your dream.
Be clear about aim or major objectives for starting your own business.
Why do you want to start your own business? Is it to become famous, or to own all the money that comes in? “No” The above two reasons are not good enough to start your own business.
Like I said before, starting your own business is a life time decision, and should not be driven by casual desires or shallow fantasies like; To build ultra-modern mansion, ride a flashy car, be the richest man in the world and having a large amount of money that can fill whole room, those things were just those wishes we had when we were kids.
When deciding on the kind of business we want to doing or how to start doing them, there must be a strong desire in you to survive, to change the world, and to bring an everlasting significant value in your society and the world at large.
Business administration and management is a call to serve; there is no patriotism bigger than this. It aims at making a name more than making money.
So, when thinking about the product or service you want to start selling, it is important for you to be honest about your reason for starting so that you will not give those bad signals that intricate to the world.
The following are the worst reasons you can start a business of your own business.
Because you have an idea:
Idea is not skill and skill is not everything. Neither idea nor skill is enough for you to begin your own business venture.
And if you are going into a business because you have just an idea of it, there is a great chance that you will soon quit after a few set of failures.
Don’t start your own business just because you know it but find good reasons and then match them with your thought to decide if you are qualified for that journey.
Find one that give a larger number of people a service that keeps them coming back again. Willingness to give that service is everything to you.
Because you want to be a quick Millionaire: Any woman that will ever give birth to any baby must get pregnant and carry it for nine months.
There is a complete gestation period for every living being before the delivery. The way to become a millionaire is by preparing yourself to be that, and by saving and re-investing your earnings continuously and not necessarily by starting a new business only. It is true that a business can make you a millionaire, but it will require your work, time, you ability to be a better person, and patience itself.
Business is not always about earning the money, but about giving the values, in order to be rewarded. Any new entrepreneur who just has the fantasy of riches in mind as the major motivation for launching into entrepreneurship will soon give up, because business is much about the willingness to fight the success fight rather than just the zeal for riches.
And success is not about the size of your bank account, but about values you have added to making the world to a better place. That should be your major motive. Most entrepreneurs never become millionaires, and so if you have millionaire’s mind set as the only inspiration or motivating factor on this journey you better re-think issues or you might get disappointed on the process.
Because you hate your Job:
This is another bad reason to start and manage a new business. Entrepreneurship is not an idle mind dance.
Trust me, if you hate your job and that is the reason you want to jump into entrepreneurship you will soon hate entrepreneur and then become totally frustrated.
There nothing as boring and unprogressive as a loathed business.
So, my dear, don’t start your own business because you hate your job.
The fact is that those things you might be trying to escape from might be waiting for you in tenth-folds inside entrepreneurship. Can you bear in tenth-folds, what you have been trying to escape? How awful it is going to be.
If you hate some facts about your job; things like your salary, your boss or your co-worker, all you need to do is to find a way to improve and cope well with these people and circumstances in order to become better in your field, and thereby increasing your income.
There is no need to be worried about your boss and therefore want to be your own boss.
Consider this, when you become an entrepreneur, everybody is now your boss. How many bosses will you then have? Who are you going to hate and love who? Your business mates? Your Clients? Workers? competitors? Who?
To cut the story short your boss and co-workers won’t compare to the millions of people you are going meet across the globe in the run of your own business. So be open and beware of evil motivation can take no one anywhere.
Because you want see and tell others how it looks like:
Jesus Christ said something concerning entrepreneurship, in Luke 9:62 “No man, having put his hands into the plough and then look back is fit for the Kingdom of God”. This means that Jesus hates quitters and lazy people. Cowards are not good for entrepreneurship.
People who are good for entrepreneurship are those who are ready to face any situation in order to survive. It is not just about sitting there and watching, you have to take the necessary action, becoming smarter; Entrepreneurship is not just about having a company, but being there to the full, equal to any task that may arise.
Entrepreneurship is not an idle mind dance, as I always say. Entrepreneurs are heroes who run things by themselves; they are not cowards who follow up and can’t take a step ahead.
They are lions, who saw, came and conquered. Not those were conquered before they came and saw, they come, eat and sleep.
Rejections, all day long! “No” and “no thank you” -are the most common slogans they hear.
This is an important reason you should get prepared; develop yourself to be able to stand what you are going to face, no dulling.
Fight the battle and face challenges. Challenge your fears and weaknesses.
Don’t ever believe that you can’t help it. There is nothing you cannot do; the only thing that can affect or limit your ability is intelligence and time.
Being a human, you have the ability or potential to achieve any goal you might set for yourself; all you need to do is believe both with your mind, speech, and actions.
So, if you are those kind of people who think they can’t achieve anything, you are on the wrong track, because unless you change, you are going nowhere in entrepreneurship.
You want to read your own success story.
Success stories of entrepreneurs can be very interesting, when they are read, especially if it’s about someone we know; But there is one thing that some authors omit while presenting their views on entrepreneurs’ success stories, they are; Rejections, rainy-days, hard works and rising after failures, which every successful entrepreneurs have indulged I n one or two times before their success.
Honestly, these are the most important part of the story omitted.
Here I am trying to give you the best structure you should build your new business on. Think long term, it is better for you. The better you do, the stronger and more profitable your business will be when time is due.
You hear about people who started trying when they were kids.
There are some who started when they were early eleven, tried many forms and later made it when they are sixty-five.
People try different things to find out the one they that can fit best into.
Take for example, the owner of Iroko-TV. Mr. Jason Chukwuma Njoku. He tried up to eleven careers that failed before he tried the communication platform that finally moved.
If you want to make it either today or never, maybe you should choose later.
Because you want to have more free time:
It is a lie. For instance, an Apprentice, leaving his boss house to start his own, (maybe because he has gathered some confidence) so that he will have time and freedom to do anything or go anywhere, is only but stupidity.
When you come out and have every responsibility in a business upon your head, thinking won’t even let you have time for all those things. Unless, if what you want is to let your business plateau in development, then you should have less time to strategically think about what will bring about its growth. Because, if you are not careful, those out-going and time wasting on television, cannot let you have time to think about your business.
Entrepreneurship is so much time-consuming, emotion-consuming, financial and material consuming as well. It is because of all these “consuming” that entrepreneurship is termed a life-consuming endeavor or lifestyle.
To do your best, you must have to put in your all, willingly.
You don’t want that free time for unimportant routines. All you do is have a very simple, adoptable schedule, which can accommodate moderate sleep hours in the night, weekly exercise or sports routines.
And don’t have any time you are less busy doing what will make you and your business stronger.
Entrepreneurs are always busy, reading, meditating, reviewing and answering calls from different client and prospects from around the world.
Thank God you have not yet read the hundred best books ever written, now is the time to do that, keep reading with your free hours. That free time to do unnecessary tasks and leisure, like drinking in the bar, going to the movies, following different kinds of women and men up and down etc; can be one of the worst reasons one may be going out to start his own business.
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