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Before starting your own business, ask yourself these four questions:
Is this really a better individual career choice?
o What do I need to know to make a decision?
o How can I prepare myself?
o How do I start?
In this article, I’ll help you find the answers to those key questions by relating what I’ve learned from more than 15 years of consulting owner-managers, as well as my experience as both a corporate manager and an entrepreneur.
Are you sure you want to have your own business? The advantages are tempting, but don’t forget the disadvantages that are an inevitable part of the choice.
Benefit
o Unlimited Opportunities
o freedom, freedom
o Continuous challenge, variety
o Your choice of management style
o Responsible and involved for the entire business
0 If Business Goes Well, You Do Well
Harm
o Still limits what you can do or control
0 Too Many People Are Dependent On You Now
o Requires skills and knowledge that you probably do not have
0 More Risky, Less Secure Financial Future
o Can’t leave it at the office
The next step is to assess whether you are the entrepreneurial type:
o Personal expectations and preferences – lifestyle, work environment, rewards, compensation method?
o Personal strengths and weaknesses?
o Education, training, contact network?
o Characteristics of an entrepreneur?
o Independent, confident, persistent, action-oriented, risk-taker. Passionate, leader, achiever, communicator.
o Solid foundation – family, physical, financial health?
o Additional resources available – partners, suppliers, key customers, employees?
If you’re still determined to move on, consider which business option best meets your entrepreneurial ambitions:
o Home Based Business, Multi-Level Marketing
o Independent contractor – business or professional
o Sales Agents – Insurance, Real Estate, Financial Services
o Franchise – Retail, Fast Food, Business Services
o Independent Business – Local, National, Global
o Retailer, hospitality, food services, consumer services
o Manufacturer, Distributor, Service Business
o Internet or technology business
o Entrepreneurial role in the corporate environment
Once those choices are made, the next question is: what is the business opportunity for me?
Your selection will be based on your personal knowledge, experience and contacts of:
o Opportunities that match my abilities?
o Market need?
o Existing solutions available?
o What is my proposed solution?
o Market tested, confirmed by customer feedback?
o How can I make it profitable?
You are now ready to document a business plan.
Why do I need a business plan?
o Develop and document your business concept, strategies, action plans and projected financial results as a guide to management.
o Providing necessary information for possible sources of funding.
o Attracting new investors, strategic partners or key employees.
When do I need a business plan?
o New business start-up
o Launch a new product/service
o Enter a new market
o Strategic review and performance diagnosis of an existing business
o Prepare a business for sale, merger, acquisition or succession
Business Plan Process and Checklist:
o Assess personal objectives
o Identify business opportunity
o Define your business concept and model
o Conducting adequate market research
o Develop a strategic plan
o Define operational plans
o Prepare financial projections.
Business Plan – Recommended Table of Contents
1. Executive Summary
2. Concept and Business Opportunities
3. Mission, Vision, Values
4. Market Analysis
5. Competition
6. Strategic Planning
7. Management Team and Organization Plan
8. Product and Service Offerings
9. Marketing and Sales Plan
10. Operation Plan
11. Risk Analysis
12. Financial Planning
13. Appendix
After all that preparation and analysis is complete, you’ll be ready to finance your business plan. There are many options available, but you’ll likely turn to these sources of funding as you move forward with your plan:
o Personal investment, cold cash
o “sweat equity” – time and effort, not paid
o “Love Money” – Interested friends and family
o Bank financing – term loan, line of credit
0 Angel Investors – Passive, Active, Added Value
o Government funds, special loans, grants
o Venture Capital – Private Equity
o IPO – Initial Public Offering
Is Entrepreneurship The Right Career Choice For You? These questions and methods should help you decide and develop a plan to be successful. Good luck to you! That helps too.
dale chatterson
DirectTec Solutions C 2007
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