In the beginning...
You have your idea, you have your redundancy cheque (or funds) and done your research.You have found your accountant, got your laptop, organised your office and you have done your business plan. You are ready!
You are going to be making money in no time and no one can stop you! You have been on a business course, had years of running departments, people and things and got plenty of experience under your belt and your very strong-minded arent you?
Hmm...
Well stop right there, dont even begin what you want to do until you've thoroughly and wholeheartedly examined yourself for the long tortuously lonely journey ahead. Look around you, how many people have actually made it?
Oh another thing, people lie about their success, many entrepreneurs scrape a living, is that what you want to do?
Why am painting such a bleak picture, I want to tell you the truth and how it is. I want to tell you it's really hard, I mean really hard. Dont make no mistake, dont be misled by all the personal development literature out there, it may help you feel good, but the reality is, it's fooling your mind to think you are capable of anything you put your mind to.
Not true, you cannot do everything and some of you are not capable of succeeding in business. Harsh words, yes, but I am trying to save you from wasting your time and money when you could be doing something more productive.
Not all personal development literature is misleading it can help in identifying certain traits, strengths and weaknesses you have and aquired during your life but be weary of being told to shout out mantras which will make you rich or a millionaire - thats all rubbish!
Age...
In addition, age matters, the older you, the more commitments you have and the less energy you have. Energy matters and you need plenty of it. The younger you are, the better you will be at coping with the demands of a business and normally you will have fewer commitments.
Yes, everybody quotes the person who at 66 started the famous southern fried chicken franchise, which is full of hydrogenated fat by the way.
However, he is one in a few million. Are you really going to be that person? Are you really?
Not put off yet, okay if you're still serious then this is what I suggest you do before you even spend a dime.
1. Get a full and thorough medical check, I would suggest this even for the younger folk.
2. Ensure you have a strong support structure/community to get you through the rough times because there will be.
3. Find younger people to do the running around for you if you are over 40, if you saw "Indestructable" on Channel 5, you will have seen what difference youth can make (energy wise).
4. Get a sheet of paper and put a line down the middle, on the left hand side list all the things that could go wrong and on the right what you will do about it. I'm not just talking about what could go wrong in the business, I'm also talking about what could go wrong with you!
5. Many people go into business without thinking about a contingency plan, do it before you even begin. It will save you a lot of grief. Of course, not all things can be forseen but at least you have thought about it and that is more than most.
6. Know thyself - I cannot stress this enough, you really need to know what your strengths and weaknesses are, because if you dont it will show up in your business. Get someone who really knows you and ask him or her to be honest and then listen.
Find People who really do know you...
If you can get five people to do that for you, whom you can trust for their sincerity and honesty then you would have done well. If you cannot then seek professional help, but dont just go to anyone. Anyone worth their salt will have solid references and testimonials.
7. Make sure you have an audience for your product or service, don't do the reverse! Talk to people, do some research on the internet, but don't spend a penny as there is plenty of free information out there. Google it and dig deeper e.g. you find an article of interest and it quotes a product, service or a name of a person related to what you are thinking of doing, Google it ( you dont have to stick to Google, try others you may come up with different results) and see what comes up. You will be surprised with what you may find, as you get better.
A word of caution here, check its credibility and worth where else has this research been cited or referenced then go and check it out. Does it take time yes, but it's worth it. In the long run all this research will save you time and money which you will need for your eventual business.
8. There is a book dare I say, I would like to recommend and its' called "The E-Myth Revisted" by Michael Gerber. I would read this first before beginning your business plan. In summary, it talks about having clear vision of your operating, sales and marketing and financial plan. Secondly it stresses the importance of being a entrepreneur and not a technician. A technician will slave away it his or her business and be all roles at any one time and is the business. The technician focuses on the "what" of the business, the entrepreneur on the other hand focuses on the "how".
Once the systems and processes of the businesses are set up, an entrepreneur can put people in place to do all the technical stuff that he or she would normally have to do. This would then release him/her, to do what they set out to do in the first place i.e. to run the business rather than be the business. Of course even after reading the book doesnt make you ready for business far from it, but it does tell you what you need to consider and goes some way to helping you think about the potential structure of your business.
Getting this all off the ground still requires hard work and energy, its worth finding energetic people who can help you fulfil some of your roles.
9. Assess yourself and be truthful, what businesses would be more suitable for you, one that requires more physical or mental energy? Think of your age, current opportunities and what you cannot, (not can) afford to lose both emotionally and financially.
10. Find people who are much smarter than you to help you run your eventual business. The objective of the game is to win, and that's what it is, a game which you can win or lose at. Having smarter people around may reduce the odds of you losing, but there is no gurantee.
11. Dont rely on luck, it will be hard work, perserverance and more hard work. Is it going to be fun? Thats up to you to judge, if you think it could become a drag after a while and it could once the initial euphoria is over, which lasts about 3-6 months, reality can hit like a sledge hammer. Are you ready for the sledge hammer, think about it now, I know it's tough to imagine, but let me give you a scenario.
Energy bill, mortgage, school fees, mobile direct debits, credit card bills and no money in your account and they're all due now, what are you going to do?
12. Will your partner be happy to see more of you in the house if it home based. Is your relationship strong enough to cope with all that will be going around you? It is not a 9-5 job. The hours can be quite unpredictable. Are you ready for it is your family ready for it?
Talk to your partners and family now and the implications because the first three years (it could be longer) are going to be hard, really hard especially if you've enjoyed a very good lifestyle. Think now not later when it could be too late.
I'm sure there are other considerations but I hope I've given you a taste of what it could be like, I'm not saying it's not impossible to succeed in what ever venture you want to begin, but I wanted to give you a reality check, rather than give you false hopes. If you really believe in what you want to do, covered all the bases and understand all of what I have said then go for it!
More importantly ensure you mantain and keep a check on your sanity and physical health because you will need it! Enjoy the ride.
For more information on what Ravi's 1-2-1 Intensive workshop can do for you why don’t you give him a ring on 07723 082 866 he would be happy to give you any support you may need or click on his contact page and send him a message via the website.
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