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From An Entrepreneur Dream To Dynasty In 10 Easy Steps

From An Entrepreneur Dream To Dynasty In 10 Easy Steps

As an entrepreneur with multiple successful ventures under my belt, I get a ton of questions from potential entrepreneurs wondering how to go from the idea phase to an actual business. If you’re looking to start a business, here’s what I’d tell you.

1. Ruminate on the Possibilities

All businesses — small or large — must start somewhere. Before there is a vision, plan, or management plan, there’s an idea. They generally come about in one of two ways. Either a) you’re pondering a solution to a pressing but unresolved problem or b) you’re evaluating your life and arrive at the realization that you’ve been running from your dream instead of running to it. Whatever the case, don’t take this seemingly trivial step for granted, as everything that follows rests on your founding premise.

After you’ve had an opportunity to reflect upon this central concept or solution thoroughly, it’s time to turn to the market and assess the strengths and weaknesses of the competition. Doing so will give you a good idea of where your product or service could fit into the market.

2. Evaluate Your Tolerance for Risk

Evaluate Your Tolerance for Risk

    It would be good if you could start the process by determining how comfortable you are with taking risks — if you don’t make it past this point, there’s no “pass go.” Unfortunately, that’s just not the way it works. Likewise, it would be nice if you could pretend that your entire entrepreneurial journey will be free of threats, but we know that’s not the case, right?

    By its very nature, entrepreneurship is fraught with uncertainty. Just the amount of action that you must take to start your part entails risk — that doesn’t include what you will inevitably face after getting your venture off the ground.

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    There’s always the chance that any one of these actions could result in a problem of some sort. And while there’s a certain amount of ambiguity associated with punching a clock every day, the risks are much more predictable. So if the thought of facing the unknown causes you undue stress, it may be best to put your ideas on pause until you’ve found a way to resolve your fear of uncertainty.

    3. Don’t Just Think About Your Vision, Write It Down

    After you’ve settled on an idea and decided that you’re comfortable with the possibility of things going wrong, it’s time to hone in on your vision. This entails visualizing what you’d like your business to look like in the future. If you experience difficulty with this step, all you have to do is ask yourself this: “Where do I see my business in 5, 10, or 15 years?”

    But remember, it’s not enough to merely know your vision. You’ve got to internalize it, which requires going a step further and writing it down. There’s just something about seeing your vision on paper that makes it more real. And if you think this is all too much, consider that when all else fails, it’s your vision that will compel you to get out of the bed at 5 o’clock in the morning to see your dreams through.

    4. Do Your Homework

    Do your home work

      If finding a solution to a market-driven problem or putting your grand vision into action is sexy, then market research is probably no different than taking a hundred free throws, one right after the other. But guess what? If he hadn’t put in the work, where would Jordan be today? So it is with researching the market.

      Market research dictates pricing, messaging, advertising, staffing, and so much more. Do yourself a favor and put all that you have into learning your market. When you’re done, you should have a clear understanding of who your customers are, but you should also know what they like or don’t like about your competitors. Armed with this information, you can continue the march to your empire.

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      In addition to market research, you’d be doing yourself a favor by doing some operational research. Familiarize yourself with industry best practices; doing so will allow you to build an efficient business.

      5. Draft a Business Plan

      You’ve got your idea, vision, and research in hand. Now it’s time to turn these abstract ideas into something tangible — a plan of action, also known as a business plan. Your business plan is a roadmap designed to help you arrive at your destination. And if you ever get lost, like a GPS your plan can help you get back on track.

      Your business plan should address questions like the following:

      • How will I reach my customers?
      • How much will it take to start and run my business?
      • What types of personnel should I hire?
      • Who is my target audience?
      • Who are my competitors?
      • When will I see a profit?

      While from time to time you may run into questions that you don’t have the answers to, your business plan should address the most pertinent issues.

      6. Review Your Finances

      Whether you’re starting your business on a shoestring budget or purchasing an existing business, there are always financial considerations associated with beginning a new venture. Identify these costs upfront and determine how you’re going to pay for these items.

      For example, maybe you’ve already built a sizeable nest egg and plan to use some or all of it as collateral, or perhaps you have a colleague who’s agreed to make a financial investment in your business. Whatever the case, knowing what you’re getting yourself into from the start can make all of the difference in the world.

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      7. Determine How to Structure Your Business

      There are several different ways to structure your business entity. In fact, you may already be aware of several. For instance, you can organize as a sole proprietorship, partnership, limited liability company, corporation, etc. However, understand that each legal structure comes with certain pros and cons.

      As a point of comparison, if you want to shield yourself or your family from liability, assuming one of the various corporate structures may be in order. Alternatively, if you plan to keep things simple while “testing the waters,” exposing yourself to greater risk as a proprietorship could be a more suitable option. Of course, you won’t know until giving it serious consideration. It might also be prudent to consult your local attorney or CPA, as whichever decision you make will entail a different set of legal and financial ramifications.

      8. Build a Company Website

      Regardless of the type of business you plan to launch, one thing is unavoidable — you will need a website. It doesn’t matter if your customers prefer to do business in person — not having a web presence is just plain irresponsible in this day and age. So please, do yourself a huge favor and invest in a solid site.

      It doesn’t have to be extravagant. In fact, if you have financial constraints you can even set one up yourself. Just visit Wix, Weebly, or any of the other site builders available and use the templates that they give you and you’ll be well on your way.

      Of course, you can always upgrade when finances permit, but the important thing when it comes to establishing yourself online is to start somewhere.

      9. Set Up Your Taxes and Federal Registration

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      Set Up Your Taxes and Federal Registration

        By this point, you may already have a business license and articles of incorporation. However, to be recognized as an official entity, you will need to file your documents with the federal government. While it may sound complicated, it’s probably easier than you think.

        Upon completing your business registration, you’ll also need to go to the IRS website and apply for an employer recognition number (EIN). Doing so will allow you to handle payroll and employee taxes. If you’re organized as a sole proprietorship, you may be able to skip this step, but this is something that your lawyer or accountant can help you determine.

        10. Build Your Brand

        So you’ve got yourself a business that’s capable of changing the world. But guess what? Without customers, you’re dancing in the dark. Of course, if you’ve completed the marketing section of your business plan, the next step is just a matter of executing your plan. The good news is that there’s a proven method of building and promoting your brand.

        Namely, marketing your business is a matter of informing your audience as to what makes your offering unique, learning where to find your customers, and making sure that your brand is just within your audience’s vicinity so that when they have a need, they know to check with you first.

        In a nutshell, that’s it. I hope that everything made sense to you. But if you have questions, I’m here to help. Drop me a line!

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        Last Updated on December 13, 2018

        There Is More to Life Than  ____________

        There Is More to Life Than  ____________

        I decided to leave the title of this article open ended, because I’d like you to fill in what words best fit that blank. We’re all unique individuals from different walks of life, and in different stages of life; so, that sentence will have a different meaning for each of us.

        If you’re a busy working professional, why are you working in the job that you have now?

        Is it because it’s something you’re passionate about and brings you a lot of satisfaction? Or, is it because you studied that in college and just found a job that hired you for those skills? Perhaps it’s because of the money that you’re earning, or know you can earn down the line?

        What if you’re about to retire? You’ve got, say, 2 to 3 more years before you hit your ‘deadline’ for retiring. Have you done all that you’ve wanted to do in the past 30-40 years? Any unfulfilled goals or dreams? Are you happy with the outcome of your life to date, all the decisions and/or risks that you’ve made thus far?

        I’m sure many of us started working after college in hopes of earning a good living–to be financially stable and able to afford the ability to experience and do things that we love. We start establishing a career, and with time, tick off boxes on our bucket or ambition list. As you look back on the last couple of years, just how much of your time has been spent doing things that you enjoy and love–the things that give you a great sense of fulfillment and meaning?

        Have you become a slave to the economy, a slave to your work, or a slave to your kids? Or have you found a balance between work and pleasure?

        When is Enough Ever Enough?

        Sadly, many of us live to work.

        Realists would argue that if you truly want to work to live, you still need the finances to back that up. No money no talk. That is how the world runs today. So if you don’t earn or make enough dough, it’s hard to truly enjoy life; it’s hard to be happy without money.

        So, in this quest to provide just that, many of us end up spending our whole lives pursuing wealth and a life of status and material wants. But, is it ever enough? Is there such a thing as having too much money? And, at what expense?

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        Many wealthy entrepreneurs, millionaires and even billionaires have come to agree that money doesn’t bring you all the happiness in the world. It’s good to have, but it doesn’t truly satisfy all desires. There comes a point where you would have ‘had it all’ and still feel a sense of emptiness: an empty void that needs to be filled, not with money or material possessions.

        So the question is then, what more is there to life if not for financial stability, status or material possessions?

        How do we make work a part of life instead of having it consume our life entirely? Perhaps we need to go back to look at the word life itself.

        What is Your Purpose in Life?

        What is the nature of life? What does life mean to you? Is there a purpose?

        If we seek jobs, all we will find are jobs. But if we have a sense of purpose in how we are productive; if we seek a calling, then we will find more than a job. We will find our contribution to humanity and we will find more to life. Would you agree?

        Research has shown that having purpose and meaning in life increases overall well-being and life satisfaction, improves mental and physical health, enhances resiliency, enhances self-esteem, and decreases the chances of depression. So it should be noted that to be happy in life isn’t always enough, because happiness is a surge of emotions that does not last. Instead, it’s more important to find and have meaning in life.

        Meaning is not only about transcending the self, but also about transcending the present moment. While happiness is an emotion felt in the here and now, it ultimately fades away, just as all emotions do; positive affect and feelings of pleasure are fleeting. The amount of time people report feeling good or bad correlates with happiness, but not at all with meaning.

        Have You Been Going on a Wild Goose Chase?

        Ironically, the single-minded pursuit of happiness is leaving people less happy. “It is the very pursuit of happiness, that thwarts happiness”, according to Viktor Frankl, a famous Austrian Neurologist and Holocaust survivor. Going back to the common example of pursuing riches in order to be happy is exactly what makes many so unhappy.

        So again, look at the statement “There is more to life than ______.”

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        Have you answered it meaningfully? If you’ve read on this far, and are now wondering how to take that first step to figuring out what your true purpose is in life, fret not; I’m here to help you reframe your mind and actions, so that you can embark on a journey of finding true meaning to your life.

        Everything that you can do and accomplish in life are bounded by 7 Cornerstone Skills. These are the true essentials needed to achieve excellence. They’ll put you on a path that gives great meaning and satisfaction in life. And, the best thing of all? They already exist in each of us. We just don’t always make the most of it, or sometimes we aren’t even aware of the power that each of these skills have to help us in life.

        On it’s own, each skill is unique and can help you through different stages of life, or problems. But as a whole set, these 7 Cornerstone Skills will give you full transformation over any situation. No matter what phase of life you’re in, what you’re striving to achieve, or what feel you’re lacking, your pursuit of meaning in life will be much faster when you’re able to make use of not one, not two, but all 7 Cornerstone Skills.

        The 7 Cornerstone Skills

        So let me give you a glimpse into what these 7 Cornerstone skills are.

        Creativity

        Creativity empowers you to find unique solutions to problems, and see things in ways that you least expect.

        It goes beyond the artistic impressions and aesthetics, and is a crucial building block of change.

        Learning

        Without Learning, you will not be able to advance and progress in life. Yet, there are many of us who always fall behind not because they don’t have the intellectual ability, but because they don’t know how to learn effectively.

        Memory

        And then we have Memory, one of the most vital components, because without that you have nothing to fall back on, nothing to gain from all the learning or experiences that you’re exposed to on this earth.

        And with an ever increasing amount of information available, how can you store up as much knowledge as you can without overloading?

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        Focus

        And with any and everything that you do, a certain amount of Focus is always given.

        Whether it’s the career ladder that you’ve been climbing, or the responsibility of being a parent, Focus is a flow that allows you to push towards the progress that you’re striving for.

        Without focus, we find ourselves lost, demotivated and stuck in a rut.

        Motivation

        Many of us aren’t happy in life or with our jobs and responsibilities because we lack Motivation, and an overarching purpose as I already mentioned earlier. Motivation helps drive you forward, and gives you the focus achieve your purpose.

        Habits

        If you realize, every new day that comes is filled with routines. Whether it’s getting ready for work in the morning, putting your kids to bed in the evening, or setting aside time during the weekends for family time and activities, it all happens as a result of habits that you’ve built over time.

        Therefore Habits dictate a big part of your life. Pursuing happiness, money or meaning all have a dependency on your habits. If you find yourself being controlled by bad or negative habits, it’s more likely to hinder you from being productive and reaching those goals.

        Time

        This also ends up leading to bad use of Time, or poor time management.

        You might feel like you haven’t built a stable career yet because you lack proper time management. You find yourself spending a lot of time being busy, yet producing little outcomes.

        Or certain habits might be consuming time that you can be using for other more productive tasks.

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        Perhaps you’re on your way to retirement, and feel like it’s too late to find new meaning to your life. There’s not much time left to embark on a new journey again.

        Are You Ready to Live Your Best Life?

        The simple fact is, that if you can sharpen these 7 Cornerstone skills, you will realize that finding meaning in life, or reaching the goals and ambitions that you’ve set out for yourself, no matter what stage of life you’re in, is very attainable.

        There is no magical method to having life figured out. The skills have always been there since day 1, you just need to know how to use it to the best of your advantage.

        And I’m here to show you just how you can do that. Lifehack is all about equipping you with the best and most effective ways to increase your productivity, motivation and focus to achieve true Purpose in life, in as little time as possible.

        Embark on a transformational journey with us as we show you how to learn and improve your 7 Cornerstone Skills so that you’ll come out a new person, ready to either pursue your existing goals at a much quicker rate, or to find new goals to pursue without being limited by time, age or responsibilities.

        If you’ve been wanting a change, or been stuck in a rut for a while now, here is your chance to get started on pushing towards progress again.

        Anyone can transform, anyone can change. Are you ready to live your best life? Click here to start your journey!

         

        Featured photo credit: Caroline Hernandez via unsplash.com

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