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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 May 28, 2020

        9 Things Successful People Do To Always Get What They Want

        9 Things Successful People Do To Always Get What They Want

        One of the best decisions I’ve ever made was to take on the job of hosting my own weekly radio show. My radio show is about finding some of the most successful people in the world and bringing them on my show to ask them about what they did to become so successful in life and business.

        In this article, I’m going to share with you some of the key takeaways I’ve picked up from talking to – and reading about – thought leaders from various fields about the things successful people do. Here, you can get some insights on how to get what you want.

        Ready to dive in? Let’s go.

        1. They Know What They Want

        The first and most important thing that successful people do to always get what they want is so simple that most people forget about it: they figure out what they actually want.

        When you know what you want, you will also know how to get what you want. If you’re unsure about what you want in life and business, I’d suggest picking up some career and self-improvement books to help you gain some clarity and focus.

        2. They Are Assertive

        Successful people know that they need to be both bold and sincere. Balancing these two characteristics is the essence of assertiveness.

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        Oh, and by the way – being assertive is not a natural talent someone is born with. Assertiveness is a learned skill and anyone can do it, including you!

        3. They Learn

        You may have heard of the old saying, “great leaders are readers”. For the most part, I’d say this is true.

        Let me give you an example. On my radio show, I regularly ask successful people about their habits that lead to success. Do you want to know something really neat? Every single one of them reads books.

        Successful people read and learn as much as they can about what they want so that they can get what they want. If you’re curious about how to get what you want, then start reading a book. If you’re low on time, subscribe to a book summary site to get the core concepts of the books in your industry quickly.

        4. They Make Things Meaningful

        One of the most powerful things successful people do to always get what they want is that they make things meaningful. That is, they ensure that whatever endeavor they decide to embark upon is meaningful to them (and not necessarily to anyone else). They know and understand that it’s only worth it if it matters.

        5. They Ask

        One big thing that successful people always do to get what they want is this: they ask.

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        Most people are too shy to ask for what they really want. If you are too shy to ask, you may never know how to get what you want. So, don’t be like most people.

        Here’s an exercise you can do to get over it: next time you’re buying something, regardless of what it is, ask for a discount. Just do it. The worst-case scenario is that you’ll get a chuckle from the Barrista at Starbucks. The best-case scenario is that you’ll get comfortable with negotiating when it’s time to buy your next car.

        6. They Take Action

        Insight without action is useless. Successful people know that to always get what they want, they’ve got to take massive action.

        One of the most powerful exercises I’ve ever discovered is this: never leave the sight of a goal without taking some kind of action towards its achievement. In other words, as soon as you decide you want something or as soon as you set a goal of some kind, do something – anything – that shifts you closer towards getting it.

        7. They Use Their Time Wisely

        Have you ever heard of NET time? It stands for “No Extra Time”.

        For example: when you’re driving and sitting in traffic, are you listening to Mylie Cyrus? Or are you listening to an audiobook?

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        Successful people take NET time seriously. Get yourself some audiobook so you can start listening to the best business and self-improvement books available – all while you’re on your way to work in the morning.

        8. They Choose to Lead

        You don’t need to have formal authority to become a leader. You just need to choose yourself. All successful people know this, and so should you. Knowing how to get what you want requires knowing how to lead the way for others and yourself.

        Don’t wait for anyone else to do it, because the truth is that most people want to be led anyway. So, just step up and claim authority. Be the leader you wish you always had.

        9. They Contribute

        Successful people know that to get what they want, they have to be willing to help other people get what they want.

        What happens when you stop doing your job? What happens when you stop caring about your schoolwork? What happens when you become emotionally disconnected from a relationship?

        You suffer – that’s what happens. Successful people know and understand that in order to succeed, they need to contribute. They need to add value to the lives of others. They need to do their best so that they can become the best.

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        So, Now What?

        I hope this article has re-ignited the fire that you already had within you to be successful at any endeavor. The reason why I’m stressing the fact that you’ve already got everything you need to succeed and get what you want is that you wouldn’t be reading this if you weren’t already motivated to be successful.

        At the end of the day, however, all the insights in the world are worth nothing unless you combine them with action. When it’s all said and done, it’s your decision what you do with this list and how you apply it to your life and career.

        But if I may, here’s what I would suggest you consider as you get started doing the things to help you succeed:

        Review this list of the 9 things successful people do to always get what they want and then compare it with where you currently are at each one of these 9 things. Rate yourself in each one of the 9 things. Next, pick just ONE of them to work on every week.

        For example, if you find that you’d like to learn more about the business side of the company you work for, then go read the best business books to help you do that.

        Never stop learning. Always feed your mind with the knowledge you need to become as successful as possible within your area or industry. It doesn’t matter how busy you are. We’re all busy. Make the time to expand your knowledge.

        And remember: every key learning should be immediately followed with action.

        More Tips About Leading a Successful Life

        Featured photo credit: Austin Distel via unsplash.com

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