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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 August 16, 2018

        16 Productivity Secrets of Highly Successful People Revealed

        16 Productivity Secrets of Highly Successful People Revealed

        The same old motivational secrets don’t really motivate you after you’ve read them for the tenth time, do they?

        How about a unique spin on things?

        These 16 productivity secrets of successful people will make you reevaluate your approach to your home, work, and creative lives. Learn from these highly successful people, turn these little things they do into your daily habits and you’ll get closer to success.

        1. Empty your mind.

        It sounds counterproductive, doesn’t it?

        Emptying your mind when you have so much to remember seems like you’re just begging to forget something. Instead, this gives you a clean slate so you’re not still thinking about last week’s tasks.

        Clear your mind and then start thinking only about what you need to do immediately, and then today. Tasks that need to be accomplished later in the week can wait.

        Here’s a guide to help you empty your mind and think sharper:

        How to Declutter Your Mind to Sharpen Your Brain and Fall Asleep Faster

        2. Keep certain days clear.

        Some companies are scheduling “No Meeting Wednesdays,” which means, funnily enough, that no one can hold a meeting on a Wednesday. This gives workers a full day to work on their own tasks, without getting sidetracked by other duties or pointless meetings.

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        This can work in your personal life too, for example if you need to restrict Facebook access or limit phone calls.

        3. Prioritize your work.

        Don’t think every task is created equal! Some tasks aren’t as important as others, or might take less time.

        Try to sort your tasks every day and see what can be done quickly and efficiently. Get these out of the way so you have more free time and brain power to focus on what is more important.

        Lifehack’s CEO has a unique way to prioritize works, take a look at it here:

        How to Prioritize Right in 10 Minutes and Work 10X Faster

        4. Chop up your time.

        Many successful business leaders chop their time up into fifteen-minute intervals. This means they work on tasks for a quarter of an hour at a time, or schedule meetings for only fifteen minutes. It makes each hour seem four times as long, which leads to more productivity!

        5. Have a thinking position.

        Truman Capote claimed he couldn’t think unless he was laying down. Proust did this as well, while Stravinsky would stand on his head!

        What works for others may not work for you. Try to find a spot and position that is perfect for you to brainstorm or come up with ideas.

        6. Pick three to five things you must do that day.

        To Do lists can get overwhelming very quickly. Instead of making a never-ending list of everything you can think of that needs to be done, make daily lists that include just three to five things.

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        Make sure they’re things that need to be done that day, so you don’t keep putting them off.

        7. Don’t try to do too much.

        OK, so I just told you to work every day, and now I’m telling you to not do too much? It might sound like conflicting advice, but not doing too much means not biting off more than you can chew. Don’t say yes to every work project or social engagement and find yourself in way over your head.

        8. Have a daily action plan.

        Don’t limit yourself to a to-do list! Take ten minutes every morning to map out a daily action plan. It’s a place to not only write what needs to be done that day, but also to prioritize what will bring the biggest reward, what will take the longest, and what goals will be accomplished.

        Leave room for a “brain dump,” where you can scribble down anything else that’s on your mind.

        9. Do your most dreaded project first.

        Getting your most dreaded task over with first means you’ll have the rest of the day free for anything and everything else. This also means that you won’t be constantly putting off the worst of your projects, making it even harder to start on it later.

        10. Follow the “Two-Minute Rule.”

        The “Two-Minute Rule” was made famous by David Allen. It’s simple – if a new task comes in and it can be done in two minutes or less, do it right then. Putting it off just adds to your to-do list and will make the task seem more monumental later.

        11. Have a place devoted to work.

        If you work in an office, it’s no problem to say that your cubicle desk is where you work every day.

        But if you work from home, make sure you have a certain area specifically for work. You don’t want files spread out all over the dinner table, and you don’t want to feel like you’re not working just because you’re relaxing on the couch.

        Agatha Christie never wrote at her desk, she wrote wherever she could sit down. Ernest Hemingway wrote standing up. Thomas Wolfe, at 6’6″ tall, used the top of his refrigerator as a desk. Richard Wright wrote on a park bench, rain or shine.

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        Have a space where, when you go there, you know you’re going to work. Maybe it’s a cafe downstairs, the library, or a meeting room. Whenever and wherever works for you, do your works there.

        12. Find your golden hour.

        You don’t have to stick to a “typical” 9–5 schedule!

        Novelist Anne Rice slept during the day and wrote at night to avoid distractions. Writer Jerzy Kosinski slept eight hours a day, but never all at once. He’d wake in the morning, work, sleep four hours in the afternoon, then work more that evening.

        Your golden hour is the time when you’re at your peak. You’re alert, ready to be productive, and intent on crossing things off your to-do list.

        Once you find your best time, protect it with all your might. Make sure you’re always free to do your best uninterrupted work at this time.

        13. Pretend you’re on an airplane.

        It might not be possible to lock everyone out of your office to get some peace and quiet, but you can eliminate some distractions.

        By pretending you’re on an airplane, you can act like your internet access is limited, you’re not able to get something from your bookcase, and you can’t make countless phone calls.

        Eliminating these distractions will help you focus on your most important tasks and get them done without interruption.

        14. Never stop.

        Writers Anthony Trollope and Henry James started writing their next books as soon as they finished their current work in progress.

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        Stephen King writes every day of the year, and holds himself accountable for 2,000 words a day! Mark Twain wrote every day, and then read his day’s work aloud to his family to get their feedback.

        There’s something to be said about working nonstop, and putting out continuous work instead of taking a break. It’s just a momentum that will push you go further./

        15. Be in tune with your body.

        Your mind and body will get tired of a task after ninety minutes to two hours focused on it. Keep this in mind as you assign projects to yourself throughout the day, and take breaks to ensure that you won’t get burned out.

        16. Try different methods.

        Vladimir Nabokov wrote the first drafts of his novels on index cards. This made it easy to rearrange sentences, paragraphs, and chapters by shuffling the cards around.

        It does sound easier, and more fun, than copying and pasting in Word! Once Nabokov liked the arrangement, his wife typed them into a single manuscript.

        Same for you, don’t give up and think that it’s impossible for you to be productive when one method fails. Try different methods until you find what works perfectly for you.

        Featured photo credit: Unsplash via unsplash.com

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