Question
Action Step 1: Adventure Notebook Twelve-month calendar Appointment calendar with reminders List of priorities All Action Steps with #5 in front Idea list New eyes
Action Step 1: Adventure Notebook Twelve-month calendar Appointment calendar with reminders List of priorities All Action Steps with #5 in front Idea list "New eyes" list List of possible team members Articles and statistics List of helpful websites List of experts List of potential customers List of contacts for goods and services
Action Step 2: Why Do I Want to be an Entrepreneur? Review your current job situation List reasons you want to be an entrepreneur How do these reasons fit into your personal, family financial and professional lifestyles? How do these reasons fit with your social, spiritual and ego needs? List reasons you do not want to become an entrepreneur Look realistically at your lists and keep refining them
Action Step 3: Review Your Current Family and Financial Picture Complete the Personal Financial Statement & Personal Budget Consider the following: Can I live on less? How much less? What can I cut from my budget? How long can I cut my budget before I feel deprived? How long before my family feels deprived? Which of my assets can I turn into cash? What amount of my net worth am I willing to put at risk? Discuss with family the time and money sacrifices involved Meet with a financial planner and accountant to discuss issues Businesses take time - be prepared to wait Check out the following websites: LearnVest, Mint, Kiplingers and Money
Action Step 4: Self-Assessment Complete the questionnaires in Table 1.1 and 1.2 Access the Small Business Readiness Assessment Tool and the University of Pennsylvania's Authentic Happiness Site for character and strength tests. Answer the following questions: What are your personnel strengths? What skills have you acquired throughout the years? What are you good at doing? What makes you happiest? What type of businesses offer you the fulfillment you desire? What personality traits might hinder you in your business? What do you value? What are your financial dreams? What are your passions?
Action Step 5: "Inc. Yourself" Define success for yourself. Do you measure success in dollars? How many? What other ways do you measure success? Being able to enjoy a certain lifestyle Dealing with friendly customers who appreciate your service Power, recognition and/or fame Being able to live and work where you want Providing employment and training for others Being the best business in your area Having time to enjoy your children and hobbies Participating in teamwork and/or building a legacy Early retirement Making people's lives safer and better Helping others directly or indirectly Let your imagination take over. Where do you want to be in 5 or 10 years? What do you want to be in 5 or 10 years? What do you want - personally, socially, spiritually, financially and as a lifestyle? What are your material needs and wants? You can predict your future. Mesh the information with your imagination and go for it! Only you can make it happen.
Action Step 6: Survey Your Friends About Business Success Ask your colleagues about businesses they consider successful Discuss the signs that indicate business success and the reasons behind success Have a "devil's advocate" group list unsuccessful businesses and point out the reasons for business failures Begin to recognize success and failure factors Stay sharply tuned to successful enterprises
Action Step 7: Interview Entrepreneurs Interview at least three self-employed people Make a list of open ended questions such as: What were your first steps? How did you arrange financing? If you had it to do over, what would you do differently? What part does creativity play in your business? What are your tangible and intangible rewards? What was your best marketing technique? What portion of sales to you spend on advertising? Did you hire more employees than expected? What makes your business unique? How do you use social media? Did you write a Business Plan? Do you wish you had? Are gross profits what you expected? Would you do it again?
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