Master This 7 Part Breakout Formula To Start Your Own Business

Master This 7 Part Breakout Formula To Start Your Own Business

Master This 7-Part Breakout Formula to​ Start Your Own Business
Are you the​ rebel—mouthy and opinionated? Do you like the​ thrill of​ change,​ always eager for the​ next new venture? is​ your idea of​ security to​ never be the​ victim of​ a​ corporation’s downsizing or​ reengineering? Are you a​ fiercely independent risk-taker who can comfortably handle the​ uncertainty of​ being responsible for your own paycheck?
Answering yes to​ all these questions put me squarely in​ the​ entrepreneurial ring more than two decades ago,​ and I​ can honestly say I’ve never been happier .​
Or richer .​
Or more in​ control of​ my life and career.
I started with only $100 in​ seed money and my experience as​ a​ registered nurse .​
After putting in​ long shifts at​ the​ hospital,​ I​ worked part-time from my home for more than a​ year before my business gained enough momentum that I​ could quit my day job .​
I​ continued to​ work from home until my business income reached $1.2 million.
Did I​ have a​ secret formula? No,​ I​ was going on​ passion,​ commitment and intuitive vision,​ but I​ do have a​ formula now .​
If you also answered yes to​ the​ questions above,​ and if​ you have a​ passion for the​ thrill and independence of​ being an​ entrepreneur plus commitment to​ follow through on​ that passion,​ this 7-part breakout formula will take you wherever you want to​ go.
One Part Research
First you have to​ know where you’re going,​ so research your chosen industry .​
Identify types of​ businesses that match your passionate vision and aptitude .​
Explore areas that show growth potential and,​ using your experience and insight,​ look for a​ need not presently being filled .​
Find a​ successful company similar to​ the​ one you envision owning,​ and study how it​ started and how it​ grew .​
Learn as​ much as​ possible about the​ entrepreneur behind it .​
Devour books and publications related to​ your business concept .​
Talk to​ other entrepreneurs to​ discover their best practices .​
One Part Vision
As an​ entrepreneur-in-training,​ you’ll need to​ build basic and advanced leadership skills .​
a​ successful entrepreneur is​ a​ bold visionary,​ seeing what others cannot and willing to​ follow that vision despite naysayers .​
Many entrepreneurs never finished college,​ but that hasn’t stopped them from owning large companies like Dell Computer and small companies like neighborhood restaurants and consulting firms .​
They relied heavily on​ their visions,​ not on​ MBA programs .​
Entrepreneurs handle ambiguity with ease .​
They get a​ thrill out of​ leading the​ way into unfamiliar territory and thumb their noses at​ failure .​
Fearless pacesetters,​ they are usually mystified to​ find they’re weak at​ operations and management .​
That’s okay .​
Other people can manage for you,​ but you must be the​ guiding force that inspires your managers and staff to​ follow your vision .​
You’ll shoulder responsibility and hold yourself personally accountable for the​ outcome .​
As a​ leader you have to​ focus on​ the​ big picture and trust others to​ focus on​ the​ details .​
People who do it​ all are self-employed but not entrepreneurial.
Three Parts Action
You must also be an​ actor .​
You act and get things done by delegating,​ subcontracting and leveraging other people’s talents .​
You’re innovative and unflaggingly determined,​ willing to​ put in​ fast-moving 16-hour days to​ reap the​ rewards of​ independence,​ creative freedom and unlimited financial gain .​
Learn to​ be a​ marketing genius .​
Everything is​ marketing,​ from the​ way you say good morning to​ the​ contacts you make on​ an​ airplane to​ making a​ sales call .​
You sell ideas,​ products and services to​ potential purchasers by getting inside their minds and creatively communicating benefits.
Above all you must grow your enterprise and make a​ profit .​
People who say,​ I​ love it​ so much I’d do it​ for free,​ are not entrepreneurs—they’re volunteers .​
Most entrepreneurs are willing to​ start small and grow slowly,​ but they fully expect to​ make money .​
There is​ nothing noble about being poor or​ failing financially .​

Two Parts Strategy
When you know where you’re going and have the​ courage to​ act,​ the​ only thing missing is​ the​ strategy for getting you there – but this is​ no small thing .​
Jumping into business without a​ strategic plan is​ like jumping in​ the​ ocean without knowing how to​ swim.
To create the​ strategic plan,​ envision your enterprise exactly as​ you want it​ to​ be .​
Then write down your goals and objectives for achieving that vision .​
For each goal,​ create a​ strategy and a​ target date for achieving it.
Assess your strengths .​
You already possess knowledge,​ skills and experience your enterprise will draw on​ .​
One of​ my strengths is​ that I’m persistent and go for it​ all the​ way .​
List all your strengths that apply to​ your enterprise .​
Then appraise your challenges .​
They might involve market penetration,​ profitability,​ expertise,​ competition or​ location .​
Challenges change as​ your enterprise changes .​
My first challenge was getting clients to​ recognize the​ need for a​ new type of​ consulting service .​
When my company grew,​ a​ new challenge surfaced: my weakness as​ a​ manager .​
Without addressing that weakness,​ I​ might have worked solo forever,​ never achieving the​ bigger vision .​
That challenge led me to​ seek the​ right directors to​ support my vision .​
How will your challenges impact your goals?
Finally,​ act like a​ CEO .​
Create an​ income and spending plan .​
Know where your money is​ going,​ question every expenditure and keep the​ cash flow positive .​
That means taking in​ more money than you pay out,​ plain and simple .​
Make a​ budget and stick to​ it.

A CEO gets things done through delegation,​ so create a​ framework of​ people who can help you achieve your entrepreneurial vision .​
Even if​ you work solo,​ you can benefit from a​ myriad of​ talented consultants,​ vendors and subcontractors .​
From day one I​ hired a​ subcontractor to​ assist me with client projects,​ which worked so well that I​ put off hiring my first employee for ten years .​
Eventually I​ recognized that to​ stretch toward a​ bigger vision,​ I​ needed employees .​
Expect your framework to​ change as​ your vision grows,​ but build it​ only as​ big as​ you need.

I always joke that I’m a​ working CEO,​ a​ style that makes things happen .​
But no enterprise is​ unsinkable—even the​ Titanic sank its first time out .​
In 1990 I​ hit an​ iceberg when my largest clients dissolved their law firm .​
Thankfully,​ through my vision,​ strategic plan and framework,​ I​ had the​ necessary lifeboats in​ place .​
My business stayed afloat and took a​ new course that changed my business forever .​

After being an​ entrepreneur for more than two decades,​ I’m happier,​ more alive and more constantly challenged than I​ ever imagined when I​ started out working in​ my one-bedroom condo .​
Answering yes to​ some simple questions about myself made all the​ difference .​
If you’re mouthy,​ opinionated,​ independent and your desire for adventure leads you to​ entrepreneurship; I​ guarantee this tested formula will take you wherever you want to​ go.

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