In business as in any other fields, an entrepreneur dreams about creating an enterprise that’s going to meet the demands of many, many … clients and more than likely solve the problems of those potential customers. It is safe to say that every business enterprise starts as one person’s dream. Dreaming about having your own business is pure, unadulterated passion, void of images of any crisis. Consequently, at the inception stage, an entrepreneur shares his idea of starting a new business with a limited few, mainly with those that are going to share his excitement. Sooner rather than later, a practical entrepreneur will begin to put the positive images of his dream down on paper. The rosy picture of starting a new business is still there but reality simultaneously starts to set in. This is where my team and I come in. As a consultant, I always understand the excitement and passion of someone starting a new business venture, but the focus of my responsibilities lies in helping the person write a sound business plan. It is my experience that passion and excitement alone will not cut it. But, a sound business plan more than anything else will guarantee the success of your concept of a new business. A good business plan describes and analyzes your business and gives detailed projections about its future. It covers the financial aspect of starting or expanding your business – how much money you need and how you will pay it back. To assist a client with writing a business plan, I make it common practice to seek the expertise of an IT Specialist and that of an Accountant. Together with my team, I’ll look at a new business venture from every possible angle. This way, my team and I will come up with: Plan A, Plan B, and a Contingency Plan for every possible scenario. Putting together a manual of policies & procedures accompanied with job descriptions is usually at the very top of my list. Discussing the risks facing your new venture will usually follow. Here are some examples of risks facing your business: Competition; Pioneering; Cycles & Trends; Slow Times; Owner’s Expertise; and Cash Flow. For the scope of this blog, I will not expound on those risks. However, I want you to know that I share your excitement of being your own boss and/or obtaining financial freedom but starting a new business is a lot of work and requires a full-time commitment.
Dreaming about having your own business vs. realityPosted: October 13, 2010 in Consulting