Starting and managing your own business is exciting.
Whether you plan a full-time effort or are starting a part-time venture, it’s a good idea to SLOW DOWN, just a bit, and take time to ask yourself some basic questions about the overall project, your commitment, and your available time and resources.
The answers will help you put together the kind of solid, realistic game plan you must have in order to give yourself the best chance to achieve your goals.
Here are a few basic questions applicable to most new ventures. I recommend that you give them some thought and perhaps get some input from family, friends or other close advisors:
WHY DO YOU WANT TO START THIS VENTURE ?
IN GENERAL TERMS, WHAT DO YOU WANT THE VENTURE TO ACHIEVE ? WHEN ?
MUST THE VENTURE SUPPORT ITSELF FINANCIALLY ?
IS THIS VENTURE A HOBBY ?
IS THIS VENTURE A PART-TIME JOB ? A FULL-TIME EFFORT ?
HOW MUCH TIME CAN YOU DEVOTE TO THIS NEW ACTIVITY ?
DO YOU HAVE THE PATIENCE TO STICK WITH A LONG-TERM EFFORT ? (HOW DID YOU DEFINE LONG TERM?)
ARE YOU COMFORTABLE TAKING THE RISKS INVOLVED ?
DO YOU LIKE WORKING WITH OTHER PEOPLE ?
ARE THE KEY PEOPLE IN YOUR LIFE SUPPORTIVE ?
ARE YOU READY TO GET STARTED NOW ?
There are no correct or incorrect answers ! Your answers are just an indication of your definition of and expectations for the venture, as well as your personal commitment and comfort level at the starting point.
We have thought about the Why? What? and Now?
The next post gets to How !