Welcome to the second issue in your free E-Zine
"What you need to know before you start a business"
More than 90% of all new businesses fail within the first 10 years. Why? If you check it out, you find that it's almost always a result of a lack of knowledge. Over the next five weeks, we hope to let you in on a few very important fundamentals for the success of your business. Some you may already know some maybe not. If you do, then good, this can only help to reinforce your beliefs. If you do not already know then we hope you enjoy the next few weeks. Again, congratulations on your wise decision.
In this Issue....
1)Do you know you why you started or want to start an enterprise? Are your reasons in line with your values?
Know Your Why
The main objective of a business is to provide products or services which bring value to the lives of the end consumers. When done successfully this can generate a substantial income for the business owner and his shareholders.
Unfortunately many business owners or aspiring business owners either get involved with the wrong business or underestimate the requirements for the chosen industry.
Why are you in business? Why would you want to go into business? Why? Were you forced into it because of a loss of your job? Was it something that you actively sought out?. Do you have a special skill that your friends and families encouraged you to pursue? Are you using a business for the tax advantages? Do you believe that you earn more money in your business than in your job? Maybe you like the idea of working for yourself. Why?
When we know clearly why we are in business or why we want to go into business, then we develop a sense of purpose and intent. Having a strong reason why, is an extremely powerful motivator to succeed.
A business is not a job. It is a multi-faceted enterprise and so the reasons for starting a business need to be specific and very clear in order to ensure success..
An honest assessment of why you started or would want to start, will prepare you immensely for the tasks ahead and can be a determining factor in whether you succeed or fail in your enterprise.
Most businesses fall into one of two categories, although in reality they may be a combination of both.
- A market driven business and a
- Lifestyle business
When a business owner's motivation is to introduce a product or service on the market, creatively or competitively, the business is a
market driven enterprise,
where the laws of supply and demand dominate. Many corporations and large companies fall in this category.
When a business owner starts a business primarily to provide an income to cover his economic needs and support his lifestyle, then we have a lifestyle driven enterprise. Sole proprietorships, mom and pop stores, convenience stores etc., are in this category. However, many lifestyle businesses can evolve into market driven enterprises.
Every decision, every action should have an underlying reason. From start up and throughout the lifetime of the business a strong why will propel the business forward. Just as every action should have a reason, so too must every reason have a value as its foundation.
As an enterprise evolves and grows, the values of some business owners change. When their values change so does their focus and their reasons. Should the whys become misaligned with their values, the business can suffer in the long term. For example, if the only reason is to make money at all costs, at the expense of client service.
Successful Business owners
- Know why they are in business
- Know their strengths and weaknesses
- Always conduct business ethically and with integrity.
- Are trustworthy and honest
- Are knowledgeable about their business
- Treat business associates and clients with respect
- They always seek to build relationships to enhance and bring value to the lives of their clients
- They spend most of their time on result producing activities
- They possess good organizational and communication skills.
- They surround themselves with competent people
- They are committed to continuous and on going self improvement
- They contribute to their communities and always pay forward
- They are prepared to act on their convictions and are disciplined and patient
- They are determined and committed to the success of the business
How many of these characteristics do you possess?
Here's a little exercise that you can do
On a sheet of paper write out all the reasons why you want to start a business. Then compare these to your values
Next match your personal traits to the business and think about what it will mean to your clients. What measurable value does this bring to your relationships
Comments? Ideas?, Feedback? We'd love to hear from you. Just reply to this e-zine and tell us what you think
Till next week have a productive week.
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