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Each of us has an average of 50 thoughts per minute. That’s 3,000 thoughts per hour, 72,000 per day, 2.1 million per month and over 25 million thoughts per year. Use one of your thoughts and think about that for a second. Now think about how much of those thoughts were you thinking about doing something, anything, nothing in particular. How many of those thoughts did you actually follow through with?
My favorite response to anyone that tells me they will think about it is, “Don’t think about it, be about it”. Action seperates thinkers from doers. To become an entrepreneur, you must move past your thought phase and start an action. Now hold on a second, this doesn’t mean run head first into what you’re thinking. However, you must be willing to take your thought further than you have in the past. “Take action, an inch of movement will bring you closer to your goals than a mile of intention.” Steve Maraboli. You do not need to rush into things but these simple steps can help take you onto your path to becoming an entrepreneur.
After having come up with an idea and deciding to take action, you should:
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Research
it’s not wise to dive into anything blind. This step will be your deciding factor of whether this thought can be a profitable business or if you should rummage through your other 69,999 thoughts for another idea. At this point, you want to research your product. You want to know how much in demand it is. Because let’s face it, it doesn’t make any sense selling snowshoes in The Bahamas. Therefore, you want to ensure there’s a demand for your product. You would also like to know how accessible is your potential product. You must research the industry. Pertinent information such as how many buyers and sellers there are, what are the barriers and constraints, how easy is it to start this business, all of which will need to be assessed and considered when wanting to start your own company. A big factor many fail to consider is how much capital will I need to inject. Money is very important when starting a venture. What is the upfront cost, what are the operational cost, what is my expected rate of return, how fast can I generate revenue, how fast will it take for me to see a profit? For each day revenue isn’t being generated and there is an operational cost, that is a cost you will need to cover. Who is your target audience? You may think it is smart to throw your net far and wide but you just may miss out on the clusters of diamonds right in that left corner. It is wise to determine your niche market and focus on them. I am not saying to completely disregard the others, however, if you’re going to be selling a scepter and a throne, you might want to reach out to Royalty.
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Plan
The saying, “if you fail to plan, you plan to fail” is certainly as true today as it was yesterday and the days before. When you’re planning, be sure to put pen to paper. Do not make mental notes or you risk forgetting what you’ve thought. You want to be futuristic in your planning and ensure your planning is long-term meaning don’t plan for a year, plan for five. Include your company’s goals and objectives in your plan. Make sure they’re S.M.A.R.T goals. Your goals ought to be specific, measurable, attainable, realistic, and time-based. If you can think of a scenario, plan for it even if it is highly unlikely that it will happen. It is better to be prepared for something that will never happen rather than not. Plan for everything, whether it’s for the good or the bad. You will want to plan what you will do with your revenue and if you choose to reinvest them in your company you should plan how will you do that as well.
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Network
Network, network, network. I cannot stress this enough. You have to build a brand keep in mind, however, you are your brand. Therefore, you must build yourself. After you have already done your research, you should have a thorough synopsis of your industry. Go to industry events, keep abreast of industry news and developments. Use social media and get yourself out there. Be good to everyone. One bad review by anyone can cause you, but good reviews turn into referrals which turns into money. And again, let’s face it that’s what you’re in it for. Be confident. While you’re out mixing don’t forget to be mingling. This is not the time to be shy, stuck up or on your phone. Engage with people and leave a memorable mark. This is your time to shine, you have to sell yourself! If you don’t, you will have a hard time selling your business.
If you’re seeking help putting your thoughts into actions and want to develop a plan, or you’re just in need of advisement, please do not hesitate to contact us. We will be happy to assist in any facet of your business that we can. If you like this and want to leave some other tips to help aspiring entrepreneurs, please leave a comment and share this with all your friends. Thank you for reading and subscribe to get notifications when we post awesome blogs like this!
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Proverbs 14:23 “All hard work brings a profit, but mere talk leads only to poverty.”
“The universe doesn’t give you what you ask for with your thoughts – it gives you what you demand with your actions.”
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