Starting your own business – III

Posted: June 20, 2013 in Business startup

If you are still committed to starting your own business and have researched your idea and still feel it is sound, what next? Here’s my recommendation:

  1. Articulate your business idea. You may not have a name for it yet and at this stage it doesn’t matter. You should list the pros and cons of this business. Most new entrepreneurs will have little trouble populating the “pro” column. However what are some of the “cons” that you can think of? Be very frank and objective in your articulation of the pros and cons. If you have a lot of “cons” then this is grounds for more research on the efficacy of the business idea itself.
  2. Create your bio. This is not your resume. Your bio is a summary of your career accomplishments and academic background as they will relate to your business idea. If your career included budget responsibilities, management of staff or operational experience – these are all positive attributes. The bio should convey not only experience but discipline. Many people with an entrepreneurial flair find work in larger organizations stifling. However these organizations exist and grow because there are procedures in place. The procedures create discipline.  If your start-up business requires funding from a bank or micro-lender, they will closely scrutinize this paragraph in your business plan.

These two topics should not be completed hastily. They are important components of your Google Map (aka .. your business plan). More on this in a follow up post.

 

 

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