What Is Your WHY?
List all the reasons WHY you want to start a business. Now go through each of them and think hard about which reasons will still be there in a year once life has happened. Consider scenarios like breaking up with a boy/girlfriend, starting new relationships, death in family, ect. Which of your reasons will stand up against the hardships that we all must endure in life?
How Will It Impact Your Life? Is It Worth It?
Think about your current relationships, your health, and your lifestyle. Will a new business be a positive or negative impact? It is also important to think about the stress that will come with a new business. Late nights and long days are part of business ownership especially if you are going at it alone. Can you handle the stress alone? How will you reduce stress?
How Do You Define Success?
One Million Dollars Revenue? 100 Employees? Living Comfortable & Flexible with 5K Passive Income per Month? Think about how you will measure your success and create SMART goals to help you get there. By creating these goals now, you are setting your future business up for success.
Do You Need a Co-Founder?
Need complimentary skill set or are you lacking any skills needed? Do you need investors, or can you fund it yourself? Need someone to bounce ideas off? Think about all the reasons you may need a co-founder then challenge them to the core to see what sticks. Sometimes having a co-founder can be very beneficial, however there are times when you may not agree on everything. If you have a co-founder make sure to develop a plan for how you will solve disagreements.
Does The Co-Founder Share Your Vision, Values & Motivation?
Sit down and interview each other. Be brutally honest. Not having a compatible co-founder can hurt the business in the long-run and can hurt any personal relationship you may have with the person. Ask questions like these:
These are some sample questions, but there are plenty more similar questions that you can ask each other in order to find out if going into business together is a good fit. Get to know each other very well.
How Do You Need To Upgrade Your Mindset?
You might have worked for people all your life. You might have seen others fail in business. You might be a notorious pessimist. You might struggle with low self-confidence. Your mindset may be setting you up for failure as an entrepreneur. Take stock of your mindset. What is limiting you? How do you need to work on yourself to help set you up for success?
How Do You Need To Upgrade Your Habits?
How will your life as an entrepreneur look like in the first month, the first year, and in general. What bad habits do you need to kick? What good habits do you need to start? Look at your daily life and design it for the kind of focus, productivity, mental clarity and relaxation you need as an entrepreneur. Maybe you need to start waking up before noon or maybe you need to go to bed earlier. Maybe you need to cut some bad habits out of your budget so that you can invest more into your business.
Once you have evaluated your lifestyle and how a business will effect your life, you will be able to better plan for any obstacles that might get in your way. You will be setting your business up for success from the start.
What is your plan for success?