If you are thinking that your next business career will be entrepreneurial, you are ambitious and confident. This is a great place to start, but remember that effective planning is the core of all business endeavors and without it, your chances of surviving the first year are slim. Business planning is a three-fold process:
- The first step is to clearly define your mission and your vision. What is the purpose of your company and what will success look like to you? This includes financial figures, community outreach endeavors, benefits packages, and salaries. You must really envision what you are going for, rather than waiting to “see what happens.”
- Next, make sure that you are going into business for the right reasons. Do you have a passion for this particular business? If your motivation is strong, you will succeed no matter what the odds, but if you are only into it for the money you hope to make, you’ll lose enthusiasm when times get tough.
- Finally, you must analyze the competition. You have got to know what other companies are charging for similar products and services, what promotions they offer, and their advertising schemes. Know how your product can offer something different and better than the others.
Keeping these three steps in mind, your business will get off to a great start and have plenty of momentum to get through the hard times. Good luck.
Lawrence Kellner, CEO of Continental Airlines, offered some managerial wisdom in a recent interview with the New York Times. His words of wisdom ring true for every executive and even low-level workers. But can you put them into practice?