“When you change the way you look at things, the things you look at change.”–W.Dyer
Before embarking on any journey or trip even to the grocery shop, I go through a mental checklist of things I need before I leave the house. This approach enables me to minimize the risk of making mistakes like leaving my keys in the house when locking the door.
Entrepreneurs must also use this tactic before taking the first step into launching a business.
Here are 5 key points that must go on you “entrepreneurship checklist”
- Assess yourself as business owner. Key questions: I’m I cut out for business? Do I have what it takes to be an entrepreneur? I’m I ready to quit my job? Etc.
- Determine concept feasibility/viability. Key questions: Is my plan workable? I’m I building castles in the air, or is this a Microsoft-brilliant idea? Etc.
- Investigate legal considerations and requirements. Key questions: What licenses do I need? What does the registration process entail? Do I need legal representation? Etc.
- Develop your business plan. Key questions: What is my business? Why is this a great opportunity? How much money do I need? What other resources do I require? When do I intend to start? How will I raise necessary funds? When will I get my money back? Etc.
- Fundraise. Key questions: What institutions will I approach for funding? How much will I ask them for? What is it in for them? Etc.
I will try inasmuch as possible to explain these points step by step as we go ahead. If you have any pressing questions though, you can contact me directly here and I will be more than happy to help you out.
What stands out from my monologue though is that planning is very essential throughout the business development process. All of us have a different process (how we do things), so you might feel the need to add more things to your checklist, and I may have left something out that you may feel is utterly important, but worry not, this is merely a guideline of how your own checklist should be. Feel free to create your own customized checklist for your business as it will keep you in check and also offer perspective on wide range of tasks needed to start and run a business.
When you are done making your checklist, ensure you adequately answer the key questions for each section. I advise that you have a notebook (electronic or otherwise) that you can note down your progress and also use as a reference for all the lessons we are learning together on this journey.
Now, let’s go make some money.