Evaluating a New Business Idea Before Writing a Business Plan

Many budding entrepreneurs cultivate ideas for a business and as they share their idea with friends and family, their enthusiasm grows. When they eventually realize they need help, their passion for conquering the world in their chosen domain is intense. Ready to charge and knock down anything in their way, their minds are not open to suggestions that appear to slow them down. This is often true even if the suggested action is precisely what is required for them to succeed.

One of the fastest ways to quell this enthusiasm is to advise the entrepreneur to develop a business plan. Most new entrepreneurs don’t know how to write a good business plan and the prospect of spending weeks to compile a thirty five to fifty page tome is more than daunting. Unfortunately, many willing consultants and other parties are eager to jump in and develop the plan, often for a substantial sum of money. It is unfortunate because this expensive step is out of sequence.

Before developing a detailed for any business idea, the entrepreneur needs a process that helps him or her to assess the business model and market opportunity. A useful process will guide the entrepreneur through the core elements of the business model and provide an opportunity to adjust the assumptions before proceeding, or to conclude the idea is simply not worth pursuing. In just a few days, the entrepreneur will have a much clearer sense of the business model and potential. Empowered with this knowledge they are better able to communicate the business idea to potential investors, collaborators and partners.

Every business idea begins and ends with a specific target customer in mind. The flow of a good idea assessment process should begin with that customer and proceed from there. In summary, it might flow along the following lines: First, define the customer’s problem and the proposed, and then define the market opportunity and distribution channels to reach them. Identify competitors and partners that already participate in the market, along with their relative strengths and weaknesses. Next, clarify pricing and revenue streams and the costs involved with developing and launching the product. Finally define the metrics or milestones needed to develop and launch the business.

The information provided in each step can be written as short bullet points, with no more than 7 or 8 in each. This helps to keep you focused on only the essential information to assess the idea. The final ‘plan’ should not occupy more than pages. As you develop the business and seek investment funding later on, you will have a good foundation for developing the detailed business plan you might ultimately need. Many advisers and tools are available to assist you through this process. One of my favorites is an online interactive tool that guides you through the entire process. It also allows other team members and collaborators to review and contribute to the work as their time permits. When you’re done, you have a simple one page business model summary that is an excellent communication tool.

Change The Course Of Your Business In The Next 30 Days

Being an entrepreneur, it is essential you combat rejection and obstacles in the pursuit of your worthy goals. When you are committed to being in the game, persistence is a habit that you must develop.

Only when you chase persistence will you become a leader in your industry. You can’t inherit it, nobody can develop it for you, but it is a common thread among all successful leaders.

How do you develop persistence? You have to want something so bad that the pain of not achieving it is greater than anything you have to do in order to get it. It is a passion in your belly.

I define desire as the language of spirit. Take your desire and turn it into a worthy ideal you fall in love with. Prepare to pursue this every waking hour.

As you embark on this journey, there are many times you will be outside your comfort zone. You will be inspired and scared at the same time. Difficulties, challenges and obstacles will appear. Even if you aren’t seeing the results you want right now, because of your persistence of staying the course, you will win.

Make a decision that you will not give up. Continue to do your morning ritual. Write your goal down and develop a movie script around it, with all the color and details allowing you to see the manifestation of that goal in your mind.

As you practice this every day, you are telling your sub-conscious to go out and attract to you the people and circumstances you need to attain your goal.

Surround yourself with a mastermind group. Find others to support you and your journey. As you consider your goal, ask yourself how committed are you to achieving it? You also need to ask yourself just what being committed means to you.

If you are committed to 20 hours per week in your business, determine what that looks like on a daily basis. If you are going to work 5 evenings a week from 6-10 pm, allocate that time on your calendar just like you would any job.

Even if you only have 1 hour a day to commit to your business, it is better to work that 1 hour every day than not do anything for 5 days and try to cram it all in on one day. You must develop habits and consistency.

You will face obstacles, but if you continue to pick yourself up after defeat, failure and rejection and keep pressing on, you will arrive. The world will cry “Bravo – we knew you could do it all along”.

Remember that nobody enjoys achievement without first passing the persistence test. That is the power of those who fight on in the face of discouragement. By refusing to quit, you will have discovered the secrets of success that will forever change your business.

Should I Start An Online Business

Should I Start An Online BusinessWhy is it that you’re always hearing stories about people from all walks of life, professions and ages who have achieved online business success? Hardly a day goes by when you don’t see some article, post or advertisement on the internet about somebody who went from a complete online newbie to earning a new income on the internet. So, if you’re wondering if you should start an online business, here are a few questions you need to ask yourself first.

Do You Want A Side Business With Little Start Up Cost?

One of the key advantages of starting an online business is the low set up cost. You may want to have it as a side business to supplement your income. An online business has no real estate, inventory or employees expenses. All you need is a computer and access to the internet.

Do You Want To Reach A Large Customer Base?

There are over 3 billion people who have access to the internet so just about the entire planet can provide potential sales. A traditional ‘bricks and mortar’ business can only grow as large as its surrounding areas. If that business is focused to selling a micro niche product it may not survive. But, a web-based business selling the same thing can sustain itself very easily.

You Don’t Want To Produce Your Own Products

Provided that you know what market you want to sell into, it’s very likely that other people have already developed products and services for that market. You can sell those products with an online affiliate marketer. This means that you can sell a product on behalf of a product owner and they will pay you a commission for every sale you make. This is how many internet entrepreneurs get started.

Do You Want Flexibility?

A online business can be run just about anywhere, provided that you have a computer and access to the internet. You can work on it full time or in your spare time. The internet is always working so revenue can keep coming in at any time of the day or night, even when the you’re asleep or on holiday.

Do You Want To Be At The Start of Something Big?

The internet is still really in its infancy. There are many places around the world that have yet to set up a large online presence for their population. There are going to be many more years of growth for the savvy online business owner.

Entrepreneurship or Workforce? You Choose

“What is the difference between a living thing and a dead thing? In the medical world a clinical definition of death is a body that doesn’t change. If you don’t change, you die. It’s that simple. It’s that scary.” Leonard Sweet

I can only imagine what it would be like to be stuck as an entity that cannot progress in my desired activity of choice. How delusional and miserable it would be to try so hard just to remain in the same position year after year. Truthfully many persons struggle with the realization that their life has become nothing more than a revolving door with no way out. This is not the way life is supposed to be. Now I ask again, Entrepreneurship or workforce?, YOU CHOOSE! I want to take a split second to identify two keywords before we get started. The first word is Entrepreneurship which can mean a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk. Second I will define the word job. A “Job” is a PIECE of work, especially a specific task done as part of the routine of one’s occupation or for an agreed price. A job may be defined as anything a person is expected or obliged to do. Simply put nothing more than a duty; A responsibility.

In April 2005 unbeknownst to me, I began a decade long journey gaining knowledge towards my quest to freedom. Despite how cheated, and hurt I felt once enough pieces of the puzzle were in place to begin my work as an entrepreneur, I had to always remember not everyone will clearly discover complete FREEDOM. For over 10 years I worked job after job, just to get by. Quickly I found out that unless you are passionate about a “job” you are stuck! Completely Stagnant! I can remember attempting to juggle a full-time job, and assume the responsibility of a full-time student. This was all done for the pursuit of happiness, and still no happy movie ending. I was moving nowhere, and going there fast. One thing is for certain, By beginning this journey I at least avoided the possibility of becoming one of the persons who never discovers FREEDOM. I gave myself a chance to become a self-leader.

The time I spent working jobs allowed me to understand that I will never be allowed to progress to the level I deserve as long as all my efforts only build value for someone Else’s administration. I learned that a ” Job” is valuable only if a person is satisfied with their return off investment of time. As an entrepreneur, One is required to be a leader in order to be successful. As an entrepreneur, developing my skills allows me to create value. A job forces value to be produced at my expense. Being an Entrepreneur allows one to invest in their own value, as well as integrate strong professional practices to elevate their business as well.

“Iron rusts from disuse; water loses its purity from stagnation… Even so does inaction sap vigor of the mind.” Leonardo Da Vinci

We believe in understanding the psychology of physical growth and development by being able to connect clients to achievable fitness as well as entrepreneurship goals in a reasonable amount of time.