Master This 7-Part Breakout Formula to Start Your Own Business

Title:Master This 7-Part Breakout Formula to Start YourOwn BusinessWord Count:1147Summary:If you have a passion for the thrill andindependence of being an entrepreneur pluscommitment to follow through on that passion,this 7-part breakout formula will take youwherever you want to go.

Keywords:entrepreneur, business, womenArticle Body:Are you the rebel 梞 outhy and opinionated? Do youlike the thrill of change, always eager for thenext new venture? Is your idea of security tonever be the victim of a corporation 抯downsizing or reengineering? Are you a fiercelyindependent risk-taker who can comfortablyhandle the uncertainty of being responsible foryour own paycheck?Answering 搚 es?to all these questions put mesquarely in the entrepreneurial ring more thantwo decades ago, and I can honestly say I 抳 e neverbeen happier. Or richer. Or more in control of mylife and career.

I started with only $100 in seed money and myexperience as a registered nurse. After puttingin long shifts at the hospital, I worked part-timefrom my home for more than a year before mybusiness gained enough momentum that I could quitmy day job. I continued to work from home untilmy business income reached $1.2 million.Did I have a secret formula? No, I was going onpassion, commitment and intuitive vision, but Ido have a formula now.If you also answered 搚 es?to the questions above,and if you have a passion for the thrill andindependence of being an entrepreneur pluscommitment to follow through on that passion,this 7-part breakout formula will take youwherever you want to go.One Part ResearchFirst you have to know where you 抮 e going, soresearch your chosen industry. Identify types of

businesses that match your passionate vision andaptitude. Explore areas that show growthpotential and, using your experience and insight,look for a need not presently being filled.Find a successful company similar to the one youenvision owning, and study how it started and howit grew. Learn as much as possible about theentrepreneur behind it. Devour books andpublications related to your business concept.Talk to other entrepreneurs to discover theirbest practices.One Part VisionAs an entrepreneur-in-training, you 抣 l need tobuild basic and advanced leadership skills. Asuccessful entrepreneur is a bold visionary,seeing what others cannot and willing to followthat vision despite naysayers. Manyentrepreneurs never finished college, but thathasn 抰 stopped them from owning large companieslike Dell Computer and small companies like

neighborhood restaurants and consulting firms.They relied heavily on their visions, not on MBAprograms.Entrepreneurs handle ambiguity with ease. Theyget a thrill out of leading the way intounfamiliar territory and thumb their noses atfailure. Fearless pacesetters, they are usuallymystified to find they 抮 e weak at operations andmanagement.That 抯 okay. Other people can manage for you, butyou must be the guiding force that inspires yourmanagers and staff to follow your vision. You抣 l shoulder responsibility and hold yourselfpersonally accountable for the outcome. As aleader you have to focus on the big picture andtrust others to focus on the details. People whodo it all are self-employed but notentrepreneurial.Three Parts Action

You must also be an actor. You act and get thingsdone by delegating, subcontracting andleveraging other people 抯 talents. You 抮 einnovative and unflaggingly determined, willingto put in fast-moving 16-hour days to reap therewards of independence, creative freedom andunlimited financial gain.Learn to be a marketing genius. Everything ismarketing, from the way you say 揼 ood morning?tothe contacts you make on an airplane to making asales call. You sell ideas, products and servicesto potential purchasers by getting inside theirminds and creatively communicating benefits.Above all you must grow your enterprise and makea profit. People who say, 揑 love it so much I抎 do it for free,?are not entrepreneurs 梩 hey抮 e volunteers. Most entrepreneurs are willingto start small and grow slowly, but they fullyexpect to make money. There is nothing noble aboutbeing poor or failing financially.

Two Parts StrategyWhen you know where you 抮 e going and have thecourage to act, the only thing missing is thestrategy for getting you there ?but this is nosmall thing. Jumping into business without astrategic plan is like jumping in the oceanwithout knowing how to swim.To create the strategic plan, envision yourenterprise exactly as you want it to be. Thenwrite down your goals and objectives forachieving that vision. For each goal, create astrategy and a target date for achieving it.Assess your strengths. You already possessknowledge, skills and experience your enterprisewill draw on. One of my strengths is that I 抦persistent and go for it all the way. List all yourstrengths that apply to your enterprise.Then appraise your challenges. They might involve

market penetration, profitability, expertise,competition or location. Challenges change asyour enterprise changes. My first challenge wasgetting clients to recognize the need for a newtype of consulting service. When my company grew,a new challenge surfaced: my weakness as a manager.Without addressing that weakness, I might haveworked solo forever, never achieving the biggervision. That challenge led me to seek the rightdirectors to support my vision. How will yourchallenges impact your goals?Finally, act like a CEO. Create an income andspending plan. Know where your money is going,question every expenditure and keep the cash flowpositive. That means taking in more money than youpay out, plain and simple. Make a budget and stickto it.A CEO gets things done through delegation, socreate a framework of people who can help youachieve your entrepreneurial vision. Even if youwork solo, you can benefit from a myriad of

talented consultants, vendors and subcontractors.From day one I hired a subcontractor to assist mewith client projects, which worked so well thatI put off hiring my first employee for ten years.Eventually I recognized that to stretch toward abigger vision, I needed employees. Expect yourframework to change as your vision grows, butbuild it only as big as you need.I always joke that I 抦 a working CEO, a style thatmakes things happen. But no enterprise isunsinkable 梕 ven the Titanic sank its first timeout. In 1990 I hit an iceberg when my largestclients dissolved their law firm. Thankfully,through my vision, strategic plan and framework,I had the necessary lifeboats in place. Mybusiness stayed afloat and took a new course thatchanged my business forever.After being an entrepreneur for more than twodecades, I 抦 happier, more alive and moreconstantly challenged than I ever imagined when

I started out working in my one-bedroom condo.Answering 搚 es?to some simple questions aboutmyself made all the difference. If you 抮 e mouthy,opinionated, independent and your desire foradventure leads you to entrepreneurship; Iguarantee this tested formula will take youwherever you want to go.