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Create a Solid Foundation for Your New Business

Updated: Mar 12, 2022

In the beginning, all entrepreneurs dream of breaking out of the employee rat race and becoming their own bosses – with successful businesses that give them the financial and personal freedom they desire. Many of these dreams will fall in mid-flight because the would-be entrepreneur didn’t build his business on a solid foundation of planning and actions.

Before you quit your job and strike out on your own, think about the following pitfalls you might face on the way:

· Clueless about what it takes. You may have the best intentions in the world, but without planning, the support of your family and friends, a financial cushion to help you through tough times and the mindset of determination and commitment – you may need to adjust your desires to make them work.

· Research and carefully define your goals. Is your idea for a new product or service a good one? Has it been done before? This is where research is necessary to find out if the dream is feasible – or not. Plan your business by charting your objectives, your business mission and the logical steps to reach the goals involved.

· Assess your habits. Are your habits on track for creating a healthy business? Just as your personal habits dictate if your body is health – good work habits can dictate whether or not you’ll be a success as an entrepreneur. Good work habits are part of the building blocks it takes to create a solid business foundation.

· Prepare for failure. Every successful entrepreneur prepares for certain failures – and learns from them. Every failure represents an opportunity to get it right the next time and to learn from each mistake you make. Prepare your mind and your pocketbook for these inevitable pitfalls.

· Realize that ethics pay an important part. Your work and business ethics will be a part of your business’ foundation and determine whether it fails or transforms into the dream you’ve always had. Base the way you conduct business on the way you want to be treated.

Even though you may have seen advertisements for “overnight success” in becoming an entrepreneur, realize that there is no such thing. Every successful business – and the person behind it – has been built on hard work and commitment.

Before you make that final leap from employee to entrepreneur, be sure your foundation is built on the firm ground of the above ideas. Success won’t come overnight, but with a firm foundation you’ll have more of a chance.

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