Entrepreneurship: How to Build a Foundation that is Beyond the Possibility of Failure

by admin

foundation entrepreneurHas your business taken a recent turn? Did your world get shaken up a bit when this whole economy thing happened? Mine did.

I’ve always been a freelance writer. But it wasn’t my sole source of income until quite recently. The economy shook up my business, which had been my main source of income for the past 6 years, and I guess you could say the well dried up. Amazingly enough, at the exact same time that one business was dying, my writing had taken off like a bullet. My income grew every week and I was finally doing what was my actual passion. A few years back I read the book, “Do What You Love and the Money Will Follow” and I thought the author was full of crap. Guess what… not full of crap.

I started blogging while also completing my paid ghostwriting projects and before too long I started to make some serious money from one of my blogs. It was really starting to pull together for me. I was living out the “do what you love and the money will follow” thing. As I sit back now and look at where I am with my blogging business, I can’t believe how far I’ve come. It’s still sort of surreal to me. Examining the steps it took me to arrive here (and I still have a long way to go, by the way) I can easily recognize the foundation this business is built on, and what that means to the success or failure of any entrepreneurial endeavor.

Whether you are starting a new business or running an established one, there are three basics to building a failure-proof business. These three building blocks all lie in your foundation, and can make difference between  running a business that just pays the bills or one that truly thrives. So what are they?

Research

While research may seem like a tedious and boring task that involves reports, graphs, and hours of investigation– this should be the foundation for any major decision you make regarding your business. It is imperative that you face every challenge with as little surprises as possible. Work to be the one “in the know” for your particular industry.

Aside from surrounding yourself with like-minded and successful people to bounce your ideas off of, you can conduct your own market research to gauge the interest level of your idea:

  • Use social media such as Facebook and Twitter to throw new ideas out there and document the feedback gauge their interest in your product or service.
  • Use tools such as Tweetlater’s keyword tracker to receive free reports on how many times certain keyword phrases are used on Twitter. This information is invaluable… AND FREE!

The time you put into your research will not go unrewarded. The results will help you to uncover facts that may impact everything from how you structure your business, how your product is delivered, your pricing – or whether your idea is feasible at all.

Action

After the research is complete, it’s time to begin. Exciting fact:¬† If you’ve bothered to do the research in the first place – an act which requires some planning and organization – you’ve already proven to possess the tenacity it takes to take the next step and turn your business idea into reality. (tenacity- To stick firmly to any decision, plan or opinion without changing or doubting it)

The wheels generally fall off the bus during the research stage. I meet so many would-be entrepreneurs who continually talk about their Great Business Idea but never do anything about it. That’s often because the research stage is not the sexy part. They want to go straight from Great Business Idea to an entrepreneur living The Four-Hour Work Week. It doesn’t work that way – and I don’t care what anyone says, you have to put in the hard yards if you want to experience the pay-off.

In order to motivate yourself into action, it’s useful to break down what you need to do into bite-sized chunks. The obstacles appears when we have an item on our “to do” list that looks like: “Complete blog”. That’s way too vague for a to-do list. Instead, sit down with a cup of coffee for an hour and “chunk” it. Chunking is a term we coined during a previous blog post. It’s the act of breaking down a goal into bite-sized, do-able “chunks.” In chunks, your blog post would look like this:

  1. Upload WordPress to Panel
  2. Purchase Thesis theme, upload and unpack. Set all Thesis variables.
  3. Install plugins (name them here)
  4. Look for ideas for a header design. Find out header size.
  5. Create header and upload.

Now this has turned into a workable project. Big difference than the entire project intimidatingly staring you down. Rule of thumb: A chunk should be a task that doesn’t take more than an hour to complete. If it does, re-chunk it–or break it down into even smaller pieces til you hit the one hour mark.

Commitment and Belief

Okay so I snuck up on you with this one. You are going to have to exercise some serious faith in order to enjoy business success. Sometimes the intangibles are the most difficult, but this shouldn’t be so. Make the inner decision to reach success in your endeavers and YOU WILL. Nothing is impossible to you, if you believe. You have the power to accomplish what you have set out to do. Your commitment to the goal will be tested and you will reach crossroads along the way. The key is to keep the blinders on, create a positive environment for yourself and simply keep going. Most of the time the people who get there are simply the ones that didn’t quit. Don’t quit. Don’t sell yourself short. Keep putting one foot in front of the other and you will get there. In order to create the type of environment you need to achieve success you will need to do the following:

  • Limit your time with naysayers. If someone doesn’t encourage you or believe in your goal, drop them and keep going. I’m not talking about people that offer constructive criticism or offer a different perspective. I’m talking about the down-and-dirty, “You are NOT going to make this happen” naysayer. Turn a deaf ear to these people.
  • Surround yourself with enthusiastic, encouraging and successful people. Don’t isolate yourself from those who you can help, mentor and serve, but be sure to get your battery charged by creating a successful environment for yourself.
  • Read inspirational books and materials. Glean insights from others who have paved the way.
  • Maintain a healthy balance. Don’t lose sight of what is truly important. God, family, country is the signature of the United States Marine Corps. Yours should be God, family, business success. Don’t slack when it comes to your business, but never put your business before your family or your faith.

Entrepreneurship is a journey. It’s filled with challenges and even obstacles, but is very rewarding as well. Whether you simply want to open a coffee shop, introduce a life changing health product to the world, or change the views of entire corporations through your consulting–you can do it.

Just remember: If you believe you can change the world, and you act on that conviction – chances are, you probably will.

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