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Hey there, friends! It's your weekly Friday edition of the Business Discussion page. I hope you've had a great week so far, and I wanted to finished up this workday before switching over to weekend mode with an article I read earlier. This post was shared on Forbes.com and discusses three things to know before turning your passion project into a full-time commitment. Let's break it down...
Details Matter
There are so many details and aspects that go into starting a business. Thinking about them all before diving in can be crucial to your success. However, I believe most entrepreneurs would admit there are a few things they didn't think about when starting their business. Product and/or a service to sell and location, whether it be physical or online are given, but there's more. "For starters, entrepreneurs have to think about their financial goals and how to fund their business. How much will you need to start the business? How will you secure those funds? How much will you need to obtain financial freedom? How much of your time and your own money are you willing to invest?"
Time management is critical to success
As mentioned above, time is a personal resource you have to be willing to spend when starting your company. Most of us are familiar with the 9-to-5 work schedule (or something pretty close), and aiming for 8 hours of sleep each day, with time spent unwinding with your family or with your nose in a book in between. When you're fully invested in the success of your business, those hours may change quite a bit. "Regardless of how much time in a day you have to devote to the business, is it important to use that time efficiently — if no tangible, business-accelerating, profit-producing work is getting done, then time is being wasted."
As mentioned above, time is a personal resource you have to be willing to spend when starting your company. Most of us are familiar with the 9-to-5 work schedule (or something pretty close), and aiming for 8 hours of sleep each day, with time spent unwinding with your family or with your nose in a book in between. When you're fully invested in the success of your business, those hours may change quite a bit. "Regardless of how much time in a day you have to devote to the business, is it important to use that time efficiently — if no tangible, business-accelerating, profit-producing work is getting done, then time is being wasted."
Stock up on hard work and humility
Business owners and entrepreneurs alike have many traits in common. One of those is undoubtedly hard-working. Another trait that business men and women should possess is humility. "This often derails entrepreneurs if they don’t have realistic expectations, but it is humility that keeps entrepreneurs grounded and drives them to push forward. Results may not be immediate; they take hard work, patience and continued investment."
Business owners and entrepreneurs alike have many traits in common. One of those is undoubtedly hard-working. Another trait that business men and women should possess is humility. "This often derails entrepreneurs if they don’t have realistic expectations, but it is humility that keeps entrepreneurs grounded and drives them to push forward. Results may not be immediate; they take hard work, patience and continued investment."
Transitioning your hobby or passion into a full-time business venture is an exciting step. Take the necessary time to think over all the details. I invite you to really dig in and do some research, maybe even here in the Community. I know there are many business owners who'd be glad to share some pointers. You're welcome to ask any questions and share your ideas right here in this space! Have a great weekend ahead.
