“It takes as much energy to wish as it does to plan.” ― Eleanor Roosevelt
As one begins to think, read, and talk about starting a business a saying other than the one above will quickly arise. A rocket, headed for the moon, expends 90% of its fuel just to break out of the earth's atmosphere, and only 10% to get to the moon and back. As often as this phrase has been said, we are not sure how true it is, but the message it conveys certainly feels real. An aspiring business owner should expect to spend exponentially more of their energy on planning for their business than executing will require. Some "wantrepreneurs" as Mark Cuban has called them will spend their lives thinking, planning, and strategizing about a business they will never build.
The difference between these and successful entrepreneurs is the setting of specific objectives, but perfection is the enemy of progress. Once these objectives are met action must be taken. Knowing precisely what objectives must be met before action is taken and not spending unnecessary time in passive reflection is the key to getting in business quickly and not carelessly.
Proper completion of the Planning phase should include answers to questions such as:
- What need will this business cater to?
- Who is my target customer?
- What will be the greatest challenge?
- What unique resources will this business have to solve the problems associated with those challenges?
Beware of allowing the planning phase to slip into a dreaming phase. Symptoms would include:
- Inability to pick a name
- Unwillingness to decide on a start date
- Feeling the need to perfect the design of a product or learn more about a service
If you are an aspiring entrepreneur who is having difficulty escaping the planning phase, call for a consultation.
At Lawrence Law Firm we assist small businesses and their owners in navigating the cycle of small business, thinking ahead to the subsequent phases, and executing them. Our founder, Aaron Lawrence has assisted businesses nationwide as a consultant, attorney, and advisor. Whether you are in a pre-startup phase and looking to incorporate, are scaling into new markets, or have hit a new point in your business and would like guidance on how to proceed, schedule an appointment with us to see how we can assist.