Friday, July 15, 2011

Start Your Own Business - "Measure Twice - Cut Once"

That old carpenters rule should be considered when starting a new business of your own. Be courageous, be bold, be committed and most of all be prepared!

Coming from Europe I am very accustomed with the mentality of being overly cautious, conservative and extremely planned out. This will generally result in perfection - granted the German automobiles might not be what they used to... Once in the States I have been confronted with a mentality of having great ideas and getting right into them full force forward.

Our history was influenced by this trailblazing mentality and built this great nation at the high speed we live our daily lives.

Personally I have been on the track of implementing the best of both worlds for myself. This is how I believe one should start their own business. With a great idea and believe, energetic and consistent, well thought through and planned out in all aspects.

See, it will not do you any good to run into a wall after a few months in business because you just did not take in account what kind of realistic obstacles could occur (motivation, personal, financial...).

Since you are researching this matter it only seems fair to me to warn you of these obstacles, because they do exist.

They are what keeps the employee remaining an employee and challenge the entrepreneur to rise to higher levels by overcoming them. You can start a franchise, begin producing some product at home, open a restaurant or bar (lots of illusions involved in this one). In all scenarios you want to take some things into account:

Your initial financial commitment - Yes, any real business you start will cost money to start and to operate

A realistic time frame - No one has become a millionaire over night starting his own business

Where can you get help from people with experience - Try to do it alone and you will most likely fail

Setting goals that are realistic, measurable and timed (50,000$ additional in bank account by January 1st 2009), writing them down and visualizing them

Using a DMO (Daily Method of Operation) - this leaves no question about what needs to be done, no goofing off and taking your kids' Playstation hostage for a day

All points above are useless if you do not do one thing: Take Action! You can be as well planned, funded, prepared, organized and dreaming about your goals as you want - if you do not Take Action - Nothing Will Happen! Makes sense reading it, but you would be surprised how many entrepreneurs fail when getting ready to get ready to get ready.

At the age of 5 Stefan moved to Germany, then at 12 to Switzerland where he ended up studying International Hospitality Management and received a degree in Executive Restaurant and Hotel Management.

After several five star engagements his path has brought him and his wife back to the United States where they recently welcomed their first baby girl to the world. He has since then left Corporate America as well as a substantial paycheck behind and followed his instincts to become a successful Entrepreneur and CEO of his own company.

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