The world we enjoy today has blossomed from the shoulders of ideas planted by some known and some unknown giants of yesterday. These ideas have flowed through many facets of business development in goals of ultimate success. Where some may have reached the goal and thrived within the business world, others have tried and missed the mark. Throughout the process, there have been 3 steps that have helped many entrepreneurs secure the dream and drive business success, not to be confused with product and brand building. When building, it’s always necessary to remember the business is an entity and just like giving life the 3 essential steps to remember are preparation, organization, and separation.
Like many things in life, preparation is crucial, as declared in the Latin quote “Amat Victoria Curam” (Victory Loves Preparation). The term preparation is generally confused with perfection whereas, in other situations, it faces a simplism. The business building method focuses on a few prime discovering factors, particularly 3 of the 5 W’s (Who, What & Why) and lastly the “How?”. Many entrepreneurs have concentrated heavily on one of the 3 W’s (Why) more than the others, as it is the most critical question for any business. By identifying a genuinely compelling answer to those four questions, you will arm yourself with part of the most powerful tool in the business industry, Value. Apart from being able to express your reasons for your business venture and preparing your business, you must also prepare yourself, understand the basics of your market industry and patterns of your target market.
In the next phase of the business development process, organization, at this point, you identify the missing 2W’s (Where & When) amongst other fundamental factors. The organization portion usually provides the information needed for the business plan, the detailed planning as to the internal mechanics of the company. During the preparation process, you attained an understanding of the market’s business needs (certificates, licensing, permits, etc.) allowing you to formulate your plan of action, identifying key players in the business and the roles in which they will play. Knowing your goals, your team’s abilities, and the needs of your market, you are now prepared to construct your checklist and begin the initial phase of execution. By addressing the 5 W’s (Who, What, When, Where & Why) regarding the internal company operations, and ensuring you have a breakdown of the requirements for legal business operation, it is on to the next step.
Many entrepreneurs neglect to separate themselves from the business identity, mixing financials, time, and resources can create a higher strain. This combination also runs a higher risk of personal loss and legal issues down the line even for companies registered as an LLC. Understanding once a business exists, it operates on its own accord under legal rights and privileges is an essential part of the separation process. A registered company has access to a credit profile and banking accounts, providing purchasing power, as well as, the ability to own other businesses and property. By maintaining a well documented and separation, you minimize personal risk while maximizing business efficiency, corporate security, in addition to possibly increasing access to corporate funding.
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