The Questions Every Entrepreneur Must Answer
When you are called to the entrepreneurial path, the moment of awakening arrives in many different ways. You may find yourself observing your life, wondering where your passion and dreams have gone. Perhaps you’ve achieved a high level of success at your job yet somehow still feel very empty inside. Maybe you’ve even moved up to the executive ranks, and everyone is telling you that you should be happy, but you are not. The search and sense of longing for a different, more fulfilling way of being often brings the entrepreneurial call.
Many people talk about this time of change, of embracing this new path, as a mid-life crisis. Yet it is not. It is a moment of time when your being and soul awaken and you reach beyond society’s programming and look for a more fulfilling world. A fire starts to burn within and you come to understand, in peaceful yet passionate clarity, that you want to be your own boss and create something of your own in life. At that moment, the entrepreneurial dream is born and you must ask yourself some questions.
What is My Passion?
Before you dive into the latest technologies for businesses and what your business name will be you have to identify what drives you. In order to bring your dream to life, you will have to answer key questions. First among them is, “what is my passion?”. It’s not enough to simply want to create an independent business and chart your own course in life. You need to know what truly calls to you, inspires you and what gift you want to bring to the world. You hear people talk about the fire burning in the belly when you are birthing a dream. On the entrepreneurial path you often feel that yearning. In a way, it feels like you are on a locomotive and you are shoveling the coals into the roaring furnace of your entrepreneurial dreams. Tapping into your passion is key to making this dream come true.
How Will You Finance Your New Venture?
When you decide to leave the corporate world, you’ll be saying goodbye to the comfort of a regular paycheck. As a result, you’ve got to ask yourself “how will I finance my new venture?”. Startups often need both initial capital and a reserve to cover the first several months operating expenses. One of the best things you can do to put your new company on solid ground is to apply for a small business loan to fund your venture. With this loan, you’ll have the capital you need to finance your startup investment costs. You’ll also have money that you can use to pay for operating expenses and your first several months’ salary too.
Have I Perfected My Elevator Speech?
It’s helpful to think of your elevator speech as a real life, in-person infomercial. It’s designed to passionately and persuasively convey exactly what your business is and the benefits that it brings. When someone asks what you do, you’ll be able to share your vision, your mission and your magic with them. When you focus on creating the perfect elevator pitch, you’ll also be laser focused on identifying your market niche. Going through the process will also help you generate key marketing messages that will refine your brand identity and value proposition.
