Entrepreneurs' Weekly Update
Rebuilding the economy using your business
Here's a question every entrepreneur needs to think about, "How can my own business contribute towards economic development?" I have compiled the TP blueprint for any business owner
1. It starts with you
Take note, business is the tool to give you what you want – if you are scared of what's in it for you or you have a bad relationship with money (the ultimate resource) then don't attempt it. Just write a CV and get employed. You and your personal development must take priority before your business (knowledge first and then do).
2. Your Vision
Have a clear vision. Think about your 80-year-old self, how do you want to be remembered? What impact do you want to have made? Keep that image and let it guide your actions.
3. Your talent and capabilities
What are you good at, what is that thing you would do without getting any pay, what is your way of expressing yourself to the world? If you look at Oprah Winfrey, she went on to express herself to the world through talking. Tyler Perry through acting, Shona Ferguson, Ronaldo or Messi and so many more people who have led inspirational lives. Even Rasta – our own "abstract" painter, whether he's good at it or not, believes he is, he is passionate and has found his way of expressing himself to the world.
Warning: Do what you're good at and not what you're passionate about, why? If you're good at it and you do it well and get results, chances are high that it will turn into a passion. Imagine going after your passion and not doing well, you will end up frustrated and possibly depressed. Look no further than IDOLS Wooden Mic contestants.
4. What makes you come alive and lights up your spirit?
Look at speakers, bodybuilders, artists – they all have something that makes them come alive. Look inside your heart and listen to that inner child people so often ignore.
5. Find Purpose, Meaning, and Significance
Think of Bishop TD Jakes or Pastor At Boshoff – when they get on stage there is no doubt in them, be sure of your purpose and stand confident in what you do. There may be other people doing the same thing, but you are in a league of your own, and you have something that they cannot offer to the world and that "something" has meaning and significance.
6. Don't die from... but live for...
What is it that you can do and not take a holiday from? Is it something you're willing to die for? If yes, you should live for it then.
7. Serve
What is the meaning and purpose of what you are doing? It could be working for people, comforting people, creating things for people. "The best way to find yourself is to lose yourself in service to others" — Mahatma Gandhi Your service to people doesn't have to involve you leaving your job and volunteering with some humanity organisation, if that's what you do there's nothing wrong with it, but solving a problem people have is service. Find out how you can serve and from there you will discover your meaning and purpose.
If you have asked yourself these questions, you have started the most introspective question: WHY?
Like Simon Sinek's book: Start with Why. Find the "Why" of your business.
Your WHY for your business
Before you decide on what you want to sell you need to decide why you are going into business. What is your end goal: are you going to sell the business, do you want to create passive income from it, do you want to franchise it, do you want to fund your lifestyle or to pass it on to the next generation?
The "why" determines how you build the business:
1. Selling
If you're going to sell it you need to focus on the balance sheet of the business.
2. Passive Income
If you're going to build a business for passive income, you need to focus on yielding high profits which you can use to buy cash-yielding assets.
3. Franchising
If franchising is the goal, you need to ensure that every aspect of your is systematised.
4. Lifestyle
If it is for lifestyle just go where the money is (go hustle)
5. Legacy
If you want to pass on the business, you need to establish what you are passing on; assets, stock? This business will need to buy assets so you can grow the asset column of the business so that it has a reasonable worth when you pass it on.
Here is the blueprint on how to build that business
1. What (product or service)
Come up with your product or service once you have determined the problem you would like to solve.
2. How (commercialisation)
Commercialisation requires you to clean up all the chaos, create stability within the business, and document all that you do; the how-to manuals.
3. Why (USP and niche)
For your market and your clients (people do not buy what you do or how you do it, they buy why you do it). Your USP and niche are critical. You need to create a unique selling proposition or your niche, which will bring you predictable cash flow and money.
4. The Systems (Saving Yourself Time Energy and Money)
This will give your business sustainability and very importantly: scalability
5. The team
When you have a high-performance team it allows you to exit the business as the owner. In terms of building the economy, you create employment through this step. Add this to your niche, your cash flow, and scalability and you have found the recipe to contribute to the economic development of your country.
This is how you build a business – the blueprint and principles from TP. Go out there and build an incredible life and business!
ActionCOACH Thabo Pitse
Comments