Young: Plan for your entrepreneurial creation

Identify if you are passionate about your new venture idea.

This week I want to share with you some insight into the importance of effectively planning for that exciting adventure in your life—starting your own, first-ever, entrepreneurial journey.

Guess what? You get to be in charge of your own destiny. Every day is different with new opportunities to explore.And, as you begin your journey there are some key points that you need to consider and act upon to get you along your road.

Take a few moments today in this column to look at each one and seek what each means to you and how they can help turn your dreams into entrepreneurial reality.

First of all, I want you to step back and identify if you are passionate about your new venture idea.

For example, a photographer my be passionate about colour, light and capturing moments on film. An entire day with camera in hand does not seem like work at all. It feels, for the photographer, life fulfilling.

It is this passion that will get you up at 5 a.m. or give you the energy to work late and on weekends and forever question yourself for just about anything and everything.

One of the world’s leading authorities on business and success, suggests that to be successful, we must work longer and harder and perhaps practice the 40 plus formula i.e. 40 hours per week for survival and everything over 40 hours is toward your success. Can you handle that theory?

Simply put, if you have chosen to move forward with a business idea that ignites your inner flame, then, congratulations, , you are on the way.

So, let’s get a bit more specific.

An important question that aspiring entrepreneurs, even existing entrepreneurs should ask themselves early in the venture planning process stage is whether they should prepare a formal business plan.

While the entrepreneur may be challenged for time whilst the venture itself is being developed, there are a number of reasons to develop a business plan.

First, a thoroughly prepared business plan may provide the necessary direction by encouraging the entrepreneur to evaluate where they may wish to take their newfound venture and define what they want to get out of its implementation.

Secondly, a business plan provides a structure, a roadmap as I like to call it, to the entrepreneurs’ thinking process by making certain they have considered the most important determinants for their entrepreneurial success.

Thirdly, it may help them think about the future; for instance, a business plan can assist in developing a response to any competition they may be facing in their apparent marketplace.

And, lastly, an aspect that to me is critically important and formed the genesis of this article for you this week—a business plan will aid the communication of the essentials of the entrepreneurial venture, not only to financers, but, also to existing employees (if any), potential employees, suppliers and, of course, customers/clients.

Let’s face it, people, a carefully crafted business plan can be used to elicit the reactions and recommendations of others to aid and inspire you to greatness along the path for your entrepreneurial dream machine and you ought to take great advantage of that aid power.

So, let’s agree today that authoring your new venture creation business plan is one of the most important things you will do in the entrepreneurial world.

Yes, the importance of such preparation has been debated over and over again. And, yes, this author has personally met and befriended those of a millionaire status who did not originate their entrepreneurial journey with a business plan and achieved phenomenal success in the mix BUT, they do possess one today to maintain, enhance and teach others that success is geared to proper effective planning.

The editors of Profit magazine sometime ago commented in favour of business planning with: “You won’t get everything right the first time around, but the very act of planning—knowing your products and services and analyzing your markets—will help you anticipate problems and opportunities and see you through the rough times that may lie ahead.“

There is unquestionably still to this very day, a strong assertion within the world of entrepreneurship and small business, – yes, medium to large enterprise, that business planning is a worthwhile activity and an important part of fundamental new venture creation and effective management in increasing the aim of profitability.  While writing the business plan, you may uncover new information about your potential customers that may lead to a new product or service. This occurrence is not uncommon. You will also learn very important information about the apparent trends in your industry area.

A Google search of “business plan“ templates may give you a result of 1,290,000 options. If this seems overwhelming, (OK, I’m being silly ) then attending a workshop may be the right answer for you through the resources available in the Okanagan such as: Community Futures, Womens Enterprise Centre, Business Development Bank and, of course, linking with our Okanagan Valley Entrepreneurs Society at won’t hurt either.

Also, most chartered banks have documented information to assist you as well as the Chambers of Commerce and the Economic Development Commission on KLO Road.

So, let’s get to it budding Okanagan entrepreneurs: Banks, investors, customers and your family will love you to pieces when you present a work of art business plan to your entrepreneurial spirit.

Best of Luck. Let me know how you make out.

Kelowna Capital News