Business

Young: Planning the startup of entrepreneurial venture

Let me share some insight today on the importance of effectively planning for that exciting adventure in your life—starting your first entrepreneurial journey.

Guess what? You get to be in charge of your own destiny. Everyday is different with new opportunities to explore.

But as you begin that journey, there are some key points to consider and act upon to get you along your road.

First, 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 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 you are on the way.

An important question that aspiring entrepreneurs, even existing entrepreneurs, should ask themselves early in a new venture planning process stage is if a business plan is necessary.

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

First, a thoroughly prepared business plan can provide the necessary direction for an entrepreneur to evaluate the direction to take this new venture and what to get out of it.  Second, a business plan provides a roadmap to achieving  entrepreneurial success.

Third, it may help them think about the future such as how to deal with competition in the marketplace. Fourth, 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, customers/clients.

Let’s face it, 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. So take great advantage of that aid power.

But while that’s important, it’s true that level of importance has been debated back and forth

For there are many millionaires today who do not begin their entrepreneurial journey with a business plan in tow, and they achieved phenomenal success. But in their world of today, no doubt there company has a business plan in place and will talk about how business success is geared to proper effective planning.

The editors of Profit magazine sometime ago commented in favour of business planning in this way: “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 that business planning is a worthwhile activity, 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 for business plan templates can give you a result of 1,290,000 options.

If this seems overwhelming, then attending a business plan workshop may be the right answer for you through the resources available to you in the Okanagan such as with Community Futures, Women’s Enterprise Centre, Business Development Bank or the Okanagan Valley Entrepreneurs Society.

Also, most chartered banks have documented information to assist you as do chambers of comerce or the Central Okanagan Economic Development Commission.

So, let’s get to it, budding Okanagan entrepreneurs, develop a “work of art” business plan to direct your  entrepreneurial spirit.

 

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