Starting an online business is a massive undertaking that can lead to distress or success, which one will it be for you? Here is some great advice from a “Serial Entrepreneur” on what you should ask yourself before you embark on the adventure of business building in an interview between Dale Beaumont and Peter Davis.
Peter Davis is a self confessed “Serial Entrepreneur”, owner of The Eagle Group Of Companies and expert on the Enneagram. His business activities have allowed him to travel all over the world to learn from some of the greatest business minds.
What recommendations would you make to someone who wants to get started in a business of their own?
If someone wants to get started in business, the first thing I recommend is that you identify your reasons for doing so. Some of the questions you should ask yourself include:
- Why do I want to be in business and what am I prepared to give up in order to obtain my dreams?
- What are my specific goals and what is my ultimate exit strategy?
- Do I have all the necessary attributes to create a successful and viable business?
- Am I prepared to make major sacrifices?
- What is my level of commitment?
- Have I spoken to the most important people in my life, i.e. my family and friends?
- Will my family and friends support my venture and unite to help me?
Once you have done this, consult as many professional people, business coaches, accountants and so forth as you can – and don’t be afraid to ask questions. Seek out networking groups, speak to businesspeople that have succeeded and failed, find experts in your field or industry.
Someone once told me that there are two definite outcomes in business: you will do well and keep or sell it; or you will get sick and die in the business. So after you have established your reasons and sought advice, design a plan that covers as many contingencies as possible.
In short, ensure your plan and protect your income and family. Remember, the driving force behind your success is you and your self-belief, passion and desire to reach your goals.
For more of this interview and what to do before starting an online business, check out “Secrets of Small Business Owners Exposed!“