Passion is, without a doubt, the number one thing you need to be a great business owner. Without passion, the business you build is more likely to become a prison than a vehicle moving you towards fulfillment and purpose.

Date:   9/17/2021 6:23:54 AM ( 3 y ago)

Passion is, without a doubt, the number one thing you need to be a great business owner. Without passion, the business you build is more likely to become a prison than a vehicle moving you towards fulfillment and purpose. But passion is just one part of being the best business owner you can be.

Have a Plan

Having a plan is different than having a dream. A dream is ethereal at best, a plan brings it into reality so you can create concrete action steps to move toward the fulfillment of your dream. These steps include things like determining where you will work, choosing a name, business registration and required licensing, figuring out who your customers are and how to reach them, deciding how and when to hire, and getting insurance quotes to make sure you’re business, product, and people are protected.

Define Your Values

Your values and the values of your company are important. Take the time upfront to define your values and make sure they are clear and understood by everyone you hire and do business with. Having clarity in this area can serve as a compass when it’s time to make decisions.

Cultivate a Support Network

The journey to building a business can be a lonely one but it doesn’t have to be done alone. Take the time to cultivate a support network of professionals and other business leaders that you can lean on and learn from as you grow your business. You’re going to need accountants, attorneys, suppliers, employee specialists, and marketers anyway, and the sooner you start finding and developing those relationships, the better off you’ll be.

Consider the Customer

Just because you think something is a great idea and the world can’t do without it, doesn’t mean your customers agree. Invest in market research, take the time to understand the wants and needs of your target market and how best to supply those needs. Entrepreneurs solve problems. What problem are you solving by starting this business and do your customers want the solution you’re providing? There’s nothing wrong with being ahead of the curve but prepare to do the work of proving the value of your product or services to your customers.

Engage in Community

The more engaged you are in your community, the more your community will be invested in you and your business, and giving back is one of the best marketing secrets there is. If you want to keep your finger on the pulse of your market and stay in touch with the needs of your customers, develop a habit of giving back however you can from the outset.

Invest in Personal Development

Make personal development a priority, not only for yourself but your team. Recommend books, participate in a mastermind group, promote classes and seminars, and encourage non-business pursuits. If you and your team are committed to personal development you will create a culture of growth, creativity, and momentum that will strengthen you in the good times and carry you through the challenging times.

The journey to becoming the best business owner you can be is fraught with highs and lows, unexpected direction changes, and moments of great celebration. As you pursue your passion and develop those around you, keeping your eyes on the vision and your values becomes increasingly easy.

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