I only have this to say to start off this article: The most successful entrepreneurs today have the foresight and the purpose required in keeping a business. When most people stop at the ninth step, successful entrepreneurs, without hesitation, journeys on to the last three steps in starting a business. These steps could be seen as optional by many, but this is where they got it all wrong. Before you could fully realize your business aspirations, here are some steps you should not skip.
Step 10. Know your succession strategy
It is understandable that you, as an entrepreneur, devote most of your time in your business. After all, it is something you are proud of creating and you would want to maintain it. Sad to say, this is also a common misconception of entrepreneurs because they tend to think that they could be present forever to take care of the business. This could apply to small businesses, yes. However, when your business is growing, you’ll find that you have no time to do all the things you’re accustomed to accomplishing yourself. You’ll surely get busy with other things. In other words, you should not be tied up to your organization. It must be able to function even if you are away or you are doing other equally important things. This is where the necessity of having a succession strategy comes into the discussion. A succession strategy for your business begins with having the end in mind. When you start thinking about your succession strategy, you have to know the answer to this question: How do I get things done without being too much involved in the process? It is as if you want to teach your business and your people to become independent.
Step 11. Know your exit strategy
In relation to your succession strategy, you must also think about your exit strategy. Contrary to the succession strategy which allows you to take a step back from the activities of the business, an exit strategy is all about extracting value from your business for yourself. An exit strategy could span to the likes of having a friend or an investor buy the business from you or selling your business to other entrepreneurs. Yet, whatever way it is, you need to understand that an exit strategy must give you the value of the business so you could take it with you in your future undertakings. While a succession strategy is a strategy to keep you out of the business for a while although “still really in” the business, your exit strategy is one that takes you “completely out” of the business.
Step 12. Know your ministry
Business revenue is perhaps one of the most attractive forces that persuade entrepreneurs to start a business. Yet, it does not have to be your only goal. A business needs to have something more than profits. What I am trying to say is that it should have a purpose that is geared towards sharing something of yourself to others. I believe that the most successful entrepreneurs are those who know their ministry. In fact, I think it is one of the most crucial points for every Christian entrepreneur to achieve what we call work-life balance.
If you’ve already passed all these 12 steps, I’m sure you’re good to build your own business. Best of luck to your endeavors, and I wish you nothing but success.
This is Joey Gurango, your Business Technology Coach!
Watch this video as I talk about these last three steps.