Chapter 4: My Perfect
Business is _________________________?
“What do Apple Computer, Hershey's, Mary Kay Cosmetics, and the Ford Motor Company have in common? These well-known corporations all started out as home-based businesses. In fact, more than half of all U.S. businesses are based out of an owner's home.” (SBA.org)
If you don't know what your Perfect Business is how do you expect to be in Business? If you don't know then your customers certainly won't know!
(Journal)
I am prepared to spend the time, money and resources needed to get my business started?
I know exactly how much money I need_______________________________________________________
What kind of business do I want? _______________________________________________________
What products/services will my business provide? _______________________________________________________
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Why am I starting this business?
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Is this a Valid Reason? ____________________________________________________
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What/ who is my target market? _______________________________________________
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Who is my competition?
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What is unique about my business idea and the products/services I will provide?
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How soon will it take before my products/services are available? ___________________________________________
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How much money do I need to get my business set up?
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How long can I have to finance the company until I start making a profit? _______________________________________________________
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Will I need to get a loan? If so will it be private or public?
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How will I price my product compared to my competition?
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How will I market my business?
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How will I set up the legal structure of my business?
(Corporation, LLC, S Corp) (See appendix )
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How will I manage my business? _______________________________________________________
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Where will I house my business? _______________________________________________________
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How many employees will I need to start up? _______________________________________________________
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What types of suppliers do I need to contact? _______________________________________________________
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What kind of insurance do I need to invest in? _______________________________________________________
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What do I need to do to ensure I am paying my taxes correctly? _______________________________________________________
(Remember according to the Science of Getting Rich from Wallace Wattles (1860 -1911), You can get RICH doing anything, as long as you are passionate about it!)
If you could be, do anything you wanted what would that be? Really, you have all the resources, education, opportunities... so what would that be?
Notes: (Journal)
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When searching out clients, peers, mentors the following is important to consider your values. Before I list them I find the following to be of great clarity. I do know when I have conflicts with another; whether in business or personal it usually has to do with a difference of “opinion”, more so of beliefs of values, morals, & ethics. As has been mentioned in this book Three things that keep us from Success are; False Beliefs, False Ideas, and False Concepts… Remember to ask yourself “is it really true?” (Revisit Chapter Nine)
“What are the differences between values, morals and ethics? They all provide behavioral rules, after all. It may seem like splitting hairs, but the differences can be important when persuading others.
Values
Values are the rules by which we make decisions about right and wrong, should and shouldn't, good and bad. They also tell us which are more or less important, which is useful when we have to trade off meeting one value over another.
Dictionary.com defines values as:
n : beliefs of a person or social group in which they have an emotional investment (either for or against something); "he has very conservatives values"
Morals
Morals have a greater social element to values and tend to have a very broad acceptance. Morals are far more about good and bad than other values. We thus judge others more strongly on morals than values. A person can be described as immoral, yet there is no word for them not following values.
Dictionary.com defines morals as:
n : motivation based on ideas of right and wrong
Ethics
You can have professional ethics, but you seldom hear about professional morals. Ethics tend to be codified into a formal system or set of rules which are explicitly adopted by a group of people. Thus you have medical ethics. Ethics are thus internally defined and adopted, whilst morals tend to be externally imposed on other people.
If you accuse someone of being unethical, it is equivalent of calling them unprofessional and may well be taken as a significant insult and perceived more personally than if you called them immoral (which of course they may also not like).
Dictionary.com defines ethics as:
A theory or a system of moral values: “An ethic of service is at war with a craving for gain"
The rules or standards governing the conduct of a person or the members of a profession.
Ethics of principled conviction asserts that intent is the most important factor. If you have good principles, then you will act ethically.
Ethics of responsibility challenges this, saying that you must understand the consequences of your decisions and actions and answer to these, not just your high-minded principles. The medical maxim 'do no harm', for example, is based in the outcome-oriented ethics of responsibility.
So what?
Understand the differences between the values, morals and ethics of the other person. If there is conflict between these, then they probably have it hidden from themselves and you may carefully use these as a lever.
Beware of transgressing the other person's morals, as this is particularly how they will judge you.
Talking about professional ethics puts you on a high moral platform and encourages the other person to either join you or look up to you.” ( taken from http://changingminds.org/explanations/values/values_morals_ethics.htm)
Some may believe that there are two different types of value systems; one for personal and one for business. Your personal values define who you are and your decisions are usually based on your core values. Within an Organization the climate of the organization is usually defined by the alignment of values that are necessary to build a successful business.
So when you are looking to grow, expand or joint venture it is extremely important to understand your potential (partner, employee, or fellow’s) core values and how they will align with yours
Even if your prospect shares some of your organizational values with you, there will be a difference in how those values are aligned. (These differences are what “Conflict Management was form on, and a little much for this book. If you can’t wait for my next book, search out “conflict management” on the internet. Yet if you implement the exercises in this book you may not require much conflict management in the future).
List of Values (listed in the book, you can google values)
This exercise is designed to help you reach a better understanding of your most significant values.
Step 1: What I Value Most...
From this list of values (both work and personal), select the ten that are most important to you-as guides for how to behave, or as components of a valued way of life.
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There are different ways to play this; you can imagine yourself on a life boat and only permitted to have __.
Or a similar process is to do it as taking the Passion Test which is explained in Chapter Nine. Also it is probably best to have someone ask you the questions if this is not possible just go through the process as fast as you can without thinking!
Step 2: Elimination
Now that you have identified ten, imagine that you are only permitted to have five values. Which five would you give up? Cross them off.
Now imagine that you are only permitted four. Which would you give up? Cross it off.
Now cross off another, to bring our list down to three.
And another, to bring our list down to two.
Finally cross off one of your two values.
Which is the one item on the list that you care most about?
Take some time and think about this value. See how it affects all areas of your life; heath, wealth, happiness, relationships…
Looking at your surroundings are you aligned?
Where could you make some adjustments?
Go back over your top 5 and rewrite your top 5
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Who shares your values?
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