I received some feedback that the post on executing a statement of desire was a bit too lengthy for such an elementary topic. I appreciate the feedback and have adjusted it accordingly. Therefore, what follows is a “nuts and bolts” version and you can find the full post in Smith Floyd University . . . currently located in Pre-School section.
Conventional wisdom will ordinarily direct the would-be entrepreneur to start an assessment of a business venture with a business plan. We view the business plan as the baseball manager writing the lineup card before the game. We’ll get there, but let’s start in spring training. I can assure you that every business owner, without exception, is still either paying the price or reaping the benefits from the plan and assessment they used when starting out.
We insist that you start with a “statement of desire.” We have become so numb to ineffective and laughable (think Dilbert or Office Space) mission and vision statements that you will be tempted to dismiss this step. Do not! Trust us on this. Take a few minutes to think about your business idea (or your existing business) and fill in the blanks below to create your “statement of desire.” Think of this like a wish list for Santa Clause. Our next steps will then provide you to the tools to methodically and efficiently assessing the feasibility of this wish list.
As Yogi Berra once remarked, “If you don’t know where you’re going, you might not get there.”
“I desire to start my own business because ________. Additionally, I desire my own business so that I can _________.
My business will provide the following products/services ___________.
I am willing to risk_______ dollars of my savings as startup capital, borrow up to _______ dollars and I require an annual income of at least _________ dollars.
I am willing to devote up to ____ hours per week (including / not including) nights and weekends. (After the initial ______ months/years of ownership, I desire to reduce my working hours to _______ hours per week). My business ownership philosophy can be described most closely as (“live to work” or “work to live”)
My ultimate goal for this business is _______”
Consider this real world example from our client of ours:
“I desire to start my own business primarily so that I can increase my earnings to provide a higher standard of living for my family. Additionally, I desire my own business so that I can control and shape my own financial destiny. My business will provide stone and concrete construction and restoration. I am willing to risk $50,000 dollars of my savings as startup capital, borrow zero dollars and I require an annual income of at least $75,000. I am willing to devote up to 80 hours per week including nights and weekends. After the first two years, I desire to reduce my working hours to 40 hours per week. My business ownership philosophy will be best described as “work to live.” My ultimate goal for this business is to create a financially successful and highly regarded company that will secure my family’s quality of life and position within the community. Additionally, I intend to have the company available for my children to inherit if they choose. If they choose to pursue other careers, I will ensure the business is operated to facilitate a successful and maximize value sale.”
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