The reality is that we are still in tough times and that means a whole new mindset and plan of action is needed to create your business and career turning points. Dr Rohan Weerasinghe gives us some good advice.
I smiled to myself recently when the government announced that having re-assessed the economic figures that actually we didn’t really go through a double dip in 2012. I found myself thinking, “Try telling that to that thousands of people who lost their jobs and homes last year and the countless businesses that had to downsize or that went under.”
For the past couple of years I have been around the world talking to businessmen and women and aspiring entrepreneurs. During this time I have shared the same stage as Tony Robbins, Donald Trump and Richard Branson. What is inspiring is that each of them, like myself, share the same view that your future, wealth and financial security is very much in your own hands and that there has never been a better time to build your business than now.
Through a series of articles, I would like to explore some ideas that I have found to help on a personal and professional level. So let’s start the journey.
Curious or Serious?
I ask this same question of all the people I mentor. Whether you are in retail, an internet-based business, service industry or property it is essential that you establish just how committed to your idea or business you are. It is often quoted that over 85 per cent of businesses fail in their first two years, and to ensure that you are not part of these statistics it is vital you first commit to the vision and the building of your business.
The important thing here is that there is no judgment to be made here – you have to objectively ask certain questions and if the response leaves you questioning your conviction then you are most likely curious rather than serious. Better you know now than spend a lot of time and money to start something that doesn’t go anywhere.
Here are some questions to consider – and I will request your permission to be honest and direct in the way I ask them:
- Are you looking to start or expand your business because you are passionate about the concept, the product and the idea? (Do not answer yes if you simply thought this would be a “good idea”)
- Are you prepared to give up time on other projects/social activities in order to commit to developing this over an 18 to 24 month period?
- Are you prepared to invest money into the growth of the business and your own growth and development and where necessary reduce spending in other areas to help make this happen?
If you can wholeheartedly answer yes to each of these then this is a strong starting indicator that you are serious. If not, then seek more guidance and reflect on whether this is a good time to pursue the business.
Choose Your Vehicle
You have so many fantastic opportunities in front of you now. The types of business and ways to create short and long term wealth and security are countless. This also means it is easy to go in the wrong direction if you are not careful about what you choose. On my Turning Point events we help people get clarity on their overall purpose and from this they often then identify the type of business that would excite them most.
To help you focus in, here is a short list of the many opportunities that you have. Once you identify one or two that you resonate with the next step is to investigate them to be clear what is involved in building such a business to successful level:
- Moving from employed to self-employed
- Internet based business
- Property Investing (buying and holding for long term income)
- Property Trading (buying and selling for cash)
- Retail business (wholesale-retail on the high street or internet)
- Franchise-type businesses with an established system and product
- Service/Product (online/offline) linked to your core skills
- Trading (or investing) in FOREX, Commodities, stocks etc
There are many considerations that need to be taken into account when choosing your business vehicle. The above just scratch the surface. Do not be swayed by just the financial benefits, the most important factor is your passion and belief in the business idea and your conviction to see it through as a business rather than a hobby. If you are that stage then the next step is to expand the idea and shape up a clear plan of action.
For more information on the upcoming Turning Point 3 Day intensive seminar experience then visit: www.bookturningpoint.com
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- Turning points through a recession by Dr Rohan Weerasinghe - August 23, 2013
- Turning Points. Interview with Dr. Rohan Weerasinghe - April 15, 2013