Welcome to the exhilarating big sky of small business entrepreneurship!
I wrote a book for you. This book reveals the Unbiased Small Business Research Formula developed from decades in the trenches of American Main Street and online business as a small business entrepreneur and a coach. Its objective is to help you become the successful creator of the new life you envision by objectively guiding you in researching and choosing the right business.
In the next weeks, I’ll share free sections of the book with you before it’s released for publication and available for purchase.
This section of the book is a recap of what we discussed in the past several weeks: The four steps of Internal Research.
Chapter 8 Key Takeaways:
Internal research has to do with you and how you want to live, why you will choose a particular business or business type versus another, and which of your qualities and talents are screaming to be brought into the daylight and exploited by a company that will make them explode.
The internal research process represents the sequence of the four aspects of YOU we want to discover:
Your life purpose
Your ideal LIFE+
Your strengths and assets
Your ideal path to business ownership
Life purpose: As entrepreneurs, we often start a business to achieve financial freedom, independence, and control over our lives. However, a business that is not aligned with our life purpose can leave us feeling unfulfilled, and we may find ourselves stuck in another job we hate. Aligning your life purpose with an economically viable business idea can lead to a fulfilling and prosperous life. Your life purpose is the fuel that powers your business.
Your ideal LIFE+: As a small business owner, you have the opportunity to craft your life by design by prioritizing lifestyle, income, flexibility, equity, and milestone goals when deciding on a business. Knowing how you want to live in the future will help you select the right business vehicle and avoid unpleasant surprises. Clarity on your objective helps you make informed decisions and avoid the risk of being stuck with a business where you are unhappy.
Strengths and assets you bring to a business. There are several aspects of the competitive advantages and disadvantages you bring to the table. They are your career capital and leadership style.
Career capital is the knowledge you have accumulated through jobs and life experiences. Some of your strengths and expertise are needed to start a business. You might also abandon your expertise to start an entirely unrelated business. You might lack certain skills and decide to outsource to experts, get a coach, or learn on your own. There are essential hard and soft skills that are transferable to business ownership.
Your hard skills give you a competitive advantage in your chosen business. They can be helpful in three ways:
Technical skills to provide a solution to customers
Business knowledge to operate a business
Industry knowledge to identify a problem to solve and create a solution
Your soft skills are central to the successful leadership of any small business no matter the business type. They are often acquired and honed over time.
Leadership skills are essential for all business owners, even solopreneurs. Self-awareness of your leadership strengths and blind spots makes you a better leader and helps you select the business where you will shine.
Your ideal path to business ownership: There are four paths to business ownership:
Creation of an independent start-up from an idea
Acquisition of an existing for-sale business
Development of a turnkey concept such as a franchise or a business opportunity
Acquisition of a developed turnkey concept
Each path of creating, buying, or developing a business has pros and cons. None of these paths is intrinsically better than the others. Ultimately, the most successful business path is a good fit for you based on your LIFE+ goals, leadership style, and personality. Objectively decide why you might consider a particular path versus another.
Beginning your entrepreneurial career with internal research helps you strategize your investigation from the perspective of you as the future owner of your business and how to best position yourself for success.
Joining the VIP Waitlist
Would you like early access to your copy of the book as soon as it is released and receive a bonus book companion coaching session?
During the private coaching session, I’ll guide you through the exercises and templates in the book. Available to the first 20 VIPs who purchase the book. To join the VIP waitlist, click here.
Getting started
If this is you… Do you want greater freedom & income from a business you own? If so, you probably have a question or two about starting a business from an idea or buying one. A critical step is to build a business foundation for success BEFORE you invest greatly. Click here to book a no-cost consultation.
