Personal Development Stages Used in Starting a Business
If you are thinking or planning of starting a business, you should read this post then. The commencement of any venture, including a business concern requires that the individual carries out some basic action steps.
Usually these steps involve discovering what mindset and dispositions drive the particular individual, especially as regards starting a business.
These steps, also called Personal development, include activities that pinpoint awareness and acuity, awaken innate potential and talent, and build human capital and values, in order to realize both individual and collective goals, dreams and aspirations.
Personal development stages used in starting a business could also include passing the individual through institutions, systems and processes that support the growth and development of the individual along the following paths:
1. Sharpening individual awareness.
2. Engendering self-knowledge and the drive to acquire same.
3. Honing life-style skills and/or acquiring new skill sets.
4. Renewing or cementing one’s identity/self-esteem.
5. Harnessing strengths, talents and gifting.
6. Wealth creation.
7. Maximizing the individual’s potential.
8. Enhancing the employability index
9. Boosting lifestyle and/or the quality of life.
10. Attaining set goals and aspirations.
11. Seeking financial freedom through the initiation of a business venture.
12. Become more sociable.
Many of these pathways are necessary ingredients in the personal development stages used in starting a business. In more detail, personal development stages used in starting a business will entail the individual engaging in the following exercises:
This stage in personal development takes the individual through properly conducting an assessment of his/her capabilities among other issues. Usually the individual will have to answer basic and far-reaching questions bordering on capabilities, temperament and acuity amongst others.
Typical questions will include why does the individual desire to start a business? Is such a desire driven by money, freedom, creativity, or some other compelling reason? What skills does the particular individual possess?
What is the individual’s knowledge base like, with regard to the industry he/she plans to enter? Will the business revolve around the provision of goods or the rendering of a service? What is the individual’s level for risk-taking? How much capital is available to be invested? Will the business be on a full or part-time basis?
These questions are meant to help the individual properly situate his/her talents/skills/gifts in starting and running a business. Issues like emotional intelligence appreciation and training are also an important component of personal development stages that are used in starting a business.
Evaluate your Intended Niche Market/Industry
Once the foundation/rationale behind starting a business has been thoroughly analyzed, the next step will be conducting an in-depth evaluation of the market place and dynamics that will be a recipient of the idea/product/service of the individual.
Under this evaluation, the methodology of choice will also encompass asking research based questions, to unravel the best path to tread in starting the business.
These questions will include the following: Is there a demand for the product/service you’re selling or offering right at the moment? How large is the target market? Is there a potential for a large, continuous stream of customers for the product or service? What is the cost of acquiring a client?
What is the cost of making that client, a repeat customer? How much do you estimate will go into production/delivery of the goods/service being offered?
Is there a consequence with regard to the time it will take to deliver the product or service to the market place? What amount of initial startup capital/investment will the business need? In terms of a futuristic template, will the business be sustainable over the coming years, especially as regards the nature and scope of the goods/service being offered to the market?
Another important feature of personal development at this stage, will involve critically appraising the competition; how big is the competition, what strategies and policies does it undertake in the market place? Are its objectives similar or dissimilar to yours?
This assessment of the competition will enable proper planning and organization that is needed for the commencement of the business.
Establishing a Legal identity for the Business
This step is a major requirement of every law code in countries around the world. This various forms of legal business entities include Sole Proprietorship, Partnership, Corporation and Limited Liability Company.
The personal development stages used in starting a business will involve a thorough examination of what legal business model will bring out the best of the individual’s ability. Will running the business single-handedly fit your temperament? Or will a partnership be more of a business boost.
A sincere answer to these questions, as well as the nature and scope of the proposed business, will pave the way for the commencement of the venture.
Developing a Marketing Plan
This stage in personal development in starting a business will be reflective of the time spent in charting the short, medium and long term plans/goals of the business. The steps involved in evolving a suitable marketing plan include the following: the executive summary, business profile, prescribed products and services, management team, marketing projections amongst other variables.