Small Business in a Big World

December 24, 2008

Determine Your Goals In Starting Your Business


I have always been saying that setting business goals is very important for entrepreneurs to do.  Gladly, Jimmie Wilkins have written in StatesmanJournal the guidelines in a form of questions and when you have the answers — those are exactly the goals you are looking for.

1. How many hours do you have to commit to a new venture? How many hours to you want to work during the start-up phase? Ultimately, how many hours do you want to work once a business is up and operating smoothly?

2. Do you need flexible hours? What must take precedence, family or business? Is flexibility of hours a necessity or an added bonus?

3. How much would you like to travel for your business? How often and for what duration?

4. What morals, beliefs or standards to you hold? Do you have strong beliefs that might affect the way you do business?

5. Do you have specific physical requirements or restrictions that must be considered?

6. Will your family be involved? Will they be supportive? What kinds of support do you expect to receive (e.g., emotional, financial, time, etc.)?

7. What level of power or status is important to you? Tip: often, the quest for power might be driven by ego, and sometimes ego gets in the way of listening to good ideas from advisers, employees and customers.

8. How involved do you want be in the daily operations of a business? For how long?

9. What type of work do you enjoy? What skills, expertise and experience do you already have?

10. How important is job security? Are you looking for steady income? What level of income do you need to cover personal financial obligations?

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