I’m not too big on discipline. My habits are all pretty basic but I still manage to get a lot done somehow. But still, I never feel content with everything I’ve accomplished and I think that’s because I never look back at what I’ve accomplished or set specific goals for myself. Today that changes.
I plan to write once a day, in hopes of not only improving my discipline but being able to look back and see how far I’ve come. This is my entrepreneurship journey.
Here’s what I have planned for Day 1:
Decide the basic structure of the business that I want to start — B2B or B2C. While some businesses are a mix of both, I believe it is important to decide what customers you want to serve from the very beginning. One segment of customers requires a significant amount of pedigree and the other requires a significant amount of patience. There are pitfalls to both but this is what you have to decide. I’ll let you know what I’ve decided tomorrow.
Figure out a budget — You can start a business without money but it’s pretty damn difficult. I plan to look into all of my finances and figure out how much money I can cobble together. I’m a broke college student so it won’t be a lot but it will be at least $1k.
Decide on raising capital or bootstrapping — This matters for some more than others. It really depends on how intentional you want to be with the direction of your business. If you have a 10-year-plan figured out, you probably know how much capital you need to raise for a business that you want to sell for a specific multiple. On the other hand, maybe you are just looking to start something and build it as big as possible without planning a sale in the future. Either route is fine but I need to decide what’s right for me.
Research/decide on an industry —Need to be very careful about this with current business conditions in mind. Some industries have more difficult supply chain and labor issues than others so it’s important to research that before starting. If it’s software, I need to figure out whether or not I am going to outsource it or look for a cofounder.
I’ll see you tomorrow!