Breakout formula – this is what you need if you want to get out from your day job. First, you have to ask yourself these questions:
- Am I a risk-taker?
- Am I opinionated?
- Do I seek adventures?
- Do I subscribe to the thinking that one can never be too secure in one’s job?
- Do I love being independent?
- Am I responsible enough to take care of my own pay check?
- Do I want to embrace change?
If you answer yes to these questions, you indeed need to find out a breakout formula. It will help you lay the foundations to start your own business. It will give you the courage to ditch your eight-hour job for something where you are the one in control.
Why the need for a breakout formula
When starting your own business, relying on your intuition is not bad. However, you must also have a clear vision and a blueprint that you can somewhat follow. Combine it with commitment and passion and you’ll master this formula:
Breakout Formula for Starters
- Research-This is a very important component of the breakout formula. Dig a lot of information about the industry you want to venture into. Look for a company relatively similar to the one you are envisioning. Know its history and background. Track its growth and from it, learn. Read books that are related to the line of business you wish to start. Learn from other entrepreneurs by asking them about their best practices. This said, research accounts for 20% of the Breakout Formula
- Vision – Every entrepreneur has leadership skills. Among the leadership skills you must possess is being visionary. A great entrepreneur is someone with a bold vision. He is not deterred by failures and hardships from achieving that vision. He is not easily stopped by critics and negative thinkers. Take the case of owners of big companies who are college dropouts. They did not rely on MBAs to get to where they are now. What they have is a strong vision. They are fearless and are undaunted by adversity. This said, vision accounts for 20% of the formula.
- Action – This is the most important component of the breakout formula. Your vision is nothing if you do not make it happen. Entrepreneurs are actors. They know how to tap on other people’s skills and talents, to subcontract and to delegate tasks. More importantly, they know the value of leveraging and marketing. That is why they strive to become marketing genius. After all, your ideas, products or services won’t sell if you won’t make your offerings known to people. This is how they make things done. Remember not to be discouraged by starting small. It provides that you start small and grow slowly but surely. This said, action accounts for 50% of the formula.
- Strategy – The last component in the breakout formula is strategy. Never jump into an unknown territory without a strategy. This holds true if you are to start your own business. You need to write down your goals and list down a corresponding strategy for each. Assess your knowledge and strengths and use it to your own advantage. This way, you can strategize easily. This said, strategy accounts for the remaining 10% of the breakout formula.
Finally, think and act as though as you are a CEO. Keep track about your income and spending. Once you’ve mastered it, you can confidently kick start your own business!