Your Personal Foundation Is Your Backbone (Part 1)

Your Personal Foundation is Your Backbone from the Startup Garage
Share This

Starting a business requires one to compose a variety of different elements, and combine them all into a business plan, and then execute the plan according to the strategy laid out in the plan. At the very core of all of this information is YOU, the business owner. An often overlooked part of starting a business is properly setting up your Personal Foundation. After all, your business will be an extension of you, so taking a look in the mirror and deciding exactly what you want from your business is a great idea.

The Personal Foundation is for you to learn more about yourself, your goals and what you want out of your company. This is a place for you to be honest and realize if your goals, strengths, resources, and desired lifestyle all fit together. In order to do this effectively, give yourself at least a solid one hour time slot in which you are completely free from distraction and have the ability to get introspective. During this time you will ask yourself a series of questions that will outline your personal foundation. We will go into these questions in part 2 of this blog.

After you have answered the questions and completed that part of the exercise, you need to analyze your own strengths and weaknesses, as well as come up with a commitment statement that you write to yourself that outlines what you want out of your business in relation to what you are willing to put in.

Once you have completed this you will be able to accurately identify whether or not your business idea aligns with your goals both personally and professionally. If they clearly do not align, then you do not need to waste any more time on that idea. If they do align, then you have just given yourself the green light to get your entrepreneurial gloves on and get to work. Great success!
For Part 2 of this blog post, click here.

 

Whether you have a question about your personal foundation or you’d like to discuss our business plan writing services, feel free to contact us for a free consultation!

This entry was posted in Business Planning and tagged , , , , , , on by .

About Tyler Jensen

I work with entrepreneurs who are looking to attract investment and get out of the "Garage". I am passionate about helping entrepreneurs start companies that matter. I helped launch over 100 Companies, Non-Profits and Social Enterprises. I consider myself a serial entrepreneur, startup coach & trusted advisor. * Launching New Companies (For Profit, Non-Profit and Social Enterprise) * Expert Business Plan Writer * Extensive Network of Business Relationships focused on Launch & Rapid Growth of New Companies * Startup, Growth, Marketing, Technology, Web, Business Systems * Trusted Advisor to CEO’s & Entrepreneurs * Capital Raising Strategy Development * Startup Team Development The first company I started and sold is VAVi Sport & Social Club which grew to over 25,000 members in six years, was recognized as San Diego’s 30th fastest growing private company in 2006 by the San Diego Business Journal and 32nd fastest in 2007, and sold for over 25X the capital investment.