According to economic data published by Statista.com, in 2019, nearly 775,000 new businesses were started in the United States. That number would lead you to believe that starting a business is so easy that anyone can do it. The stories of amazing success in business start-ups and the glamorization of entrepreneurship can tempt many people to quit their job and invest their life-savings into an idea for a business.
Unfortunately, the sad reality is that only 12% of first-time entrepreneurs survive their first year in business. A lot of those that failed were simply relying on luck. This quote by best-selling author, Greg Reid, describes the pathway to success in business, or any undertaking for that matter, in three basic steps: “A DREAM written down with a date becomes a goal. A GOAL broken down into steps becomes a plan. A PLAN backed by action becomes a reality.“
1) A DREAM written down with a date becomes a goal.
We all know that writing things down has its benefits. It helps us remember things and it can even help us deal with emotions. But, with a dream, writing it down with a date takes on more importance. You will be clarifying exactly what you want to achieve, when you want to achieve it, all while keeping yourself motivated.
2) A GOAL broken down into steps becomes a plan.
Once you have your dream clarified into an actual goal, you can begin breaking that goal down into actionable steps. Determine everything you’re going to need and then create a task list. Your task list should include all the things you need to do to get things started. After you have your task list, establish a timeline for each step.
3) A PLAN backed by action becomes a reality.
Believe it or not, this step is the most difficult to accomplish. When it comes time to actually implementing the plan, we sometimes find it hard to get started. One of the best ways to effectively move forward is to mechanize your task list. You’ve already established a timeline in the previous step, so take each task and lay it out on a spreadsheet or a project management template. You will be able to visualize and track your progress. Then the next important thing to do is to celebrate the wins, no matter how small they are.
Dreams don’t just turn into businesses no matter how long you dream, or wait, or hope. By following these three steps, you can be sure that your dreams will become goals, your goals will become plans and by acting on your plans, you will see your start-up business become one of the successes in next year’s statistics.
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