Critical Thinking about exploring Personal Vision

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Personal goal and vision about entrepreneurs own life is often neglected by many entrepreneurs. This may lead to barrier for growth of the company or personal satisfaction of entrepreneur.
Usually entrepreneurs are two type King or Rich. “Most entrepreneurs want to make a lot of money and to run the show. New research shows that its’ tough to do both. If you don’t figure out which matters more to you, you could end up being neither rich nor king.” – Noam Wasserman (Harvard Business School), from Founder’s dilemma, Harvard Business Review.

Budding Entrepreneur should analyze his/her personal vision critically by answering/thinking about following questions:
Q1. Are you looking for power or status or making money from your start up? ( Hint: Money and Power do not come together please read Founder’s dilemma)

Q2. How much power or status is important to you?

Q3. Is it most important for you to have the POWER and CONTROL of your start up? If not how important is the power and control for you? Do you think your business will provide your expected visibility and fame to you?

Q4. How important is financial gain for you? How much income you will need for your expected future lifestyle? (Hint: start from cost of your current lifestyle then cost of future dream lifestyle)

Q5. What level of involvement you are looking for in the daily operations of your start up? Do you want to run everything on your own, or you prefer to delegate and manage your start up in course of growth of business? (Hint: running everything on your own may limit your company’s future growth)

Q6. How will you change your involvement with daily operations of the company over the course of your start up?

Q7. What expertise and skills you already have to contribute in your start ups? Does it matches with type of work you enjoy? (Hint: It is very important to concentrate on business idea you enjoy and that matches with your expertise.)

Q8. Is security is important for you? Entrepreneur should think about how important is the job securty for them? (No start up plans to fail when its been founded) When you are starting a company build your business with keeping in mind – are you looking for steady income or steady work or something else?

Q9. What type of business you plan to create a growing business or a lifestyle business? (Hint: size of lifestyle business is limited but can be rewarding for entrepreneur if it mathces with his/her personal aim as entrepreneur while a growth business will demand much more from the entrepreneur, but it will also financially rewarding when he/she ready to exit.)

Q10. Where you see yourself in five years? Ten years? what do you see yourself doing in five years and ten years? (Hint: Knowing what you want in the future will be helpful for you to build your business and make your dreams come true.)

These are few questions whose well thought answer will help budding entrepreneurs to understand their personal vision. This will help them in better planning for their start up. Often start up founded by entrepreneur without critical analysis of themself and their future goals has to go through painful process of self revelations during their start up journey and sad demise of their business.

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