Wednesday, September 14, 2016

Setting Myself Up For Success - Day 5

Being single and not having any dependents enables me to pursue a free lifestyle more easily. I do not have family obligations to attend to. I enjoy solitude more than the company of friends; however, I do understand the importance of networking when I am building my business. Socialization in my case is strictly on an “as needed” basis. I am an assertive individual who is clear in setting boundaries in all my relationships. Once the boundaries are set, time management skills could be developed subsequently.

Another key success factor is realizing what your strengths and weaknesses are. For instance, I am strong in the area of problem-solving and weak in marketing. I would look at my circle of friends and determine who the marketing experts are. If I cannot afford to pay them for their service, I would set payment in kind with them. As a matter of fact, there are online communities set up for the barter system in major urban areas of developed countries. When my business is more established, I would be more able to employ people to do those location specific jobs.

Having the proper tools and equipment is critical to a successful business. For many start-ups these days, it is a matter of purchasing a reliable laptop and having access to high speed internet. For some industries, the initial investment could seem insurmountable. Moreover, there are many ways of getting around obstacles. For example, if it is a new product that I have developed, I would consider getting a patent for the design and process, and then outsourcing the production. Crowd-funding would be an alternative way in raising the capital.

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