This blog builds on those lessons and helps you to take the next step to becoming a bonafide business owner. To truly understand why you are embarking on the entrepreneur journey you need to think about what drives you and begin work on your business plan.
As an entrepreneur, your identity and your business are intrinsically linked, and it’s crucial that you appreciate this from the beginning. To help you do this, I’ve developed these quick exercises.
What are your values and what does your “perfect” life look like? This process of thinking is called visioning. Through visioning, you will establish your overarching life vision which should inform the way that you show up as an entrepreneur.
Think about your values. What drives you is it money, financial stability, helping people, spending time with your family or something else? Knowing what is important to you helps to set your vision.
An example of a personal vision is:
To be financially secure, achieve a balance between work and life, bringing up happy children and inspiring and supporting other women.
This vision illustrates that family, feminism and financial security are important to this person, so it is likely that these values will show up in their business.
What’s your business?
If you’ve got to this point, then you probably have an idea that you want to monetize and turn into your business. Write down the idea at the top of the page.
Then think about whether the idea supports and shows your personal values. To help you identify what you value I’ve developed this list that I use with my coaching clients:(For more information on these values check out my article on values.)
- Truth and honesty
- Rules and structure
- Ambiguity and change
- Tradition and security
- Personal fulfillment
- Achievement and Recognition
- Autonomy and control
- Physical beauty
- Ongoing development
- Love and loyalty
- A sense of belonging
- Wealth and financial stability
- Fairness and equality
- Respect and acceptance
Once you have identified your values highlight the ones that are also relevant to your business.
These are the core values of your business using these values write your vision statement. A vision statement helps you to understand what the long-term aspiration is for your business it doesn’t have to be SMART (specific, measurable, achievable, realistic and time-bound)
Example organisational vision
Organisation X exists to empower women through educational programmes focusing on personal and professional development unlocking their potential as clients and employees.
Now you’ve created your vision it’s time to think about your organisational aims and objectives. These set out what you want to achieve in a more tangible way. Example aims and objectives:
- To establish a coaching programme for women
- To provide meaningful employment opportunities for women
- To develop a female leadership programme
- To nurture a workforce that respects and values women
What are your objectives? I suggest a maximum of five, so you can remember them easily and explain them to stakeholders both internal and external.
Now you have your vision and objectives you can start writing your business plan. Look out for my next blog that shares the common headings for a business plan.