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Start Your Own Small Business: Lesson 12 (printer-friendly version) Your Instructor: Kris Solie-Johnson INSTRUCTIONS: To print this page, wait for the page to fully load. Once the document is ready to print, simply click your browser's File menu and choose Print . To save this page, click your browser's File menu and choose Save As . Select a disk drive and folder to receive the file, and change the name of the file to less12.htm . To view the file while you are offline, just go to the drive and folder you selected when you saved the file and double-click the file named less12.htm . Your browser will start and you will have access to the file. Chapter 1 Introduction Entrepreneurs are unique people, and you should be proud to call yourself one. You see the world as a sea of unlimited opportunity. You are optimistic, passionate, and believe in creating your own destiny. But . . . Entrepreneurs also have a difficult time focusing and using their time wisely. Focus, focus, focus is mandatory for a business owner just getting started. Shortly after I purchased my business, I had an entrepreneurial affair . We have all had it. It is the hot, sexy, new, easy-money idea that pops into your mind one day. You are so excited about it that you reallocate all your resources, including your time, money, and energy, into this unproven idea. My affair was with an idea for a family medical journal. The journal was a fill-in-the-blanks book to keep track of everything doctors tell you and your family over time. The journal had nothing to do with small businesses—which is what my business focuses on—so it didn't add anything to my current company. Well, I took both of my best salespeople and had them start calling radio stations and hospital gift stores. After about three fruitless months, I figured out that I didn't really know the market. And the books were not selling well. I spent about $50,000 on my entrepreneurial affair. These affairs happen most often when an idea doesn't fit into your business plan. Now, I'm not suggesting that you never sway from your business plan. But you really need to consider a new idea carefully before you allocate resources to it. Many entrepreneurs enter into a business before they have laid the appropriate foundation, both from a personal and business basis. In the final lesson of this course, you will learn how to set the personal foundation to help you succeed, keep you focused and on track, and help you avoid your own entrepreneurial affair. First we'll cover your personal finances and relationships. Not only is it important to understand your own credit, but also to know how to build your business credit as a separate entity. Your personal credit score may get you initial financing but should not be used for long term. Next we'll explore time management and goals. I'll give you an exercise to help you use your time effectively to reach
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lessons.cgi - Start Your Own Small Business: Lesson 12...

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