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Entrepreneur’s Source Terry Powell Says Entrepreneurs Start with Asking ‘Why’
Founder of The Entrepreneur’s Source Terry Powell shares how starting with ‘why’ sets the foundation for effectively exploring the best possibilities and evaluating options to realize dreams of business ownership.
Studies show that 75 percent of the adult population has a strong to very strong desire to be self-sufficient , yet only five percent are ready, willing and able to act on that desire on their own. The Entrepreneur’s Source says that, with proper coaching and guidance, the other 70 percent can also attain independence.
Business ownership is not for everyone, but The Entrepreneur’s Source coaches create a safe space, allowing people to dream without having to make a decision prematurely. In fact, 95 percent of the company’s clients end up discovering options they admittedly would have never looked at on their own or would have previously dismissed. To help promising entrepreneurs cut through the clutter and identify the soundest business opportunities, the nation’s leading career and franchise business coaching network offers advice on how to effectively explore the best possibilities and evaluate options by starting with ‘why.’
“When considering any major life change, especially a career move or pursuing entrepreneurship, it’s crucial to start at the beginning and ask yourself ‘why,’” says Terry Powell, CEO and founder of The Entrepreneur’s Source. “Doing so will allow you to understand what possibilities are available and how to effectively refine your options in order to identify the best opportunity that will become your vehicle for success. We always ask prospective entrepreneurs: If you looked at your life a year from today, what has to have happened during that period—both personally and professionally—for you to be happy with your progress?”
To start on the right path towards business ownership, Powell suggests the following:
1. Explore Possibilities: Increased levels of fear and uncertainty in today’s workplace don’t leave much room for inspiration. In fact, when was the last time you felt inspired? Think back to when you were a child and the possibilities were unlimited; you felt like you could do anything. You had the ability to focus on the end goal, not the obstacles in the way. Maybe it’s time to regain that way of thinking and redefine those goals. Where is your professional future headed? Are you on track? Will your current path take you where you want to go? Put these questions into perspective by building a framework to define goals, needs and expectations. This will help you determine the appropriate vehicles to help you attain them.
When you begin defining your goals, it helps to relate them to the four basic categories: Income, Lifestyle, Wealth and Equity. Each of these areas is directly impacted by your professional career; Income and Lifestyle consist of short-term goals, while Wealth and Equity include long-term goals. When considering a career change, these are all things you should take into account. For example, if you have a long-term vision to retire with several million dollars in the bank, you may need to change paths now. Likewise, if you have short-term goals to own a luxury car or spend more time with your family, you’ll need to take steps to make those dreams a reality.
2. Evaluate Options: Now that you established your vision as it relates to your short and long-term goals, it’s time to think about the best way to achieve your dream: your career option. Relying on the corporate world to carry you through your productive years and into retirement is not only unrealistic; it’s also not likely to produce your desired results. In this New Career Economy®, you have to navigate the professional world differently than in past generations.
Consider the three most common career options: career path, business ownership and stocks & real estate. What are the pros and cons of climbing the corporate ladder toward retirement? How will starting your own business enhance your lifestyle now and later in life? Will investing in the stock market or real estate build enough wealth and equity for your future? With your experience, knowledge and skills, what is the most viable option to reach your goals? Maybe it’s a mixture of the three. Keep an open mind; you never know what ideas will pass you by if you don’t.
For more information about The Entrepreneur’s Source coaching services, visit www.entrepreneurssource.com.