17 Oct

When is the right time to start a business?

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Throughout the years I have met people with great ideas who share with me their willingness to start a business when the time is right. Reasons such as I can't now I have kids at school; I need a better car so I will work for two more years then I will start; I need my partner to be secure in their job to sustain us, when that happens I will start.


Years later I meet the same people and still they have not implemented their business plan. On enquiring why not I get the same answer: the time was not right. But what does that actually mean? Is there some reference that state when the timing is right? Does it depend on global markets, or who is in government or does it reflect one's state of mind?


The truth is there are no formulas: it is a state of mind. You will always find excuses not to start, always. It takes an enormous amount of courage to take the step and it's not easy and it will never be. If you are going to wait for it will never come. If you're passionate about being an entrepreneur, your product or service will make a difference, and it is relevant, then the time to start is NOW! Not tomorrow, not next week, TODAY! 


It all starts with a decision: I am going to start a business. Then an action: take the business plan that you have been delaying and implement it today. Most of the speakers at First365 just did it. They made a decision and went for it. You do not have to have all the answers when you start but when you are in it you hustle till you make it. You have to be on the path. You cannot work everything out before hand and it is impossible to plan for all eventualities. You adapt, hustle, collaborate, engage, network, share and through these processes you adapt your business accordingly.


Your business plan is putting your idea down and how you will execute it. It cannot be cast in stone.  I have not met any entrepreneur that executed their idea exactly as planned, not even close. You do have to start with a plan but be prepared to change things as you go along. As the years roll on you deal with the problems, adjust your plan and carry on. If I look at Caban's original business plan, it did not incorporate going global, it just happened, and now we are innovators of the year in London. But once you start you open yourself to all kinds of possibilities and they come to you because you are receptive. You are on the path but key is the fact that you took the step.


So, if you are passionate about starting a business, do not wait as there is no better time than now. Once you've finished reading this, take the first step. Go online and search for your company's name, then send an email to an accountant, lawyer or corporate advisor and tell them, "Please register...... for me". You will feel great. Do it now!



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