Step 2: What do “you” want? (Identifying personal objectives!)

This is the phase where you understand why you want to take up this new project of starting a company.

What is the purpose of this exercise?

Since YOU are starting a company, there must be some need that you would like to satisfy or some aim you would like to achieve though the company. We are not talking about business aims like “increasing market share” etc.

We are talking about personal needs and aims. Like the need for money, or the need for recognition and status in society etc. This exercise will help you understand and identify what personal needs you are trying to satisfy.

Having identified your personal needs, you have to see whether the company you are starting and the effort you take will be able to satisfy your personal needs. If the effort you put in setting up the company will not pay off and will not satisfy your personal needs then you rather not waste time, effort and money setting up the company.

Do this exercise so that you can set your personal goals and commit to yourself what you are planning to do. Besides, the most important reason to set personal objectives, is so that you have some basis to set your business objectives.

To understand your personal objectives, ask the following questions:

  • What is my motivation to start a business? Is it wealth, security, self-esteem or some thing else?
  • How much risk am I willing to take upon me?
  • How long and hard am I willing to work?
  • What is a reasonable timetable for my objectives?
  • When shall my personal objectives be reached?
  • Will I be able to “survive” if my objectives do not get fulfilled?

Next - How to form business objectives? & Why? >>

<< Previous - Step 1 – Understanding your business!

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Table Of Contents

  1. How to start a company? – Introduction
  2. Is your new business idea “really” that brilliant?
  3. How to make a “perfect” business plan? & Why make one?
  4. Business plan - Step 1 – Understanding your business!
  5.             Step 2 – What do “you” want? (Personal objectives)
  6.             Step 3 – How to form business objectives? & Why?
  7.             Step 4 – How to make the “right” business decisions?
  8.                      - Making the right legal decisions
  9.                      - Making the right production decisions
  10.                      - Making the right hiring decisions
  11.                      - Making the right inventory decisions
  12.                      - Making the right marketing decisions
  13.             Step 5 – Estimating the capital required
  14.             Step 6 – How to “draft” the perfect business plan?
  15. How to raise the capital required for your business?