Stephen Covey taught in his book “The Seven Habits of Highly Effective People” That one of the most important aspect of a highly successful individual is that he or she begins with the end in mind. When you are building a business it is important to consider what you want the business to be when you are done with it, whether that will be at the end of your life when you leave your business to your children or when you sell your business off or leave the business during or after an IPO.
While it is very likely that over time your business model will change, the target market will alter, and the product focus will be manipulated all do to changes in the market that are out of your control; however, having the principles and vision of what you want to accomplish will be crucial in developing your business. For example, do you want to build a powerhouse like Wal-Mart that is so formidable to its competitors that investors would like to acquire you for the safety, or would you prefer to build a model that works but need improving that could be sold for the potential? Do you want to be with the business till you die or would you like to build it up and then move on to other ventures?
Depending on how you answer questions such as these will alter how you should build your business. I was once told that the difference between a millionaire and a billionaire is that the millionaire checks his goals once a day while the billionaire checks his goals twice a day. While this is not always true, the concept is that you need to begin with the end in mind, and you cannot ever forget it; everyday you need to wake up and pursue those goals. Bill Gates, the Microsoft billionaire, spent his 20s working ever-single day. That is right, he didn’t take a single day off for the entire decade. He worked extremely hard, and, while I have not asked him personally, I do not doubt that he began with the end in mind. He had his vision and he did not lose focus.
Deal Capital’s professionals and consultants in Seattle, WA know what type of businesses are the most attractive to investors. We know what it takes to build a model that will sell fast and for a premium. Contact us to find out how we can help you as you build your business or begin the process of selling your business.