Business Risks with Boundaries

How can we make calculated business risks in today’s small business landscape?

In today’s small business environment the need for entrepreneurs is increasing as technology expands and opportunities for improvement on current systems and services seem more apparent.  The idea of being an entrepreneur requires a mindset of taking business risks and lately that concept is met with an understandable level of fear or reservation.  One of the untold keys to taking risks is establishing boundaries, and what I read this morning points to this insights importance.

INC. Magazine posted an article today stating that 66% of millennials desire to start their own business while only 4% of businesses are owned by people under 30 years of  age.  They list 17 Simple Steps to Starting a Business While Working Full Time and I wanted to highlight a few that I believe are critical not just to business but toward achieving any major goal in front of you.

1. Set your vision. The first step in establishing your business is having a vision for the company. Your vision tells you–and others–what business you’re in and where the company is headed. As you’re developing your vision, focus on what you want to create. Most successful business feel a need and then find a way to meet it.

2. Determine your mission. Your mission statement is not the same as your vision; your vision is about where you’re going, and your mission is about your planned impact on your customers and society.

3. Fix your purpose. Your purpose statement is what your business stands for. It lets people know why your business exists–not what you do, but why you do it. From the customer’s point of view, it clarifies what your business is all about. The purpose should be compelling and bring meaning to your employees (once you have them).

When applying these 3 concepts to life and business, you are able to not just set achievable goals, but you know with clarity the direction that you need to take in order to achieve them.  These are like boundaries that keep your business moving, in tune with your heart and ultimately achieving the results that you were intending.  The boundaries of vision, mission and purpose provide the basis for which we can calculate whether the risk is worth the reward.