by: Ryan P. Desmond
You cannot be an entrepreneur unless you are making profits! However, I do not want you to measure your success by the size of your bank account. Entrepreneurship is about generating enough profit to create freedom. If you tie your success to the size of your bank account, you run the risk of becoming a slave to the money. You don’t want to be a slave to your money, right? You are an entrepreneur because you crave financial freedom and time freedom. So, maintain that vision.
Money is a tool that we need to enjoy life. It buys life experiences. Everyone wants the nice house and beautiful car. Those are things that every dual income household can purchase. In fact, a nice house and beautiful car can be paid off in 5 to 10 years. Entrepreneurs like you and I, typically desire more. Many of us have seen our parents work and work and work, but they were not able to create the comfortable, nest egg. Therefore, we want to create a family legacy of financial success that will span several generations. The house and the car are not enough. We want to also enjoy our money. We want to see our kids play sports. We want to travel and vacation.
We want to retire before 70 and live in an RV seven months out of the year.
You can have your vision. I encourage you to BUILD IT BIG! And, I encourage you to create a plan to make your vision a reality.
This is my one principle for turning a big vision into a reality.
Most people will tell you that creating a business plan is vital to running a successful business. I agree. P.K. Bernard said, “A man without a vision is a man without a future. A man without a future will always return to his past.” You need a clear vision if you want to change your financial circumstances and grow your business. A business plan is your means of planning and tracking your vision. It also allows you to understand your position in comparison to competitors and the consumer market.
This plan should not be built on the principle of money. Money can buy many things, but it does not buy happiness. In fact, “being in love with money opens the door to all kinds of evil, because chasing it can cause you to pursue things that are not in line with your character” (1 Timothy 6:10). Tons of people have traded their morals and integrity in exchange for money. In the process, they have lost family, friends, health, and the ability to enjoy the fruits of their labor. And their lives are filled with misery. This result is the antithesis of entrepreneurship.
Entrepreneurs seek to create a better way of life for themselves, loved ones, and business associates. That is why your lifestyle plan MUST be created first. One day you will retire from work. And when you retire, life will continue. If you do this first step correctly, you will have a life of joy and prosperity several decades after work. Get your lifestyle plan started by creating a Vision Board.