Still Don’t Have a Small Business Idea?

If you have made up your mind that you would like to start a small business but are still trying to decide just what business it would be, here are two tools you can use.

Entrepreneurial Success Matrix
This tool was created by Fred Carpenter, a Managing Principal of The Glenwood Group. In each box, list your skills, interests, and tasks or your lack of skills, etc.

Ideally, you will want to look at starting a small business where you use the skills, interests, and tasks you are good at and you also enjoy doing them. You will want to avoid starting a business doings things you are not good at and you don’t enjoy.

Hedgehog Concept
Jim Collins in Good to Great uses a similar model to identify the interception of the three circles  where you are doing work you are deeply passionate about, you are well paid for what you do, and you are doing work that you have natural talents for.

He points out that “If you make a lot of money doing things at which you could never be the best, you’ll only build a successful company, not a great one. Ifr you become the best at something, you’ll never remain on top if you don’t have intrinsic passion for what you are doing. Finally, you can be passionate all you want, but if you can’t be the best at it or it doesn’t make economic sense, then you might have a lot of fun, but you won’t produce great results.”

Whichever tool you use, take a few minutes this week to identify what your ideal small business startup would be. And if you are still looking for a few business ideas, take a look at my previous post Start a Business – Start the Rest of Your Life.

Bev McCrostie, M.Ed.
Virtual Assistant Certificate
Red Deer College
Bev.mccrostie@rdc.ab.ca
www.virtualassist.ca

Two Alternatives to the To-Do List

Okay, so I’m one of those people who love to create To-Do Lists. It helps soothe me when I’m feeling overwhelmed and only think I have a million projects to complete. I love checking off when I’ve finished a task – I’ve experimented with different colored pens and debated as to whether to place a check mark in front or cross through the item.

For those of you who are looking for an alternative to the dreaded To-Do List, here are two great ideas:

The authors of Ladies Who Launch: Embracing Entrepreneurship & Creativity as a Lifestyle recommend creating a “Loose List.” A Loose List is a series of ideas or actions that can get you moving in the direction of your goals. The ideas are not set in stone, have no specific time frame, and are not listed in any particular order. It’s meant to inspire you. So rather than: “Draft marketing section of business plan,” try “Wear the dress I designed to a party and see what everyone says.”

Jack Canfield’s The Success Principles: How to Get Where You Want to Be describes how to create a “Stop Doing List.” Make the things on your list “policies.” People will respect you more for being clear about what you won’t do.

Some of his “don’t do” policies on a personal level are:

• We don’t schedule outside social events on Friday night. That is our family night.
• I don’t discuss contributions over the phone. Send me something in writing.

On a business level some of his “don’t do” policies are:

• I don’t schedule more than five talks in one month.
• I don’t do individual counseling or coaching. There is greater leverage in working with a group.

Hmm…That gives me some ideas for two other lists I can keep: “Bev’s Loose List” and “Bev’s Stop Doing List.” One of the first items on my Stop Doing List will be to stop volunteering so often – learn to say “no.” How about you?

Bev McCrostie, M.Ed.
Virtual Assistant Certificate
Red Deer College
Bev.mccrostie@rdc.ab.ca
www.virtualassist.ca