When you’re just starting out, building your business can be a deeply exciting–and overwhelming–proposition, says Jon Parrish, former attorney and successful business entrepreneur. Luckily, there are many wise and successful people who have traveled this road before you.
While your business model, challenges, or product may be completely unique, there are some business principles that are universal. Read on for Parrish’s best tips for young entrepreneurs.
While it’s important to set realistic goals and layout exactly how you’re going to accomplish them, it’s also important to challenge yourself. As you lay the foundation for your business, setting stretch goals can give you a major advantage over the competition. Now is not the time to play it safe.
“You play it safe when you have too much to lose,” says former attorney Jon Parrish. “When you’re just starting out, there isn’t anything to lose. You have the freedom to be ambitious and reach for the stars.”
So when you’re laying out your business plan (see below), make sure that you’re including room for aggressive growth. Set your goals about 10-15% higher than you think you’re capable of. You’ll be surprised how often you can achieve that little bit more when you’re working towards it.
Unfortunately, it’s not all big dreams and “making it work”, says Jon Parrish former attorney and business owner. This is where even the most passionate young entrepreneurs can stumble. You have to have a practical and well-thought-out business plan in order to succeed.
A well-written business plan clearly defines your path forward by laying out exactly how you will achieve your lofty, challenging goals. This is not the time for vague platitudes and motivational speeches, says Parrish. Now is the time for details. A lot of entrepreneurs put off business planning or try to skip this step altogether because it’s time-consuming.
But don’t let that stop you. Instead, embrace the challenge (see above), roll up your sleeves, and dive into the nitty-gritty. You’ll be surprised how fun it can be once you get started, says Jon Parrish former attorney at law. “After all, you love this business, that’s why you started it. This is the work that’s going to make it happen.”
Here are a few things that Parrish advises you to include in your plan:
Jon Parrish is a former attorney and current business owner in Florida. He has been an entrepreneur since 1996, when he started his own law firm. He also owns, operates, and manages Oceanic Blue Retreats, LLC (as Managing Member) and several other business entities in the hospitality industry with properties in multiple states.