You need more than money to start a business

I’ve read countless lists that describe the things you need to do to start your business.   I think they are missing the mark.

Some start with the technical questions like:

• Name your business (Have you ever tried to come up with a good business name?  That could take months.)
• Determine your legal structure (Isn’t it the one that lets me cash the first check?)
• Who is your target market? (Which is painful to figure out when you are starting.  Read more on other my other post about your target market)

What do you really need to start your business? More than money I suggest

Others try to go more in-depth and ask questions about you as an entrepreneurial persona.  They examine things like:

• Are you a risk taker?
• Do you bounce back well from adversity?
• Are you an optimist?

Good questions – but still not enough.  (And the bigger problem that anyone reading this would of course say YES to all of these!)

The questions need to dig more into you as a total person and how you handle ALL aspects in your life.  And then relate it back to the start-up process in a meaningful way.

Let me share a big one that you never see on the lists:

1. What is the current state of your physical health?  How well do you maintain it? 

Anyone who’s read anything on entrepreneurship knows you are going to be putting in a ton of hours.  So it begs to differ that you need to be ready to handle the late hours and long weekends that will inevitably be involved.  Do you eat balanced meals?  Do you exercise regularly? How well would you rate yourself across the board on strength, stamina AND flexibility when it comes to your health?

Be honest – on a scale of 1-10, where do you currently stand?

I’m not suggesting you need to be in the  condition of an Olympic athlete.  But I don’t find it a coincidence that alot of the top entrepreneurs I see speaking at events and conferences appear to be in shape and eat pretty healthy when walking down the buffet line.

Take a moment and assess yourself.  Where do you stand?

For myself, I know I need to back off the sixth food group – sweets.  So no judgment here with the question.

But it does give you another perspective to consider when you are starting.  Do you need to hire a trainer to ensure you stay consistent with your fitness regime?  Perhaps you might consider training for a mini marathon or some other contest that ensures you are committed.

It’s also a good time to assess the foods you are eating.  And we know the proper plan – eat healthy and avoid fat, a ton of carbs, grease, etc.

Just do the right thing.  You’ll be surprised at how easy it will be to breeze through those late night marathons.

Stay tuned on my next post for the remaining list.