Read the previous lesson 01 article here.
Each of us has our own strengths and weaknesses. Successful people recognize their strengths and build upon them and they also understand where their weaknesses are so they can get the support they need in those areas. For myself, I’m not a big fan of accounting. Never have been a numbers guy. This is why I hire a CPA to handle that part. Delegation.
“If you really want to grow as an entrepreneur, you’ve got to learn to delegate”
—Sir Richard Branson
To help us decide what our strengths and weaknesses are, I’ve developed this Starting a Business Strength and Weakness Analysis where you can get a better idea of who you are and where you are at. The idea behind this is for you to find out what you are good at and to give you ideas with what type of business to start. You can download the strength and weakness analysis here.
Because I am starting a white label business that was chosen by the readers of StartABiz.org after conducting an online poll, the majority of people wanted for me to start a white label business. Below are my answers in the Starting a Business Strength & Weakness Analysis so I can use the information to help me determine what type of white label business to start.
- If you were to hit the lottery today, what would you be doing with your life after all the vacations, homes, and cars are bought? Would you be volunteering for a cause? Would you be a mentor? Would you be painting? What would your typical day be like?
After all is said and done, the traveling done with my family, you would find me writing, designing, and starting businesses. I would start the day running trails, meditating, check the news on my cell, then write, take a nap, design a logo for a business idea, then spend time with my family.
2. What do you like to do in your spare time when nothing is on the TV or there’s no one around?
You’d find me on my computer writing or designing. I’d also be on my cell learning Spanish with Duolingo’s app.
3. How much free time do you have to give to starting a business? If you’re thinking of free time after watching Netflix or Hulu, then add that time to your free time.
Right now, I could afford roughly 2-3 hours at night after everyone goes to bed. Maybe more if I find myself in a grove and I have some good music playing on my headphones.
4. Think back to all your teachers, coaches, friends, parents, bosses and write down what they have always told you that you are natural at.
That I’m creative, I’m willing to help others, that I’m good at designing, and that I’m a good writer. On my 6th grade report card, I was told that I needed to make fewer cute comments and that my future is completely up to me.
5. Do you prefer large crowds or are you a one-on-one person?
I’m pretty much adaptable when it comes to crowds. I really don’t mind once I assess the area.
6. Who knows you well? Find that person then ask them what they see your strengths to be.
That person who knows me well would by my wife. When asked what she felt my strengths were, she stated that I am a creative person, good at writing, determined to finish projects, able to adapt to any situation, and a leader.
7. Now let’s think of a business after answering these 6 questions. Read all your answers to see what type of business pops in your head and write it here.
A business that helps people with their business, technology based. Perhaps a mobile app development biz.
8. Imagine last week. What was it that you were avoiding? Write down everything that you were putting off and look for patterns in your answers.
I was avoiding doing a direct mail piece for my creative agency to get additional work because I was knee deep in other projects. I was avoiding social media for the time being because I was swamped with my clients work.
9. Describe a time or two when you failed. This can be at work or at home. What did you learn?
I failed to provide a client’s projected timeline with a website. I learned from this to not rely on the client to get you the information when you need it, and that a time schedule needs to be created to avoid this in the future so I’m not spending time gathering information that I shouldn’t be.
10. Knowing what you know now, is there an industry or business that you wished you would have started a decade ago? Is that industry or business still popular today?
I wish I would have started learning about mobile platforms and their applications. Yes, they are very much in demand to this day as 71% of online time in the USA came from a mobile device.
11. Pretend you are explaining the type of business you want to start to a 5-year old. How would you describe it so that they understand?
You know how you get on your mommy or papa’s phone and play those games. Those games are really called mobile apps. Mommy or papa can download more mobile apps so that you can play on their phone while you are in the backseat of the car or sitting down at a restaurant while mommy and papa talk.
12. If there was a drop in the economy like before, how would you sell your product or service?
Knowing that close to 2/3 of online access is mobile phones, I do not feel people would give up their cell phone and its online usage. They may limit their cell phone minutes but not their wi-fi connected online usage. To get online, they may cancel their home internet but still keep their phones.
After answering the above 12-pack of questions, my strength would be to open a technology based business that helps people and encompasses mobile apps. After some quick Googling, I was able to gather some mobile app development companies in the cyber world that offer white label systems of their software.
The next post that you will see will be inside the Preparing to Launch a White Label Business—Chapter 1: Research quality businesses – Lesson 03.
Till next time Biz Army…