Research, Ponder and Plan. Repeat.

This week, I have come to appreciate the power of researching and looking to others for advice.  In addition, getting a plan in writing has forced me to do research.  I don't want to put a plan together that will not be functional at a later time so I took time to focus on the business plans for my $100 Challenge and my long-term "Big Idea."  The business I have settled on for this semester long project is making handmade mini-crane origami earrings and my focus for my "Big Idea" will be on a financial services business.  Here are the highlights from a few assignments this week:

• StartupNation.com: The "Defining Dozen" and creating a business plan.  I lucked out this week by getting online early to review my assignments. I jotted down the "Defining Dozen" questions to fill out and the next day this content was not available on the website any longer. One of the downsides to using references from the web, they can decide to change their content and how accessible it is to users.  This is another reminder to me that if I find something useful on the web, it's best to document what I can, when it is available and reference the source. So often I find something and think "Oh, that's awesome advice!" I forget to save the website or information found and struggle to find it again later. Or worse, waste valuable time finding it again.
• Heather Evans, Inc. case study: Just because you were raised in a family with finance and get a business degree from an Ivy League school doesn't guarantee success.  Heather made a great business plan but seemed to fall short in focusing, relied on her own savings to fill in the financing gaps and did not pursue investors aggressively.
• Chapter 3-4 of E-Myth: I learned that skilled technicians with an expertise level within their field often choose to drop out of the rat race and start their own business because they are so great at what they do.  Many of these small business owners forget that a balance must exist between technician, manager and entrepreneur for their business to be successful.  When you start your own business, you don't get rid of the boss, you become the boss and you have to develop a split personality.
• Business Plans: No more stalling! I had to make a final selection for the $100 Challenge and "Big Idea." After completing reading assignments, including a study of the Harvard Manage Mentor topic Business Plan Development, I cracked my knuckles and got to work. 

 RESEARCH, PONDER and PLAN. REPEAT.