Entrepreneurship and StartupsBusiness Planning

1. Define Your Why:
2. Example: Wilkerson emphasizes the importance of identifying both personal and professional reasons for entrepreneurial aspirations.

3. Action: Make a list of personal motivations (e.g., spending more time with family, achieving financial independence) and professional goals (e.g., making a difference in the community, pursuing a passion).

4. Vision Board Creation:

5. Example: She discusses creating a vision board to visualize goals and stay motivated.
6. Action: Gather pictures, quotes, and symbols that represent your business goals and personal aspirations. Create a collage that you can place somewhere visible to remind you of your objectives daily.

1. Skill Inventory:
2. Example: Wilkerson suggests conducting an inventory of your skills and experiences.

3. Action: Write down all the skills, experiences, and knowledge you have acquired. Consider how these can be monetized or applied to various business ideas.

4. Market Research:

5. Example: She shares stories of successful business owners who found niche markets.
6. Action: Conduct market research to identify gaps or underserved niches in the market that align with your skills and passions. Use surveys, online forums, and social media to gather insights.

1. Business Model Development:
2. Example: Wilkerson provides examples of different business models (e.g., service-based, product-based, online businesses).

3. Action: Choose a business model that aligns with your skills, market needs, and lifestyle preferences. Create a business plan outlining your value proposition, revenue streams, and cost structures.

4. Brand Development:

5. Example: She recounts the importance of a strong brand identity and shares tips on crafting a compelling brand.
6. Action: Define your brand’s core message, values, and unique selling points. Design a logo, website, and marketing materials that reflect your brand identity.

1. Online Presence:
2. Example: Wilkerson highlights success stories of businesses that built strong online communities.

3. Action: Establish a robust online presence through social media, a blog, or a YouTube channel. Engage with your audience consistently by sharing valuable content and interacting with followers.

4. Networking:

5. Example: She emphasizes the power of networking with other entrepreneurs and industry experts.
6. Action: Attend industry conferences, join professional associations, and participate in local business groups. Network with other entrepreneurs to exchange ideas, seek advice, and form strategic partnerships.

1. Goal Setting:
2. Example: Wilkerson outlines the importance of setting SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals.

3. Action: Set short-term and long-term goals for your business. Break these goals down into actionable steps and assign deadlines.

4. Time Management:

5. Example: She shares her strategies for managing time effectively and balancing work with personal life.
6. Action: Create a daily schedule that includes dedicated time blocks for different tasks. Prioritize important activities and eliminate time-wasting habits.

1. Affirmations and Visualization:
2. Example: Wilkerson discusses using affirmations and visualization techniques to stay motivated.

3. Action: Write positive affirmations that resonate with your business goals. Practice visualization exercises, imagining yourself achieving your goals and experiencing success.

4. Continuous Learning:

5. Example: She cites examples of entrepreneurs who continuously invest in their personal and professional growth.
6. Action: Commit to lifelong learning by reading books, taking courses, and attending workshops. Stay updated with industry trends and best practices.

1. Budgeting and Expense Tracking:
2. Example: Wilkerson shares tips on creating and sticking to a business budget.

3. Action: Develop a detailed budget outlining your business income and expenses. Use accounting software or spreadsheets to track your financial transactions regularly.

4. Pricing Strategies:

5. Example: She provides insights on setting competitive and profitable pricing for your products or services.
6. Action: Research your competitors and analyze your costs to determine a pricing strategy that ensures profitability while remaining attractive to customers.

1. Content Marketing:
2. Example: Wilkerson highlights the benefits of creating valuable content to attract customers.

3. Action: Develop a content marketing plan that includes blog posts, videos, infographics, and other content types. Focus on providing value and solving problems for your target audience.

4. Sales Techniques:

5. Example: She shares effective sales techniques and the importance of building relationships with customers.
6. Action: Learn and practice different sales techniques, such as consultative selling and upselling. Focus on building long-term relationships with customers by offering personalized service and follow-up.

1. The Big Why: Identify personal and professional motivations.
2. Action: Create a vision board.
3. Finding Your Buried Treasure: Leverage unique skills and conduct market research.
4. Action: Inventory skills and identify market gaps.
5. Building the Framework: Define business model and brand identity.
6. Action: Develop a business plan and brand elements.
7. Creating a Community: Build online presence and network.
8. Action: Establish social media presence and network strategically.
9. Taking Action: Set SMART goals and manage time effectively.
10. Action: Set goals with actionable steps and maintain a structured schedule.

Entrepreneurship and StartupsBusiness Planning