#BYOB Episode 011 - Understanding how your lifestage impacts your start-up business

 

Over the last few weeks we have looked at values and personality as important aspects of creating a business that attracts people to you.  Today we look at the third component - Life Stages.

If you don't know where you are and where you want to go, how can you plan for the future?

You need to know what you want in order to set your business intentions. 

What age are you is the first thing to look at in Life Stages.  Age can often determine your current values and life priorities and these need to be understood when building and designing a business on your terms.  

Life stages is all about timing and what capacity you currently have in your life. Entrepreneurship is about understanding where we are and planning for what is coming up.

When do you want to retire? What do you want to do when you retire? Retirement is about being able to choose what you want to do. 

Once you know what you want retirement to look like, map out how long it is going to take you and what you need to do to get there.  Intention, time and lifestyle are all key factors.

It can take 5 to 10 years to make a remarkable business.  Five years to get a business that can create a lifestyle income and another 5 years to make an asset to sell.

What are your intentions for the next 5 to 10 years, map out what it is going to take to get there and then consider what you will need to get there. 

We will dig deeper next time into Resources, what you will need to have to get you to where you want to go.

Take action this week by visiting the Life Stage module at Social Star University.