Personal Vision Statement

Personal Vision Statement

Outcome

Compose your personal vision statement.

Overview

How can you determine the success of a business venture? A simple answer is that a business is successful if it meets your personal goals, or your vision. A personal vision is a statement of your own criteria for successfully starting and operating a business. The personal vision statement includes lifestyle, professional, and financial criteria.

The important thing is to identify the criteria that matter most to you. These criteria will guide you in making a go or no-go decision for your venture. They will help you in deciding whether entrepreneurship is right for you. They will also help you in shaping a business concept that meets your criteria.

Instructions

Record a goal for each criterion listed in steps 1, 2, and 3. Enter your own information when prompted, such as InsertTextHere. Then, in step 4, write a personal vision statement using your answers from the first three steps.

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Step 1: Establish lifestyle criteria.

Entrepreneurship can change your lifestyle dramatically. You should determine what type of lifestyle you desire and then pursue a business that can support it.

1. How many hours do you want to work per week during the start-up phase? During the maturity phase?

(Consider: Most entrepreneurs work well over 40 hours each week. Be realistic about your number. The number of hours you want to work and the needs of the customer must mesh.)

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2. Do you need flexible work hours? What will take precedence, family or business?

(Consider: Is flexibility a necessity for you or an added bonus? In most businesses, customers need prompt responses. How much flexibility is necessary for you and your family?)

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3. Where is the desired location for the business?

(Consider: Are you interested in a certain business idea and want to find a location that will support it? Or have you already selected a location and are trying to find a business that will be successful there?)

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4. How much would you like to travel for your business? How often and for what duration?

(Consider: Do you seek travel as part of the business or a perk of the business? Or do you wish to avoid travel altogether? Travel can add both excitement and stress to your life.)

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5. What morals, beliefs, or standards do you hold?

(Consider: Do you have strong beliefs that will affect the way you do business? Identifying these now will help you build a company that can reflect these beliefs.)

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6. What specific physical requirements or restrictions do you have?

(Consider: Are you looking for physical activity in a business or are you avoiding it? Do you have specific physical or health requirements that need to be considered?)

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7. Will your family be involved? Supportive?

(Consider: Family support can make or break a new business. What support do you expect to receive from family, such as emotional support, financial support, or commitment of time to the business?)

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8. Who would you like to work with?

(Consider: Many days, you will spend more time with the people at work than with family at home. What behaviors do you want your co-workers to exhibit?)

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Step 2: Establish professional criteria.

Entrepreneurship can bring limitless professional growth opportunities. The professional criteria within the personal vision help you define what is important to you professionally.

1. What level of power or status is important to you?

(Consider: How important is it to you to have a sense of power and control in your business? Be aware that the quest for power may be driven by ego. Many entrepreneurs say their ego has gotten in the way of listening to good ideas from advisors and employees.)

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2. How involved do you plan to be in the daily operations of the business?

(Consider: Do you want to run everything, or do you like to delegate and manage? If you want to be a hands-on entrepreneur, you may be limiting the company’s growth potential. How will your involvement change over the course of the business’s life?)

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3. What type of work do you enjoy? What expertise and skills do you already possess?

(Consider: You probably hope to be working in this business for some time to come. It is critical to concentrate on a business that you enjoy and that builds on your expertise.)

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4. How important is job security?

(Consider: No one plans to fail when starting a business. Still, you need to think about how important job security is to you. Are you looking for a steady income? Wanting steady work? Build your business with this in mind.)

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5. What do you see yourself doing in five years? Ten years?

(Consider: You are in control of your future. Knowing what you want in the future can help you build a business that will make those dreams come true.)

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6. Do you plan to create a growth business or a lifestyle business? To what size do you want your business to grow?

(Consider: A lifestyle business is limited in size, but can be very emotionally rewarding because it is built to achieve the personal goals of the entrepreneur. A growth business will often put more demands on the entrepreneur, but also creates greater financial rewards when the entrepreneur is ready to exit.)

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Step 3: Establish financial criteria.

Entrepreneurship offers varied financial opportunities. It is critical that you specify the financial criteria that will in part determine whether you actually start or continue your business.

1. What level of income do you need to cover your personal financial obligations?

(Consider: Complete a personal budget to determine money needs and uses.)

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2. What level of income would you like to reach in the future?

(Consider: Be realistic with this figure. Sure, we would all like to be billionaires. Consider your dreams, but be reasonable as well.)

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3. How much profit would you like the business to produce?

(Consider: Profits are used to support future growth and expansion of the business. To what extent do you want your business to grow, and how much money will it take?)

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4. How much money do you have to invest?

(Consider: Most often, businesses are started using money that the entrepreneur already has. You will need to invest your own funds as well as time.)

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5. How much money do you believe you can raise from outside sources?

(Consider: How much money do you need from outside sources after your own contribution? Often, outside investors or lenders assess your level of dedication to the business according to the amount of money you have invested.)

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Step 4: Write your personal vision statement.

Based on the answers you gave to the preceding questions, write a short statement of your personal vision.

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