• Entrepreneurship

Planning for success

Guest Blogger | September 25, 2012

Sidney Halpern, Chartered Accountant, Winnipeg, MB, CYBF Mentor

From the outset, you must first define ‘success,’ both conceptually and specifically. Is it success in your career, education or home life? The next step is defining the timeframe – whether it’s weekly, monthly, annually or even throughout your lifetime.

Start by establishing lifetime goals and objectives, and then break those down by day, week, month, year etc. These are subjective and there is no right or wrong answer. It is what you decide personally about what creates a successful life. My opinion is that your goals can be based on what you observe successful people achieving, but you should be adapting these goals to fit your personal definition of success. That being said, take the time to consult with people who are thriving in their industries since this too is an important element of developing your plan.

Once you have established your definition and specific goals, you should create a written business plan, which includes your mission and vision and an evaluative measurement on a daily, weekly, monthly, and annual basis. You should also include a strategy for rethinking and rerouting the plan on a regular basis, since our ‘definition of success’ tends to be fluid and changes with one’s maturity levels.

Last but not least, part of your plan should include an annual investment in yourself. I recommend including at least 20 hours per year of continuing education both formal and informal. The informal part should include learning from successful entrepreneurs since they can provide valuable guidance and recommendations throughout your business planning process.