In what seems like a flash, another year has gone by. For some
entrepreneurs, it's been a great year, and others are looking
forward to the promise of 2005. Wherever you and your business fall
on that scale, there's no time like the present to assess what
you did right in 2004 and figure out how you're going to keep a
good thing going, or determine what went wrong and come up with a
plan to fix it.
All entrepreneurs know they're supposed to have a plan. You
really can't start a business without one (well, you can, but
you shouldn't). And if you're going to grow, you need a
plan that you constantly refer to and update. I'm not talking
about a business plan here (though I do firmly believe that if
you're just starting your business, you need one of those). In
this case, by plan I mean goals. Did you set goals last year? These
can be gauged by revenue, profit, growth, number of new clients,
customers, product introductions or whatever measure makes sense
for your company.
Some entrepreneurs insist they don't need to set
goals—they prefer the more "fly by the seat of their
pants" method of growth. If this is you—and if
you're very lucky—you might grow in spite of yourself.
Most entrepreneurs know better. They set goals on at least an
annual basis and frequently go back to those goals to measure their
progress and success.
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Over the years I've met some truly dedicated
entrepreneurs—some who are quite well-known, and others who
labor relatively anonymously. No matter what kind of entrepreneurs
they are, I have learned plenty from them. Waly, my former
next-door neighbor, started his business at age 21 armed with an
idea and little else. He persevered, fueled by his dream of
entrepreneurship and his unerring belief in his faith and in
himself. Today, his sunglasses business employs 24 and grosses
almost $2 million.
And then there's my brother-in-law Stu. Stu's a
born-to-be entrepreneur, still working hard at his full-time job.
In his spare time, he's come up with a great business
idea—one that seems destined to boost him into full-time
entrepreneurship soon enough. Stu tends to worry a bit too much
(what entrepreneur doesn't?) but his passion to own a business
is so strong that I have no doubt he will one day succeed.
My friend Betty left a high-paying job to set out on her own.
She owns a PR firm, but has bigger fish to fry. Betty wants to
change the world and has started several nonprofits to help kids.
She funds the nonprofits with the money she makes from her PR firm.
The money's not rolling in the way it used to, but Betty's
vision, creativity and natural ability to network will take her to
the top.
And then there's Fred DeLuca. He's not one of the
anonymous entrepreneurs. Fred founded Subway 39 years ago. When I
first met him almost 20 years ago, Subway wasn't the powerhouse
it is today. But back then, I remember Fred had a plan: to grow his
company by 1,000 units a year (if memory serves me correctly). He
started meeting that goal—and beating it most years. Today,
Subway has more franchises in the U.S. than any other company. But
Fred's not one to rest on his laurels. As he tells staff writer
Nichole L. Torres in "View
From the Top", his new goals are to grow to 30,000
locations worldwide (partly by firing up international growth);
focus on individual store profitability; and add more stores in
nontraditional locations, such as airports and schools, all by
2010. Ambitious? Absolutely. But I have no doubt that Fred DeLuca
will attain those goals because he sets them and articulates them
to his people. And then they all devise plans to carry them
out.
Obviously, no two entrepreneurs are alike. But there are traits
many of you share: Passion, faith, creativity, optimism,
perseverance and flexibility are just a few. If you take what fuels
you and add goals with a plan of how to achieve them, success is
sure to follow.
Here's to a happy and prosperous new year for all of us.