Avoid Common Management Mistakes When Launching a New Business – CPA Ontario.
Strategy
Follow Your Passion, the Money Will Follow
Everyone has heard this one countless times – but what does it mean? Does it mean you quit your job at the local grocery store to start up a yoga studio because yoga does so much for your well-being and you really want to make a living at it? Do you quit your civic employee job to go out on a limb with a start-up florist shop? Do you cash in your RRSP’s to buy a van and travel the continent as a travel blogger?
We all have dreams and we all have, at one time or another, had jobs that sucked our will to live. Jobs that did not fulfill or inspire or motivate us. Jobs that crushed our spirit for 8 hours a day and did not give meaning other than a paycheck. Other jobs may have been interesting and lucrative and had great purpose and leadership – but they were for someone else’s dream. What about yours? I’m not saying that this is a bad thing, but how do you follow your passion and make money doing it?
- Don’t quit your day job – yet! We need money to live, to pay the rent, put food on the table. If you have a steady job, keep it for now until you take some steps to plan
- Discover what your passion really is. Don’t be esoteric about it. This is not the place for vague pipe dreams – you need to define exactly what it is you’re passionate about.
- Make some lists:
- Define what you are good at. What do you do well? List your skills, your expertise, your talents, and your knowledge
- Write down everything that you enjoy doing; hobbies, games, outdoor activities, gardening, cooking, renovations (believe it or not some people enjoy this!), etc.
- Now identify what is meaningful in life – your purpose, your values, your likes and dislikes, what you really care about
Now cross-link the items in each of your lists and see what you come up with. Maybe your skills are in finance, but you have a love for cooking, and feel strongly about giving people a hand up in life. Maybe you could start a restaurant that employs some of the local under-employed and economically challenged, and makes soup for the local soup kitchen at the end of each day.
The important step here is that you have to do your due diligence on a restaurant start-up or the purchase of an existing one. Is there a market? Is there a need for employment in your area and what kind of contribution does the soup kitchen really need? You have to assess your strategy, your target market, the needs of your community, and the factors of competition before quitting your day job.
Sounds intimidating, doesn’t it? Remember that this can all be done in steps, by talking to people who are your potential stakeholders – future customers, employees, and the people at the soup kitchen. Do the research on what your idea will entail and keep your passion in mind as you do. Flesh out your idea, crunch your numbers, theme your restaurant, and involve your community stakeholders and you’ll soon find out what the possibilities are. Your idea might take a different path in the process, but if you always have that passion in mind, you will find that you will make many little decisions that will eventually lead you to prosperity doing what you love!

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Instinct vs. Analytical Thinking – CPA Ontario
How many times have you made a decision on the fly, “knowing” that it was the right move to make without any analysis to back it up? Research shows that your gut instinct is more powerful and accurate than you would imagine. Check out this article from CPA Ontario’s website
Instinct vs. Analytical Thinking – CPA Ontario.
“What role does intuition play in business? Researchers and neuroscientists alike have long questioned the debate of rational vs. emotional decision-making. According to psychologist Gerd Gigerenzer, 50 per cent of all decisions made by large international companies are made with a gut decision. Though, these leaders would never admit this in public, Gigerenzer explains, due primarily to the fear of being made responsible if something goes wrong.”
“Culture eats strategy for breakfast”
All the strategic planning you could possibly build is useless without a positive culture that promotes creative and innovative thinking. Buy-in by the people in your organization is crucial. You can build a castle but who’s going to live in it, take care of it, and make it their home?
