Tag Archives: Pursue

How Do You Create a Side Business? Five Suggestions

Situation: A CEO has built a successful company. She is considering creating an additional company, unrelated to the current company but which will enable her to pursue a long-term dream. The second company will be sufficiently different from the current company that it makes more sense for it to be a separate entity. What success parameters should she set? How do you create a side business?

Advice from the CEOs:

  • A number of successful entrepreneurs have been able to do this. Elon Musk is an excellent example. Study the steps that he took as he moved from PayPal to SpaceX and Tesla. This will provide insight into the factors that must be taken into account.
  • For the short term, pursue the dream of setting up the new company. Draft a business plan and seek an angel – perhaps someone that you already know – to get it moving.
  • Fall-back positions are good to have in mind. While looking at options, assure that sufficient time is allocated to pursue the long-term goal. Be aware of and provide the necessary resources to meet the demands of the new entity. Assure that there is a qualified individual to take the lead in the existing company as your attention shifts to the new entity.
  • For your long-term goal, be the Beta subject of the new program.
  • Assure that all of the ramifications of the long-term goal – including financial and quality of life realities – are taken into account and that there is a plan for each.

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How Do You Balance Career and Personal Goals? Three Guides

Situation: After two challenging two years, a CEO has observed that to keep the company afloat he has had do set aside his personal goals. As the economy has recovered business conditions have improved and he wants to devote more time to personal goals and objectives. Where should he focus, and how have others faced this challenge? How do you balance career and personal goals?

Advice from the CEOs:

  • Take the time to think about and quantify a long-term solution. This should be in detail with specific and measurable objectives, and, ideally, timelines.
    • Talk to peers. Ask them about their experience and how they defined both professional and personal goals.
    • Seek a mentor. Evaluate several before selecting one
    • Use introspection and identify the real issues and factors – both those that must be tackled and those that are aspirational.
  • Document your dreams and pursue them.
    • Define your goals and objectives.
    • Define what makes you happiest and assure that the goals objectives align with this.
    • Create a reward structure. Assure that you are in charge of each reward.
  • Pursue fulfilling outside activities.
    • Look at organizations or courses that are inspirational and aspirational and which align with what was documented in the first two steps. These could be formal organizations like Toastmasters or evening academic or online courses that appeal to the documented aspirations.
    • Get a copy of Don Clifton’s “Now, Discover Your Strengths.” It includes a link to the Clifton StrengthsFinder assessment that helps to identify strengths and fulfilling talents.

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