This may
be the most important step of all. It is the reason that most people
fail not only in business, but in life. In business this advice is
more literal than metaphysical because it has to do with how we
structure our taxes, our business, and our corporation.
An example of the importance of
'beginning with the end in mind' is the accounting software called
'Quick Books'. When you are setting up a new business account in
this software program it has a bright yellow screen pop-up with an
exclamation mark! It warns you that you may be about to begin your
business incorrectly. It will say "If you set up your company as an
S-corporation at the beginning, you will not be able to change this
later on". This is why it is essential to have carefully chosen your
advisors before you even begin.
People skills are required
in determining if you will work well with your advisor. If you do
NOT have good people skills either marry someone who does, or
partner up with one. We strongly recommend the book "How to Start an
S-Corporation" by Robert Cooke. You can check it out at the local
library. I also highly recommend
Robert and Kim Kiyosaki's
audio CD presentation called 'Choose to be Rich'. Robert was a
millionaire before he was 25 but unfortunately he forgot rule number
0. "Begin with the end in mind". He had a terrific idea for the
velcro wallet and made a million bucks. But his vendors knocked off
his idea because he did not protect the intellectual property
rights. In order to save 7,000 dollars he lost millions. He didn't
know where he was going and what it was all for, so his first deal
ended badly. Now he plans carefully. If you do not have a plan, you
are controlled by someone else's.
