Starting with the end in mind seems like a very broad topic. To narrow it down, today?s HSLD podcast will focus on projects and how it is always beneficial to start with the end in mind when doing any kind of project, especially business-related ones.
The title of this podcast was actually inspired by the book The E-myth. The author starts the book by encouraging the reader to start with the end in mind. He talks about a funeral, where people are gathered and sad, and asks the reader to take a look at the casket, only to find out that the reader IS the person inside the casket.
The funny thing is that many veterans may have already played this scenario in their heads. After all, death is a risk closely associated with joining the army.
The problem lies in the fact that many veterans are quick to forget about keeping the end in mind, especially after they?ve gotten out and are caught up in the ins and outs of running a business or working a company.
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Focus is lost on ?the end?, the stuff that really matters, and what should be thought about.
Take it from us- It?s is extremely important to always be conscious about where you are headed, and this will be the focus on this particular post.
Thinking about the end is not just an approach that applies to general life. It is a legitimate business concern and question.
Veterans always have to ask themselves whether they are running their own business or working for someone if they can actually maintain what they are doing. If you are working 7 days a week, 12 hours a day, is that a life that you really want to live?
You may love it right now especially if you love what you?re doing but eventually people get tired. People can get burnt out. You may get tired. And then what are you going to do?
This is why it is so important to always check what your reasons are for going down a certain path. You don?t want to look back 5 years from now only to realize that you did not anticipate the end and are note liking how things are currently going.
The essential thing is this: Have an exit strategy. Not having one means your exit strategy is just waiting to die and when that happens other people are going to pick up the pieces.
An advantage to knowing where one?s business is headed or what your perceived end would be is that it leads the business owner to ask further questions. You can then ask if your business is set up in a way that if you were to walk out and suddenly get hit by a bus, if the business can still continue on.
These are legitimate concerns for the business owner but not necessarily for the military guy just because in the military so many things are already taken cared of. Things like insurance are provided in the military but once veterans get out, they can lose that.
How Can One Think About The End When He?s Just Starting Out in Business?
While admittedly it can be difficult to think about the end when one is just starting out, it is still a valid and legitimate thing to do.
If a businessman doesn?t have quite the finer details in tune just yet, that is perfectly acceptable. It all depends on the personal situation of the individual.
For example, a man who is newly married and has just started a business may not be so concerned about the finer details and his supposed exit strategy because he has less and fewer things to take care of. However, a man with a wife and three kids may have to focus more on really honing his exit strategy because of God forbids something happens to him, he needs to know that all of his family will still be taken cared of.
Take note that while it is important to go through this exercise, a new business person shouldn?t probably dwell on this for an extended period of time, just because he also has other things to worry about.
For those who really want to take this exercise though, this checklist may come in handy. Do remember that it?s not like you have to do everything on the checklist but it should be something that you should at least be aware of.
Here?s the checklist:
- Do you have some sort of life insurance? If you don’t have one, you can get lifecoverquotes here.
- Do you have some sort of business insurance?
- Have you talked about the ?if I die scenario? with your partner and do you have a plan?
- Do you have a will?
- What is your plan for your business?
- What is the plan for your children?
- What is the plan for employees?
- What about the debts?
As a final word of advice, it is always important to always be looking out for benefits for you. If you?re a veteran just leaving the military, look out for any insurance plans that are offered. Things like these may be the ticket to making sure that you have the right end in mind.
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