Why Think Big?

It is very common for many entrepreneurs to want to start their business small and then grow it organically from the income it generates. For someone who is satisfied with a modest income or having a hobby business, there is absolutely nothing wrong with this line of thinking. Other entrepreneurs, on the other hand, know that deep in their hearts they want to build something big that will have a lasting impact on not only their own lives, but on the lives of their families and on the world itself.

Some people, even though they have big dreams, still believe that building a small business is the least risky way to do things. Of course, it is important to play some things safe. Taking one step at a time is definitely necessary to insure any company’s success. However, the inability to “think big” right from the start or early stages of a venture can cause challenges to rapid and profitable growth. Thinking big also doesn’t mean taking on too many tasks at one time. In fact, it can actually lessen the amount of risk that is taken!

Here are some thoughts and concepts that are important to grasp when building your business:

• It takes the same amount of effort and the same amount of time to build something big as it does to build something small. The difference comes in simply taking different steps based on a modified plan that is designed for a bigger and more profitable end result.
• Building a small business usually requires that you use your own money, or borrows money to fund the business. This is very risky. When a business is designed to be big, it is possible to raise capital from investors, eliminating the financial risk on the part of the founder.
• It is much easier to attract a powerful executive and advisory team to your business when the plans are to build a large venture. Smaller ventures are usually one-man or family operations. Having access to the expertise that an experienced team brings to the table eliminates the need to rely on your own knowledge and experience.
• Larger businesses have greater opportunities to diversify their income, again eliminating a major risk factor. Many smaller ventures are much more vulnerable because their profitability is based on one stream of income that can be easily affected by many uncontrollable factors.
• When you build a large business, you can raise adequate capital to launch and grow the business effectively, and still have enough in reserves to weather those storms that will inevitably arise. Smaller businesses often have just enough capital to survive, or are undercapitalized from the start. Any slight downturn in their income, their industry or in the general economy can be financially devastating.
• The eventual rewards of successfully building a large business are often enough motivation enough to keep you fighting through the hard times. When the rewards are smaller, it is easier to just give in and try something different.
• The systems that are put in place to handle a small amount of business may not be able to handle a large volume. Planning for larger volumes of work from the start eliminates the need or redesigning your current system or designing your entire systems twice.

If you are the type of entrepreneur who wants to go for broke, don’t be afraid to think big right now. Surround yourself with limitless thinkers, visionaries and successful entrepreneurs. Let them start to shape your thinking and your confidence. Then reach for the stars!