We have an upcoming class designed to help you with your financial decision making skills—Connecting Your Personal Finances to Your Business Success. Don’t miss out—add it to your calendar today!

The concept of entrepreneurship can be exciting. The option of being your own boss, not having anyone to answer to, and creating time and lifestyle freedom can sound attractive to us all. Everywhere online, people tout the benefits. 

Dreams are the spark of every great business. A vivid vision is vital to your new business’s success. You need to know what you’re aiming to achieve, and many will tell you to think bigger. All of this can be good advice. 

At the same time, you need to connect your dreams to real life. How are you going to take action today, tomorrow, and in the foreseeable future to turn those dreams into reality? For example, don’t let the culture rule your decision-making. Don’t allow some guru to convince you to quit your job before your business has a steady stream of income to step into. 

In previous blog posts this year, we talked about Uncertainty, Entrepreneurship, and Financial Wellness and about letting preparation be part of your action plan and having the Willingness to Accept Intermediate Tension (W.A.I.T.) while you grow your capabilities. We also discussed Stress and Financial Decision Making and how to be careful about decisions made when we’re in a H.A.L.T.S. state (Hungry, Angry, Lonely, Tired, or Scared), as well as how to minimize missteps by creating and using a financial plan. 

Today’s topic, grounding your business dreams, is about building the foundation beneath them. Not to tether your dreams, but to make them sustainable. Do you want to build a fireworks rocket that shoots into the sky only to burst in colorful light and flame? Or do you want to build a rocket ship that can actually land on the moon? 

When President John F. Kennedy announced the goal of landing a man on the moon, that vivid vision was a dream to many. But for the people making it happen, it set a clear direction for research and development that still benefits us today. To make it real, the team couldn’t afford distractions; focus and hard work were required. 

I encourage you to dream big and then work out the details of what needs to happen to achieve your vision. Successful entrepreneurs have both the vision and the ability to bring together the resources needed. For example, if your dream is to build a skyscraper, you must first start by digging a big hole in the ground; just as a tree needs a wide network of roots underground to grow tall and withstand the wind. 

Spend some time figuring out what skills you need on your team to build the root system of your business dream. You don’t have to possess every skill yourself, but someone on your team should have the necessary experience and expertise. Project planning is one valuable skill to have: the ability to decide what needs to happen; who will execute the plan; what timelines and resources are needed; what regulations exist for your industry; how to overcome foreseeable obstacles; and what must happen before the next step can occur. As a founder and visionary, this is a key ability to cultivate. 

Grounded financial decision-making is another essential skill. You need to be able to estimate costs so that your project pricing allows for sustainable profit. You must set budgets, allocate resources, and anticipate needs before they become urgent. Paying bills on time is not just a reflection of cash flow but of organizational strength. Document your decisions and refer to those records so that future choices align with prior commitments. 

If you’re struggling to make personal financial decisions that align with your values, hopes, and dreams, those struggles will likely carry over into your business. We have a resource to help you make better financial decisions that bridge the gap between today’s realities and your big business dreams: the Financial Wellness Assessment. You can schedule your appointment through the portal on this page: [https://www.communityworkscarolina.org/coaching/financial-wellness] by clicking “Get Started.” 

Whether you’re structuring your start-up or looking to grow your existing business, developing grounded financial decision-making skills can help you reach your own moonshot.