_________________________________________________________Lesson 9

1. Read the text personal satisfaction: the four c's

1. For start-up businesses, smaller enterprises, or businesses that are heavily influenced by one or two key members of management, issues of personal satisfaction can be a central element in influencing long-term success.

2. Thus, you must evaluate and consider your personal goals when deciding upon the course of your business development. For most entrepreneurs, the Four C’s can sum up these goals: Control, Challenge, Creativity and Cash.

3. Control. How much control you need *to exercise on a day-to-day basis¹ helps determine how large your company can be. If you are unwilling to delegate or share authority, your business should be designed to stay small. Likewise, if you need a great deal of control over your time (because of family or personal demands), a smaller business without rapid expansion is more appropriate.

4. If your company is large, put mechanisms in place and structure management reporting systems to ensure that as the company grows, you continue to have sufficient direction over development to give you personal satisfaction. Understand the nature of control your funders will have and *be certain you are comfortable with these arrangements².

5. Challenge. If you are starting or expanding a business, *you are likely to be a problem-solver and risk-taker, enjoying the task of figuring out solutions to problems or devising new projects³.

6. It is important to recognize the extent of your need for new challenges and develop positive means to meet this need; otherwise, you may find yourself continually starting new projects that *divert attention from⁴ your company’s overall goals. As you plan your company, establish personal goals that not only provide you with sufficient stimulation but advance the growth of your business.

7. Creativity. Entrepreneurs want to leave their mark. Their companies are not only a means of making a living, but also a way of creating something that* bears their stamp⁵. That’s why many businesses carry the founder’s name. As you develop your company, make certain it reflects your larger values. You’ll want to shape your business so it is not just an instrument for earning an 'income but a mechanism for maintaining creative stimulation and making a larger contribution to society. But don’t overpersonalize your company, especially if it is large. *Allow room for others⁶, particularly partners and key personnel, to share in the creative process.

8. Cash. Understand how your personal financial goals have an impact on your business plan. For instance, if you need substantial current income, you may need investors so that you have sufficient cash to carry you through the lean start-up time. You will most likely have to share equity, and the business must be devised for substantial profit potential to reward those investors appropriately. If your current income needs are less exacting, but you want larger long-term financial rewards, you may be able to forego giving up a piece of your company to investors and instead look for loans of smaller amounts.