So You Want To Start A Business...

Welcome to the world of entrepreneurship. Small business is my passion and I enjoy what I do and that is why I continue to do what I do. Over the past few years (11 to be exact) I have started and operated several small businesses. And yes, I have failed in some of them, however I had the desire to succeed and have since begun to see the fruits of my labour.

Thinking back (hindsight is 20 : 20 vision, right !) there are a lot of things that I should have known then but did not. Knowledge is power, get as much information about the business that you about to start, read books, consult everyone and anyone who cares to give you the time of day, attend courses, subscribe to subject matter magazines and follow the latest trends in your chosen industry. Believe me, it helps - more than you know !

It has been a long road, however in the small business arena, there is no substitute for grit, determination and self belief. So before you embark on this journey to run your own business, make sure that you are prepared to be in it for the long haul, just like in a marriage.
The advice given in this article is intended as a general guide only and not as a definitive formula that ensures that you are successful in your small business venture. You need to understand that each new small business faces its own set of unique challenges depending on such factors as the person involved, the industry, the location, the market, the governing laws, the economy and so on. Therefore the can never be one formula for success in the small business world and life in general.

The fact of the matter is that there is a high probability of your business failing within the first 12 months. This, according to the "big shots", is normal – ask Richard Branson, Donald Trump etc. The key however, is to believe enough in your entrepreneurial ability to start all over again. Many top entrepreneurs have tried their hand at many different business that have bombed out, before they found that one “golden” opportunity that has brought them the millions that we all envy so much. The bottom line is that being in your own business is tough, do you have the belief and staying power to take it on. Choose a business that suits your personality, skill and passion.

Choosing a business venture to get involved in is pretty tricky at best. The business that needs most careful thought is the one you start from scratch. No matter how thoroughly you research your market, you are never going to be sure how good the idea is until you are actually up and running. If you are offering a service or product with a difference, you will probably grow slowly at first, while your market learns about you.

So you have been wanting to start your own business for a while and you believe that you are ready to take that life changing challenge! Essentially, you will be entering the world of entrepreneurship and as an entrepreneur you will have to be prepared to face the risks that come with the territory. Establishing a solid business foundation is one of the keys to owning and operating a successful business. Best of all, you can start to create your business while you're working at another job. It is best to start a business in an industry or field that you are very familiar with and you have both the experience and passion to operate in that field.

What is important for you to know is, that businesses are successful mainly because the owners are passionate, dedicated, knowledgeable and committed to their business. It’s "in their blood" so to speak! It therefore stands to reason that there is no one right way of ensuring that your business will be a success, however there is nothing like planning and preparation to assist you in minimizing mistakes that may lead to the quick demise of your business venture. Bearing in mind that this is your life on the line here, we advise that before investing any money in a business venture, you seek counseling and help from a qualified accountant and/or attorney.

EXAMPLE - As a teacher you want to get into a lucrative business after you have retired from teaching. The truth is that you are probably going to find it very difficult to start and succeed in say, the restaurant business. However you may have more success in say, selling educational books in city or state. You will be in an industry that you are familiar with, throughout your teaching years you must have recommended certain books, met book suppliers, had people selling you books, met educational book publishers etc. So over time in your teaching career and without paying much attention to it you will have gained extensive experience and invaluable knowledge into the workings of the educational book industry. All you have to do now, is to apply this valuable intellectual property into your own start up business.

What is an entrepreneur ?

An entrepreneur is a person who takes an idea and an opportunity, and turns them into a profitable enterprise by harnessing the necessary skills and resources to manage the risks involved. The real thrill of entrepreneurship is creating something from nothing. This requires vision, creative thinking, a knack for getting things organized, and a lot of hard work.There is no single 'entrepreneurial personality-type', but there are characteristics that most successful entrepreneurs share. According to one writer, these include:

• A desire to take responsibility and be in control
• A preference for moderate risk (contrary to popular belief, entrepreneurs are not wild risk-takers; they must of necessity face business risks, but these are carefully considered and managed)
• A steadfast confidence in their ability to succeed
• A high level of energy
• An orientation toward the future
• A skill in organizing
• A love of achievement

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