Sunday, August 11, 2013

Starting a business....are you serious?

Entrepreneurship is a word that's touted about a lot these days. Everyone seems to want to begin a business of their own, and who can blame them. There are certainly better educated, greater connected, and have more resources. However, you can imagine the questions that come to mind when we look at todays businesses. Let's look at a few.

  • Why do so many of them fail?
  • Do we really know why we want to be in business?
  • Have you thought out the process well?
Let's stop at these three. Since these alone can take quite a bit of time. Let's look at them succinctly.

Businesses fail due to:

  • Being under capitalized
  • Poor operating systems 
  • Weak marketing & sales 
  • Poor accounting & cashflow management
  • Weaknesses in human resources - training deficiencies
  • Lack of discipline and planning
  • This list is not exhausted

We want to be in business for a variety of reason

  • Some don't want to work for someone else
  • Others just want to be their own boss
  • There are still others who just want to be creative and can't be bothered with much else
  • Many want to make money that they can spend as they wish
  • They saw someone do it and it looked easy
  • Many don't like their current bosses 
  • Some want to genuinely make a difference in the lives of others with their product / service
  • The reasons are endless 

We thought

  • This would be a walk in the park
  • This much strategy was not required
  • We could do it ourselves without much expenses or help as we know our field
  • Why did we leave our jobs, we had it made when we got our payment from where we were employed (and, we didn't have to work as hard)
  • We didn't want this much work, just more money. 
  • We didn't have a vacation since leaving our last jobs and we don't have money to go on vacations either 
  • If I had only known better, I wouldn't have left 
  • Well, we're too committed to turn back now. 
  • If I could do this all over again, I would do this so much differently

Business is never easy. As one friend put it, you have money problems either-way - too little / too much. There are many who believe that they wouldn't mind having too much money. It is often heard said, I know exactly what I would do with that money if I had it. 

So are you serious about starting a business? If not, please don't. It would be more trouble than profit. However, if you are, then you need to make contact with someone like me in your area. There are plenty great consulting resources out there, and they are some that aren't so great. You must do your due diligence. 

So starting and expanding a business, especially when you are serious can be quite rewarding. Surround yourselves with others who have achieved some of the things you desire - learn from them taking the good and leaving the bad behind. Yes you'll find many have flaws that make it difficult to work with them. Be prepared to endure, so that you can enjoy

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