Starting Your Own Business

Starting Your Own Business

Published November 7, 2022

Lost your job during the economic meltdown and want to make sure that doesn’t happen again? 

Looking for more meaning and satisfaction in your work? 

Want to be the one who decides how successful you are?

Got a great business idea burning inside you?

If any of those apply to you, you may be thinking of starting a business of your own. And though you may have a great deal of excitement, it pays to pause to consider whether entrepreneurship is really for you.

According to the latest Small Business Administration statistics, half of all new businesses fail before five years.

So before you give up the security of a steady paycheck, consider what you need to “be” and “have” in order to successfully navigate the waters of your own business.

Be realistic.

Starting a business requires a lot of effort and hard work. You may have more control over your work life, but you also have complete responsibility, which can be a surprise if you’ve always been employed.

Another surprise may be how much time and money are required to get up to speed. It’s also a myth that you’d no longer have a boss when you went into business. Your new boss: your clients and customers.

Be persistent.

Being a business owner is not for the faint-hearted but for those with the tenacity to keep at it—to do whatever it takes to create the business (and life) they dream of.

Be curious.

It’s the rare individual who knows everything he or she needs to know to start a business. What don’t you know? How can you get the knowledge?

Who can help? Also, being curious about your business results, whether good or bad, will help you improve those results.

Be passionate.

Half-hearted efforts will get you nowhere. Passion, combined with solid training and persistence, will get you through hectic or problematic times.

Have a plan.

When you create a roadmap for your intentions, planning out the next few years as well as the next week, you’re setting yourself up for success.

Have a conversation.

Make sure family members are behind your dream. A lack of support, or downright opposition, from key people can ruin the best-laid plans.

Have a support system.

Don’t fall prey to the “Lone Ranger Syndrome.” Ask for help or information from mentors, advisors, trainers, networking forums, peers, etc.

And, finally, if you’ve really got the new business bug, don’t let others, who’ve decided to play it safe, talk you out of it.

Some of the most successful businesses started with a cockamamie idea and someone with the hutzpah to carry it out. Just be mindful of all it will take to carry that idea to fruition.

Author’s content used under license, © Claire Communications

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