by Richard Avdoian
Startup business owners tend to be full of excitement and enthusiasm. When asked why they decided to start a business, the response is general: “I have a passion for…”
Passion can certainly be a driving force that motivates a person to leave a job and start a business, but does passion itself ensure business success? No, it does not. Both passion and enthusiasm are significant. They are the seeds needed to create and start a business. But are they sufficient?
Passion will carry a business only so far. If a business depletes all finances and resources before it shows growth and profit, passion begins to dwindle and pessimism sets in.
Businesses that are overly enthusiastic and lack solid foundation can be driven to exceed their capability to accomplish goals, which may cause an adverse financial outcome, reflect poorly on the brand, and result in a loss of customers and ultimately closure of the business.
It can be costly in wasted time and the financial expense to have “eyes bigger than your stomach,” biting off more than you are capable of accomplishing, not to mention the strain on your mental and physical health, financial future, and family.
Before you take the leap into a business, you need to know whether you are cut out to own a business.
Consider these questions:
-Can you switch from being an employee to being solely responsible for the demands of running a business?
-Do you have the discipline to set and maintain business hours?
-Are you a self-starter?
-Can you adjust to initially working isolated?
-Have you done your homework?
-Is there a need for your product/service?
-Do you have a business plan addressing all facets of building a business?
-Do you have sufficient funds to support yourself and your family while you build this business?
-Do you have a clearly defined backup plan if the business is unsuccessful?
-Have you identified your niche markets?
Being the boss/leader:
-Do you have the interpersonal skills and experience to develop relationships and handle the demands of employees, customers and vendors?
-Do you have the skills to create job positions, interview, and hire and fire employees?
-How confident are you in making decisions?
-Business owners are required to make decisions constantly, quickly and often under pressure.
What qualifications do you have to pursue a business? What makes you stand out from the alternative companies providing the same product or service? Today customers are well-educated and use the Internet to Google business owners and companies often before actually making contact. Do you stand out positively in the search? Does your background position you as a leader or expert in your niche market?
To minimize difficulties, create a board of advisors and establish reliable alliances. Don’t let your ego get in the way of your success. Small-business owners who secure the services of business consultants, coaches, networking groups, or advisory boards minimize errors and enhance success.
No small business can hire enough people to address all things necessary to be successful. Rather than trying to do everything, establishing alliances with companies that offer supportive business services can cut cost and bring fresh ideas.
So think long and hard before starting your own business – it certainly is not for the faint of heart.
Richard Avdoian is president/CEO of the Midwest Business Institute Inc., a business consulting and training firm. For information about training and seminars, contact Richard at 618-972-8588 or Richard@RichardAvdoian.com.
Submitted 9 years 240 days ago