The answers to why, when, and where a business should be started form the foundation of successful entrepreneurship. ‘If you’re interested in starting a business the answers to a lot of your questions will arise after you’ve searched and explored both yourself and your reasons for doing so,’ says restaurant owner Bernard Marche (founder of the Chick-a-Chick Cafe in Warsaw, Poland). ‘To avoid surprises and the unnecessary expenses behind them, examine each and every environmental, economic, and financial situation that surrounds you before taking action.’ Additional start-up advice from experienced entrepreneurs includes
- Avoid rushing into uncharted territory. Don’t leap before looking.
- Know the unexpected places where an entrepreneurial lifestyle may lead. For example, if you’re a jewelry worker who loves the craft, but you’re sick and tired of laboring for someone else and want to spend more time working as a designer, bear in mind that running your own business © Jonathan T. Scott and EFMD www.efmd.org Starting Your Business: Why, When, and Where Should You Do It
- The Entrepreneur’s Guide to Building a Successful Business 21 may involve more administrative than creative work.
- Yes, it is possible to bake cookies, or build a piece of furniture, or design a website for a friend and be paid for it. But if you want to turn these pastimes into a business you must first find out if producing them on a regular basis can secure a living. Is there an ongoing market for these products/services in your area? If not, can you afford to attract distant customers and ship your product to them? Will the money you generate be enough to pay a mortgage and bills and support your family?
- Before taking the entrepreneurial plunge, prepare for the obstacles that stand in your way. Novel situations in business are rare so it is possible to determine much of what lies ahead.
- Don’t leave a paying job to start your own enterprise until you have first sorted out what you want to do, the direction you want to go, and the best time to start. Keep your current job while examining the self-employment options available. That way you won’t be deprived of income before you begin.
- If you have a good idea and have done your research, move quickly and prudently. Procrastination is a killer in the business world.
- Whether starting a business or launching a new product, remember that the idea is to score goals, not just kick the ball. 100% commitment is mandatory. The harder you work, the luckier you get. As famed Hollywood film producer Mike Todd once said, the meek may inherit the earth, but not in our lifetime.
- Lastly, consider the often told (probably apocryphal) story about two explorers that were sent by a shoe company to a primitive part of the world to determine the viability of the market. ‘Complete disaster!’ wired the first explorer, ‘No one here wears shoes.’ The telegram from the second explorer arrived a few hours later. ‘Fantastic opportunity!’ it read, ‘No one here wears shoes!’