Many Entrepreneurs Fail Before Taking the First Step Towards Business Ownership

An overwhelming number of entrepreneurs begin their business endeavors with nothing more than a good idea. However, there is much more to establishing and operating a successful company and it should start with a plan. I have encountered several future business owners who do indeed have a stellar idea but lack the time, focus, fearlessness, or planning required to take a company from the start-up phase to a point of success beyond stagnancy. Starting and growing a successful business demands patience, tenacity, and resilience to deal with day-to-day operations that will inevitably be laced with setbacks and failures. It is the accomplished business owners and managers who plan for these dilemmas and the expenses associated with them in a professionally written business plan created during the early stages of company development. An admirable idea is indeed necessary in the creation of a unique and distinct company, but there comes a point when that idea must be converted into well-defined action that takes into account the pros and cons of daily ventures.

The number one characteristic all entrepreneurs should possess is undying fearlessness. As an owner there will be times when you desire certain attributes for your company. It is solely the responsibility of ownership and management to negotiate for these desires, and without the steadfastness required to acquire what you desire the possibility of accomplishing your goals is greatly reduced. Withdrawing when negotiations reach objectionable areas only decreases the eventuality of achieving success in that particular venture. Owners must be relentless when striving for the success of their companies. Every negotiation will not be easily overcome but all negotiations possess the potential for successful outcomes. The fear of success and what it entails hinders many business owners. Do not let the fear of achieving your predetermined goals be the setback that prevents your company from becoming what you envisioned when you dreamed of its existence.

In addition to bold and steadfast action related to daily endeavors of a business, entrepreneurs must be focused on driving their companies from start-up to prosperity in a predetermined length of time. Fearlessness and focus go hand in hand when it comes to advancing a company towards maximum profits, and if substantial earnings is not the dominating factor for a company it will be short-lived or forever stagnant. Time, effort and money is paramount in the attainment of wealth for any entrepreneur. Without accepting these aspects of business no company will succeed. Furthermore, a plan for success enables business owners with the reinforcement and concentration to help them remain committed in their quests for growth.

This is how a well written business plan enables entrepreneurs at the start of the business ownership journey. A well written plan not only provides a means of guidance as to how a company will reach its destiny, but it accommodates owners and managers with a sense of security in spite of hardships encountered along the way. Adversity will happen, but the projections set forth during the development of a business plan takes every pitfall of the company and its industry into consideration. Therefore, unforeseen circumstances will not catch company decision makers off guard. Instead management can make the necessary adjustments and remain on track to earn abundant revenues.

So, solicit the help of a professional Business Plan Writer during the start-up phase of business. It will set your company up for success before it is too late. If you already have an established company and would like to see it grow, a plan writer can assist you in accomplishing what you originally envisioned for your business. Many entrepreneurs fail before taking the first step towards business ownership. Don’t let the lack of a well written business plan be your downfall. The development of a business plan is the most important decision any owner with goals of launching and successfully operating a business can make. Make the right decision, hire me today to create for you a detailed, precise, and professional business plan that will position you ahead of your competition for years to come.

A.L. Demings

“Action is the foundational key to all success” ~Pablo Picasso~

Business Ownership – Finding the Right Business for You

Do you have the net worth you desire?

Do you have the flexibility and freedom to do the things you love? Family time, travel, charitable interests, sports, hobbies, etc.?

Do you enjoy getting up every morning and starting your day?

If the answer to any of these is no, ask yourself “why not?” Could it be time to find a new job or career? Should you get another job? Should you open or purchase an independent business or franchise?

The options are many, but where do you begin?

Most career decisions are based on emotions. Once chosen, you try to fit your life into that career. Wouldn’t it make more sense to fit your career into your life?

Many things play on our emotions when considering a career change: the level of prestige your career may bring; the name of the company or business; the income potential; love for the product; perhaps it’s related to a hobby. We call this an “outside-in” approach to finding a career.

Some perceive fast food restaurants as good businesses to own. Everyone wants to “own” a McDonalds, but no one ever wants to “buy” one. The busier the business, the more money they must be making.

Emotions prevent most individuals from seeing the “cost” of ownership. Fast food restaurants are certainly good businesses to own, for some people. But, owning a restaurant isn’t right for everyone.

To determine what is right for you, you must first determine what you want your life to look like and what you want your career to do for you. Determine your goals, needs and expectations and then look for a business or career that will help you achieve your goals. You must set aside your emotions and base your decision on facts.

Are you happiest when in charge or when working as part of a team? Do you enjoy dealing with people or would you rather work by yourself? Do you like diversity during the day, lots of activities or do you prefer predictability and consistency throughout the day? Would you want something to build, grow and pass to your children or to build equity for future sale? Where do you want to be in five years? Are you looking for security, financial independence or a place to put in eight hours, collect a paycheck and go home? We call this the “inside-out” approach to selecting a career or business.

After discovering yourself you might ask, “now that I know all these things about myself, how do I know if I should go find a different job or open a business? And if I decide on business ownership, which business will meet my goals, needs and expectations?”

Most people know what it means to be employed; however, most do not know what it means to own a business. Before taking that next job, you owe it to yourself to research all your options. How?

Use the “inside-out” approach to look behind the fa├žade of businesses and learn what it means to live and breathe the business everyday. By talking with current business owners you can discover what the return on your investment will be, what the actual initial investment will be, or how many hours a day it will take to run the business, etc. This can be a daunting task with the number of businesses available today.

The biggest obstacle to exploring business ownership is an individual’s ability to keep an open mind. Many individuals dismiss a business based on the name or perceived product or service. So, you don’t want to open a residential or commercial cleaning business. Why?

Obviously, you don’t want to clean someone else’s toilets, right? You need to stop viewing a business as “a job” and start thinking of it as a “business” where you are the OWNER. You shouldn’t be the individual cleaning the toilets; you should be creating jobs in the community for others to clean toilets.

If all you want to do is clean toilets, why would you buy the business, just go work for someone else. If you want to increase your net worth, hire people to clean toilets and offer the best toilet cleaning service in your area. Job versus business, which is right for you?

Michael Gerber says in his book The E Myth Revisited, to be successful one must work “on” their business not “in” their business. Talking with current business owners will give you the best idea of the ins and outs of owning a specific business.

Are there risks to owning a business? Yes, of course. Is there more security working for someone else? Not in today’s business environment.

Will you be a successful business owner? Increase your odds of success by restricting your emotions and using an “inside-out” approach to finding your next perfect business or career.

Is business ownership right for you? Have you done some real soul-searching lately?

If you have difficulty finding your best options, there are resources available to help you identify your personal goals and help point you in the right direction to obtain the success you want and deserve.

Exploring Business Ownership – Maybe You’re a High Rolling Entrepreneur – Part 6 of 7

We’re wrapping up a series on evaluating whether the concept of business ownership is right for you. Most recently we’ve discussed how to assess your risk tolerance by analyzing the way you think. We’ve covered the 3 main ways to earn income, outlined the risks associated with employment and franchise ownership, and how each personality type typically thinks. If you didn’t identify with either of those, then maybe you’re an entrepreneur at heart.

Entrepreneurial Business Ownership

Entrepreneur think is:

How can I meet the needs of my customers by profitably solving the problems they have?

If you want to chart your own course, solve all your own problems, be captain of your own ship, be totally responsible for whatever success or failure comes, and chafe at the thought of working for someone else in return for less risk, then you probably have the entrepreneurial bug.

Risk Assessment

Being an independent business owner is a high risk proposition with a high probability of first time failure.

Why high risk? Because you will most likely pledge every asset, such as home equity, savings, 401(k), etc., that you have to finance startup or purchase of the business. If your venture fails, you may very well lose everything you’ve spent or offered as collateral. (This is also true for franchise owners.)

Why a high probability for failure? Because first time entrepreneurs have such a clear vision of what they want to do and how to do it; they think they know everything! I have several colleagues who generally refuse to work with first time entrepreneurs because (in their words) “they think they know more than I do and helpful suggestions that I make are either ignored or become implementation battles.” Truer words were never spoken.

If your risk temperament is right in line with the type of person I’m describing and you want to go forward, then how can you improve your chances of success? Buck the trend by getting lots of experienced advice and counsel from those who have gone before! Be willing to listen to those who have graduated from the school of hard knocks and learn from their mistakes to avoid making them all again yourself, because you simply don’t have either the time or the money to survive the experience of learning it all firsthand.

We’ll wrap up this series in part 7 by outlining why businesses generally succeed or fail, and I’ll suggest some more reading resources and offer some advice on how to navigate a path to success.