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So…you want to start a business…
Published on 13/10/09
by Carrie Brancheau, PHR
So. You’ve got an idea. One that you think will make money. Now what—are you ready?
This is the loaded question. One that begs more questions to be answered, such as have you been in business before? If not, have you sought any counsel? From a Small Business Development Center or a SCORE counselor?
What about your family, will they be supportive? Do you have the core attributes to be in business for yourself? Are you a leader? What are you prepared to sacrifice to get a business started—time, money?
Being an entrepreneur can be rewarding, but it will take an enormous amount of research, resources and sacrifice. Before you do your research and try to raise capital, you need to know if you have the desire, essential attributes, paired with an idea worth sacrificing for. There are three areas that I think are key to appreciating what you may experience when going out on your own:
Stress and Pressures
People see the benefits of being an entrepreneur, but how many really understand the tough parts? How do you handle stress? Imagine what it would be like if you take a second mortgage on your house or a loan from family or friends and your business takes three years to turn a profit.
How about the pressures of making payroll every week, or trying to get the bills paid when you’re strapped for cash, while riding the ups and downs of your sales cycles. You have to ask yourself if you have the faith to believe in your process when others doubt that you can do it.
Work/life balance will be critical to maintain a healthy state of mind when owning your own business. Take the time to develop an outlet for minimizing stress.
Isolation and loneliness
It is lonely at the top. Ultimately you will be responsible for the decisions that make a success or failure of your business. Even surrounded by employees and partners, you may feel isolated. Do you have the confidence to stand alone, to be accountable?
To minimize feelings of isolation, involve your local SBDC, SCORE chapter, or if you choose an Angel Investor make sure that they have experience in your field. Establish an advisory board or a mentor relationship as your “go to” network. Choose individuals that have no emotional attachment to your business and so therefore can be objective advisors.
Perseverance or Tenacity
One of the most important qualities that I learned while being in business was perseverance or tenacity. You don’t have the luxury to give up on a bad day, quarter or even year. Can you talk yourself into getting up, and moving forward even when faced with what appears to be insurmountable challenges?
Seek to build a strong spiritual support system, whether it is a pastor, counselor or other person of support.
Whether you plan to make time to take a yoga class, have lunch with your advisor or seek the solace of your pastor—don’t forget to gain the support of your family first. They will be the strongest network you have and you must have their buy-in order to be successful. Just a few considerations before making the leap…
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