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You Can Be a Successful Entrepreneur |
Becoming a successful small business entrepreneur takes courage. Every day
out there in the real brick and mortar world, millions and millions of people drag
themselves from the warm, warm beds, take a shower, grab a cup of coffee, and
head off to their jobs as they are thinking that there has got to be an easier way
to make a living. The entrepreneurs are the ones who know there can be.
Every one of those millions and millions of people knows somebody who has
quit the ‘get-up-and-go-to-work for someone else’ grind and in true entrepreneur
fashion is making a very good living by working on their personal computers
from the comfort of their own homes or in a small office within walking distance
of their homes.
These are the few, the proud, the brave small business entrepreneurs who
specialize in “thinking outside the box.” No cookie cutter lifestyle for these
guys and gals, they THRIVE on the adventure, the leading edge risk that it takes
to forge a road previously uncharted. Do they know every part of the recipe for
small business success? Probably not. If they did, it wouldn’t be any fun! But
with looming doomsday statistics for most business startups, it would be a good
idea to know how to navigate around the landmines and increase the odds of
small business success.
The fact is that according to many sources, more than 90% (Ninety percent) of
all business start-ups end in failure within the first 120 (one hundred twenty)
days. Yes, you read that right. NINETY PERCENT!
This failure rate should be a warning to those who are considering trying their
hand at a business startup instead of a “real job” in the brick and mortar world.
Of course, startup marketing success is possible. There IS that other 10% (ten
percent) that do succeed. The thing is success doesn’t happen by accident. And
success isn’t just a crap shoot. Success happens because of some very
important factors.
Success happens because people have the right ideas about management and
marketing and how they work. They do not expect to get rich quick or be able to
make a killing overnight and retire to a tropical island (although that would be
nice too!).
It is strange but somehow the same people who wouldn’t dream of working for
someone else, think they can somehow avoid the stark realities of business
planning and real world measurements of success. The boss doesn’t go away,
it just requires self-discipline to treat yourself and your small team as any
efficient manager would.
Running a successful business of any kind requires a lot of self-discipline. Fixed
costs need to be computed, monitored and managed. Value propositions need
to be developed, honed and communicated. The genius of the idea needs to be
concretely written out on paper and communicated in a way that management,
mentors, financiers and partners can gather and collaborate.
All businesses have two things in common. They are BUSINESSES and they
must be run like businesses! The people who are in charge of a business need
to understand the accepted practices of business. They need to understand
simple and basic ideas like acceptable over-head expenses in relation to
projected income. They need to understand profit and loss and what constitutes
each. If they don’t have a formal business background, they need a trusted
group of mentors and coaches to help them through the learning curve.
Accounting firms can tell you whether or not you made a profit but not how to
make it. If you have no business background you need to, at the very minimum,
get some good business advice before you even consider opening your own
business.
You must have sufficient resources available to not only launch your business but
provide for your own personal needs for an extended period of time. It’s called
‘capital’ and there is no way around the need for enough of it. You may have
heard the phrase, “It takes money to make money” and it is unavoidably true for
most. However, money well invested with prudent advice will always take a start
up much further. A good business coach will help you to find out where the
financial pitfalls may lie and give you a roadmap in advance for how to avoid
them.
Pamela Millar
CEO, Bridgemakers Consulting
out there in the real brick and mortar world, millions and millions of people drag
themselves from the warm, warm beds, take a shower, grab a cup of coffee, and
head off to their jobs as they are thinking that there has got to be an easier way
to make a living. The entrepreneurs are the ones who know there can be.
Every one of those millions and millions of people knows somebody who has
quit the ‘get-up-and-go-to-work for someone else’ grind and in true entrepreneur
fashion is making a very good living by working on their personal computers
from the comfort of their own homes or in a small office within walking distance
of their homes.
These are the few, the proud, the brave small business entrepreneurs who
specialize in “thinking outside the box.” No cookie cutter lifestyle for these
guys and gals, they THRIVE on the adventure, the leading edge risk that it takes
to forge a road previously uncharted. Do they know every part of the recipe for
small business success? Probably not. If they did, it wouldn’t be any fun! But
with looming doomsday statistics for most business startups, it would be a good
idea to know how to navigate around the landmines and increase the odds of
small business success.
The fact is that according to many sources, more than 90% (Ninety percent) of
all business start-ups end in failure within the first 120 (one hundred twenty)
days. Yes, you read that right. NINETY PERCENT!
This failure rate should be a warning to those who are considering trying their
hand at a business startup instead of a “real job” in the brick and mortar world.
Of course, startup marketing success is possible. There IS that other 10% (ten
percent) that do succeed. The thing is success doesn’t happen by accident. And
success isn’t just a crap shoot. Success happens because of some very
important factors.
Success happens because people have the right ideas about management and
marketing and how they work. They do not expect to get rich quick or be able to
make a killing overnight and retire to a tropical island (although that would be
nice too!).
It is strange but somehow the same people who wouldn’t dream of working for
someone else, think they can somehow avoid the stark realities of business
planning and real world measurements of success. The boss doesn’t go away,
it just requires self-discipline to treat yourself and your small team as any
efficient manager would.
Running a successful business of any kind requires a lot of self-discipline. Fixed
costs need to be computed, monitored and managed. Value propositions need
to be developed, honed and communicated. The genius of the idea needs to be
concretely written out on paper and communicated in a way that management,
mentors, financiers and partners can gather and collaborate.
All businesses have two things in common. They are BUSINESSES and they
must be run like businesses! The people who are in charge of a business need
to understand the accepted practices of business. They need to understand
simple and basic ideas like acceptable over-head expenses in relation to
projected income. They need to understand profit and loss and what constitutes
each. If they don’t have a formal business background, they need a trusted
group of mentors and coaches to help them through the learning curve.
Accounting firms can tell you whether or not you made a profit but not how to
make it. If you have no business background you need to, at the very minimum,
get some good business advice before you even consider opening your own
business.
You must have sufficient resources available to not only launch your business but
provide for your own personal needs for an extended period of time. It’s called
‘capital’ and there is no way around the need for enough of it. You may have
heard the phrase, “It takes money to make money” and it is unavoidably true for
most. However, money well invested with prudent advice will always take a start
up much further. A good business coach will help you to find out where the
financial pitfalls may lie and give you a roadmap in advance for how to avoid
them.
Pamela Millar
CEO, Bridgemakers Consulting
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