Everybody wants to work for themselves. Nobody ever said they want to have 2 or 3 people telling them what to do their whole lives. A way out is in high demand.
Enter the era of entrepreneurs. We all want to be one. Us turkeys don’t know any better for what we think we are getting into.
That just means that we want to do something with our life that hasn’t been done before. Nothing happens by itself, so get ready to hear my take on this matter.
There are plenty of books written on this. Read as many as you can, or at least the ones you feel drawn to. Anyway, here’s my two cents, or five cents.
1. Have a clear idea what you want it to be
Crystal clear. This statement should be tattooed on the mind and written on the soul of anyone even thinking about starting something. Not only that, it should be:
- really brief
What do I mean by easy? The business idea should not take a second look to understand to execute. Looking at it should make that self explanatory. If you want to make a product or service, the execution should appear logical and easy to implement.
Specify your goals. If you don’t have any, then make that a part of your model. You will have some, but don’t have too many. I would say choose 3 max to start with.
2. Start small
Keep it small. There is no need to try and make a huge business. That makes no sense. You don’t even know what you are getting into with this business. It might not even take off. Then again, it might..
The reason why a lot (90% fail) is because companies are not prepared for success. Hiring more people, obtaining excess inventory, and keeping up with overall demand can get kind of hectic if you are not ready.
3. Find out what you want
Do you want to keep a business for the long run? What if you want to focus on doing something else? Remember to be flexible.
Just because your baby has boomed, does not mean you are trapped with it forever. So many different things could come into play.
You may not even know who you are at that time. Or you might find out something about yourself through your journey with this company.
Don’t fall in love with the product at the expensive of seeing yourself. Try not to lose perspective with what the company is meant to be, and how you and your customers should benefit from it.
4. Try a little tenderness
No matter what product or service your business provides, it is always about the people that are involved. The customer is first, then the employees and yourself.
So that means you have to be a strong advocate of the “golden rule”. Do unto others as you would have them do to you. That is a core value here. Make sure that it is something you believe if you want the company to go beyond yourself and expand into the world of customers.
Be yourself though. Never lose sight of what made you start your company. You should love this thing you created, and it should be your passion.
But again, pay attention to the customers and how they respond. They might not love it as much as you. Then again they might, and see #2.
5. It is not about the money
This is the most important statement of all. Money is not everything. It can’t buy you love or happiness.
Sometimes it can just bring more problems. You might loses sight of who you are because of it.
The best view of the money situation would be that you are ok to lose the vast majority of it, to lead a life of leisure. If you were to sell it and only earn a small equity, then you would be fine. In fact, I think the majority of entrepreneurs should sell and keep a small equity if the business needs new leadership.
Not all football teams keep coaches for the entire franchise lifespan. Why should a business? Even Steve Jobs had to step away from Apple to regroup.
Money is not everything. Do something you love. Provide a service that you think needs to happen that isn’t happening. Take the proper steps and see if customers respond. If they do, keep going. If not, take up the pen and start again.
If you are interested in this type of thinking, then read this.