Best way to start a business?

[Kevin Lee]

Is the best way to start your own business to first volunteer (or become an intern) for an entrepreneur in field related to your passion/interest? That way, you can presumably learn the "in's and out's" of the day-to-day operations and to see if it's truly something you enjoy.

-If so, then why do so many choose to just start a business without any experience (and only a "good idea"), only to risk becoming one of the 98% who fail?

-If not, then what is?

[GT Bulmer]

Hi, Kevin:

In my opinion, the answer lies in the fact that we all have different learning preferences and styles. Some people respond well to one training method. Others respond better to other methods.

Personally, the best method for me would be to apprentice (intern) under a proven successful entrepreneur. I need to see it in action and be allowed to copy the action to internalize the feel of it. For me, learning theory in a classroom is inefficient and ineffective.

Others need that classroom theory in order to create a mental picture before tackling the physical activity.

GT

[Kevin Lee]

Hi, Kevin:

In my opinion, the answer lies in the fact that we all have different learning preferences and styles. Some people respond well to one training method. Others respond better to other methods.

Personally, the best method for me would be to apprentice (intern) under a proven successful entrepreneur. I need to see it in action and be allowed to copy the action to internalize the feel of it. For me, learning theory in a classroom is inefficient and ineffective.

Others need that classroom theory in order to create a mental picture before tackling the physical activity.

GT

Very true, but the point I was trying to get across was... what makes someone who has never owned a restaurant, website, etc. think that he/she can just write a couple of cheques and be able to run a successful small business without any background/experience in that field?

Heck, even I was guilty of making that mistake with my first business (but not one that I will make again).

To jump into something without any real "hands-on" experience would be like trying to drive a car for the very 1st time and expecting to pass a driver's test OR going ski-diving without an instructor/lessons. So if a 9-5 worker tried to start his/her own business with no prior background in his/her desired industry, he/she would be nothing more than a disaster waiting to happen. Am I wrong?

[GT Bulmer]

Hi, Kevin:

Some people do have the ability to wing it by the seat of their pants and adapt to the needs of the business as they go along. But you are right: most people would be in for a rude awakening and would likely fail miserably without proper training and background.

I think the reason people do that is overconfidence and lack of insight or experience. They just don't realize what it takes to run a business.

Some people believe that their strong work ethic or confident, fearless attitude will carry them through, but (people with experience know) there is much more to business success than that.

GT

[christew]

They don't have to be a choice. You can do both at the same time.

I started working on my business right away, and then started finding mentors, working for similar companies etc. while doing it.

Of course that is more work, but it gets you there faster.

[MichelleJ]

One can learn a very hard lesson by going into a business with no previous knowledge of how it operates in a particular field and you are leaving yourself wide open to getting your fingers badly burned. It is important to at least have a little bit of knowledge and then find a mentor or teacher who can lead you to success. Doing it all on your own is a recipe to failure.

MichelleJ

[christew]

One can learn a very hard lesson by going into a business with no previous knowledge of how it operates in a particular field and you are leaving yourself wide open to getting your fingers badly burned. It is important to at least have a little bit of knowledge and then find a mentor or teacher who can lead you to success. Doing it all on your own is a recipe to failure.

MichelleJ

I jumped in with no prior knowledge and made a success of it.

The quickest way to learn is through action.
The quickest way to find a mentor is to get involved in the industry and network.

I did plenty of researching and learning along the way, but its hard to know what you need to learn until you get started.

[mbrand2222]

GT makes a good point. Everyone learns differently. What one person may be able to "wing" and make a go of, another may fall flat on his/her face. I think you need to take into account your strengths and weaknesses and head toward something for which you have more strenghts than weakness so your chances of success are greater. I think it is also good to find mentors either before.....or along the way. And positive attitude always helps; no matter what you're doing.

[MichelleJ]

Hi Mary

I agree with you here, there are very few people who can just jump in and succeed but certainly there are the exceptions who have the ability to do that. If you are one of those people who don't have absolute confidence in jumping into something totally unknown then a bit of due diligence beforehand may save a lot of heart ache and burnt fingers.

MichelleJ

[Alan Mater]

I'd have to agree with christew.

When I started my business I really didn't have a clue as to what I was getting into or what it would take to see it through. I had to learn the ins and outs while already running it.

I think the best way to learn is to just get your feet wet... or dive right in. I'm definitely a "hands-on" learner, and there's no better time to learn than when you "have" to learn. If I wanted my website to become a success, I was going to have to learn, otherwise it would've failed.

Granted I don't think this works for every business out there. This is more manageable when starting an online business, but I do think you need to do your research and learn before starting an offline business. There's a lot of money at stake and a lot more risk involved. In that sense, yes, an apprenticeship might be a viable option.

[christew]

It really just comes down to decision, action and persistence.

You can spend a lifetime thinking about doing something, and researching it, to decide if it is the right action to take.

Or you can make a decision about something you want to achieve, take action and be persistent. Make a plan of action, and adjust it as you learn more.

An online business is something you should jump into straight away. The time it takes to start a new website is minutes, so there is not much of a barrier to entry for you to start a basic website and learn.

Obviously if your idea was more specific like starting a review comparison site for laptops then your action would be trying out and comparing different review platforms, classifying laptops etc. But you would still take action and dive right in.

If it was an offline business then it would likely mean even more preparation. Say you wanted to start a wine shop, which would eventually become a chain, you would start by taking action and learning as much about wine as possible, networking with people in the industry and generally working to become a win expert, and research locations for your first wine shop.

In each situation you make a decision about what you want to do, act on that decision following a rough plan which you adjust along the way, and be persistent in working to achieve what you laid out in your original decision.

[sajis@yahoo.com]

starting a business with limited or no funds is not very easy but it can be done.
you just have to work much harder and longer then those who have some money.

in my case , i did not want to spend money on programming - so ,
I took a year and taught myself how to program html & php/mysql.....................

[GT Bulmer]

starting a business with limited or no funds is not very easy but it can be done.
you just have to work much harder and longer then those who have some money.

in my case , i did not want to spend money on programming - so ,
I took a year and taught myself how to program html & php/mysql.....................

Hello, sajis:

Thanks for the personal example. What it says to me is that we each have the inner potential to achieve anything we want to achieve ... if we have a clear goal and the ability to focus and stay committed. It begins with our personal vision.

You may have spent a year learning these skills, but in the process, you have built a strong foundation for your financial future. It is a wise investment to do what you have done. Your purpose and vision were clear and you are being rewarded for your determination.

GT

[Kevin Lee]

I jumped in with no prior knowledge and made a success of it.

Hi christew,

So can I ask how long did it take before you became a success? And more importantly, how would you define "success"? i.e. were you able to quit your full time job to become an entrepreneur or make "x" amount of money?

[Kevin Lee]

Hi, Kevin:

Some people do have the ability to wing it by the seat of their pants and adapt to the needs of the business as they go along. But you are right: most people would be in for a rude awakening and would likely fail miserably without proper training and background.

Hi GT,

As you know, I'm looking to try to get into the baking industry in 2010...

But I don't have the money ($20,000-$42,000 tuition) or time (2-3 years as a full-time student) to go back to school to build a foundation.

So does that mean my only option would be to work as an intern to learn the in's and out's? And if so, WHY would any pastry shop want to take me on as an intern (or part-time worker) when there are so many other younger undergrads with the educational background to choose from?

I welcome ideas from everyone.