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Your Own Business, Is It For You? Does it Fit My Professional Development?

Guest post by: David Mathis

Article Overview: Business Development, Professional Development,and Career Development must be addressed before you make the jump into your own business, and never be fired again. Or, will you fail? Specific points are addressed and ideas discussed to help you decide.

Your Own Business, Is It For You? Does it Fit My Professional Development?



In business, there are no guarantees. There is simply no way to eliminate all the risks associated with starting a small business - but you can improve your chances of success with good planning, preparation, and insight.

Start by evaluating your strengths and weaknesses as a potential owner and manager of a small business. Carefully consider each of the following questions:

Are you a self-starter? It will be entirely up to you to develop projects, organize your time, and follow through on details.

How well do you get along with different personalities?

Can you deal with a demanding client, an unreliable vendor, or a cranky receptionist if your business interests demand it?

How good are you at making decisions? Small business owners are required to make decisions constantly - often quickly, independently, and under pressure.

Do you have the physical and emotional stamina to run a business? Business ownership can be exciting, but it's also a lot of work. Can you face six or seven 12-­hour workdays every week?

How well do you plan and organize? Research indicates that poor planning is responsible for most business failures. Good organization ­ of financials, inventory, schedules, and production ­can help you avoid many pitfalls.

Is your drive strong enough? Running a business can wear you down emotionally. Strong motivation will help you survive slowdowns and periods of burnout.

How will the business affect your family? The first few years of business start­up can be hard on family life. You may have to adjust to a lower standard of living or put family assets at risk in the short-term.

Why Small Businesses Fail

Success in business is never automatic. It isn't strictly based on luck - although a little never hurts. It depends primarily on the owner's foresight and organization. Even then, of course, there are no guarantees.

Roughly 50%-90% of small businesses fail within the first five years.

WHY?

• Lack of experience

• Insufficient capital (money)
• Poor location
• Poor inventory management
• Over-investment in fixed assets
• Poor credit arrangements
• Personal use of business funds
• Unexpected growth

• Competition
• Low sales

It is not my intention to scare you, but to prepare you for the rocky path ahead. Underestimating the difficulty of starting a business is one of the biggest obstacles entrepreneurs face. However, success can be yours if you are patient, willing to work hard, and take all the necessary steps.

On the Upside

It's true that there are many reasons not to start your own business. But for the right person, the advantages of business ownership far outweigh the risks.

• You will be your own boss.
• Hard work and long hours directly benefit you, rather than increasing profits for someone else.
• Earning and growth potential are far greater.
• A new venture is as exciting as it is risky.
• Running a business provides endless challenge and opportunities for learning.

Can you increase your chances of success? Yes, is the short answer. Draw upon the many available resources. I have created a web site with lots of information for you in my Bio. (Retired Career Coach)

Your Small Business office in the local community college is a good start. They have local perspective and the investment of money and time is reasonable.

The Small Business Administration is a start for even the least experienced budding entrepreneur. A huge amount of information and tools is yours for the taking. Be aware that it is very large and because of that, very general and can be confusing. Score, Senior Corps of Retired Executives, is good for the very beginner. Remember it is free and don’t expect fee for service attention.

How about franchising? It can be a solution. Do your homework. Be certain to call at least three owners, not necessarily the ones they suggest. Remember, they will have a piece of your business for the entire contract.

What about a home business? The earlier mentioned analysis applies. The self starter character is central. Often called the “carpet commute”, working at home can be full of distractions.

Is the internet a good resource for opportunities? It is like the old Wild West out there. You need to be very observant or have a trusted friend to advise you. There are good people out there, too.

As with most businesses you could enter, it is great to have someone to mirror or copy. The very best that I have found is an educational community of internet entrepreneurs willing to help all levels of individuals and businesses better market, listed in my Bio (infomarvel).

Take your time and think your move through. Avail yourself of every opportunity to trial and tour. If it makes sense to you follow your gut.

Best of Luck

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Article Tags: Business Development, career change, Career Development, career management, career opportunities, management development, my career, own business, Professional Development
Referred by: http://jaykubassek.com



Related Forum Posts
Re: what position to request? - Hi Michael, Great suggestion from David, or you could try something around a design consultancy, How about Website Design Consultant, Design and Development Manager, Website Support and Development Manager or maybe Internet Business Development Consultant. Ultimately whatever you are comfortable with and good luck for the future, Mal.
BDC - [quote="IWDCanada":jib6tqt9]I think if you try to do business in the Maritimes the Business Development Bank of Canada might be able to provide grants.[/quote:jib6tqt9] On that note, does anybody have any experiences with the Business Development Bank of Canada that they would like to share? I have been considering approaching them for a business loan.
Re: BDC - [quote="Jones":255lkmrn][quote="IWDCanada":255lkmrn]I think if you try to do business in the Maritimes the Business Development Bank of Canada might be able to provide grants.[/quote:255lkmrn] On that note, does anybody have any experiences with the Business Development Bank of Canada that they would like to share? I have been considering approaching them for a business loan.[/quote:255lkmrn] I'll be working with the BDC later this month on a few projects. From what i've been told they are really great when it comes to small business. Their loans have a little higher interest but their payment terms are a lot easier to swallow. I can give you a contact if you need.
Re: what position to request? - Business Development Manager - is more or less ok... thank you. but I want something fancier... an executive position..
Re: what position to request? - Hi Michael, How about Online Business Development Manager? Good luck with your start-up. David


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