Be The Boss

Starting a New Business

Introspection

Do I have a vision? Do I have the skill sets to be a CEO? Can I function as the head of operations? Can I assume responsibility for sales? What about bookkeeping? Can I manage risk? How do I react to pressure and stress?

We could continue this dialogue forever, but you get my drift. Starting a new business begins with a process of self-examination. Believe it or not, if one could predict the future road blocks , they might well never go into business in the first place. However, do not let that stop you. Business, just like life, is a series of road blocks.

There are several essential elements that must be addressed before making the commitment. In today’s rapidly changing job environment, this is even more critical. Many people are pursuing their own business as a defensive measure. These include middle-aged managers who have lost their jobs to layoffs, etc., and have minimal opportunity to find a comparable position. Therefore, it is vital to stack the deck as much as possible in favor of success.

Each of these elements is equally important.

• Do I have the support of my family?
• Are my family and I willing to make the sacrifices necessary to succeed?
• How will my family and I react to the ups and downs of running a startup?
• Do I have the ability to step outside the box and away from the insulation associated with working for a much larger company?
• Am I willing to assume total responsibility for my actions and their outcomes?
• Can I control fear?
• Am I secure enough to surround myself with individuals smarter than I?
• Do I know how to manage?
• Do I know how to delegate?
• Should I allow my spouse and/or children to be active in the business?
• How long can I survive without a paycheck?

The process of introspection or self-examination is not an easy one. It cannot be rushed and must be thorough. It must involve everyone with whom you are interdependent. To honestly identify your weaknesses as well as your strengths is most important. Success depends upon neutralizing weaknesses while enhancing strengths. For example, when I choose a new physician, the most essential qualification is that they know what they don’t know (as opposed to what they do know). Too much ego in the medical world can cost lives. Too much ego in the business world can stifle success. This is especially true in startup businesses.

The assumption used to be that one would never start a new business without extensive experience in that field. But in today’s world, many businesses are being launched by inexperienced individuals. While these persons may have had a wealth of experience in other fields, the likelihood of success in these new ventures is slim. This is especially true in the food, beverage, and entertainment businesses. The lifespan of most new restaurants is less than one year. It is a business in which you are literally as good as your last meal. Management and cost controls in any of these three sectors are more complicated and more critical than in perhaps any other industry.

However, the changing business environment will thrust more and more people into starting new businesses in which they have limited experience. And while the interest level for a particular type of business may be very high, the lack of hands-on experience will be most challenging. Yet this can be a very exciting time for those willing to move outside the box. How many of us spent years working for the “Sears & Roebuck’s” of the world, believing in job security and pension benefits? In reality, business growth and job creation is going to come from entrepreneurial ownership. Remember, every new business is a small business. This is your time. You are reading this book because you want to experience business ownership and want to avoid as many pitfalls as you can. You may have been forced into this career path, or you may have just tired of the rat race and corporate politics. Whatever your reason, if you are cut out to be an owner, you will embark on the ride of a lifetime and most likely, never return to the past. So don’t underestimate the value of personal introspection. It’s the first step to becoming a successful entrepreneur.