Socrates Vasiliades tax been speaking to
people, don't know if it's because we're
in the first quarter of a new year or if there's more confidence in the
economy, but I've realized that many more people are looking to start their own
businesses. As a business owner and social entrepreneur, I think that's a great
thing.
I'm
often asked about my thoughts about starting a new venture, and candidly, I
love the adrenaline rush, vision driving and strategy development of a new
business opportunity. If you've been thinking about beginning a new company,
there's no time like the present to start to get yourself into the
entrepreneurial mindset to consider if it makes sense for you.
If Socrates Vasiliades tax were speaking
to someone right now starting off as a new business owner for the first time,
there are three essential things I would suggest they keep in mind:
Do You Really Want to Be an
Entrepreneur?
The
first question is the toughest, but you've got to sit with it for a while. I've
spoken to many people along the way who have started a business, and then have
fallen flat on their face and returned to the safe embrace of a 9 to 5 job.
Being a business owner is not as "glamorous" as it may appear.
Sure,
you'll have a flexible schedule (on occasion) and are the final decision maker
on large and small decisions, but being an entrepreneur is not for everyone.
The truth is you will never work as hard as you do than when you're a business
owner, particularly in the early years. Twelve hour plus days, including
weekends, is not uncommon.
Being
a business owner means it's all on you. You may have other people working with
you. You may be one of those leaders who allows his team of professionals to be
the professionals they are, but as an entrepreneur, your responsibility is to
understand every area of your business: sales, marketing, legal, finance and
accounting, administrative, marketing, research and development, product
development, etc. It takes a great deal of time to know all areas of your
business and make sure they are working correctly. It's an endless process.
Do You Really Want to go
into Business with Your Friends and Family?
Socrates Vasiliades tax says many times,
particularly with small businesses, you'll have friends or family members
decide to go into business together. It makes sense to want to go into business
with people you know and trust, but do you want to do that? If there is
anything that comes up your relationships can be affected.
A
great scenario is this one: you're working 12 hour days and doing great in your
areas of responsibility. Your business partner, and good buddy, perhaps is not
as hard working and as disciplined as you are and so resentment begins to
build. That's a recipe for conflict and the likelihood that your business will
survive with internal friction exponentially decreases with the increase in
tension.
Another
possibility is that you don't go into business with any friend or family as
your partner, but perhaps you decide to hire that same good buddy to be one of
your first employees because you trust him. Again, what happens if he's not putting
in the hours or work that you think is essential for business success? There
have been countless examples of business owners who partnered or hired friends
or family only to be in a situation where the business has suffered (as well as
the relationship) because of anything from work styles to fraud. It's very
tough to separate your business from your relationships without potentially
ruining them.
Decide if You're the Cupcake
Baker or the Business Owner
Many
people have a passion for something in their lives, and that's great. Perhaps
they love making cupcakes, or they love music and want to sell instruments.
Whatever is your passion or interest, if you have one, you will not be only
doing that work. As the business owner, the most crucial part of your business
is a vision, sales, etc. and the path the company as laid out in your business
plan.
If
you love painting and you decide to open up a paint shop, you will not be
spending your day painting. You will spend your day selling paint, dealing with
customers and managing the books. Same goes for cupcakes or even widgets. The
business owner that wants to grow his or her company is not going to be baking
cupcakes exclusively but also running the business.
If
you're looking to grow, you've got to focus on the total "business."
As a business owner, the cupcake making, painting, music or widget making will
be only one element, but it's certainly not the "business." The
business is the promotion of your product, the price point, finances,
customers, cash register, accounts receivables and payables, and payroll, etc.