The national unemployment rate reached 8.5% in March 2009 and was widespread across industry sectors. A number of states currently have an unemployment rate over 10%. With rising unemployment, we will see more people think seriously about starting their own business. And some will actually do it.
Starting your own business is exciting and worthwhile. The glamour of being your own boss is enticing. As you start your venture into entrepreneurship, here are some key points to consider:
- Remember, behavior that was acceptable in the corporate world may not be tolerated in the entrepreneurial world
- Being in you own business is about being in the marketing and sales business. No money comes in until a sale is made. You must market.
- Initially you will see your entire staff in the mirror every morning and you could find your worst boss.
- Great friends you had in the company, may not return your calls
- Vendors who pampered you, may not return your calls
We often see people who leave the corporate environment behave similarly to the way they behaved in the organization they just left: arriving late for meetings; slow return email; not tolerating disagreement; hubris. Certainly not all, but enough to make it a concern and worth mentioning.
So, what should you do as you set out to start your own business? Here’s our success tips:
- Learn as much as you can from successful entrepreneurs about what they did and are doing to be successful
- Read about successful start ups
- Find a trusted friend or trusted advisor who isn’t intimidated by you and who will give you honest and candid feedback
- It’s OK to take advice from your lawyer and accountant, but balance it with people who are doing what you plan to do
- Do not accept or listen to unsolicited advice. Everybody has an opinion and too often their opinion is about what’s best for them, not what’s best for you
Starting your own business is a worthwhile goal and it can be rewarding – if you think it through and act accordingly.
Copyright 2009 Kubica and LaForest
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