The small business thoughts in the “essays” under this section are more opinions and loud thinking than researched articles. Personal experiences and random observations underlie these essays. Despite such an unstructured nature, these bits should provide value as considerable practical experience and training back up these apparently random expressions.
Why Doesn’t Everyone Start A Small Business?
Why doesn’t everyone start a small business? Possible answers: Inertia, Unwillingness to take the risk, Horror stories of those who started a small business, Fear of the unknown, Unwillingness to be responsible for one’s own results or work hard.
Why Go to All the Trouble?
You have a comfortable (or uncomfortable) job with regular 9 to 5 hours. Plenty of time for leisure activities and quality time with your family if you’re a family person. Why should you start a small business? Particularly after hearing all the horror stories of persons who started a small business!
Many jump into a business without any preparation or wrong kind of preparation. Result: SBA – the small business suppport agency in the US – reports that 95 per cent of small businesses don’t survive beyond five years. Naturally horror stories abound of people who started a small business and lost not only their money but their reputation and social standing.
So Why Should You?
Job security is illusory. Economic, political and technological developments could make jobs disappear. So could natural or man-made calamities. Hunting for your next job is not at all a pleasant experience for most of us.
With proper preparation and the support of competent advisors, you could develop a small business project that has excellent chances of success. You could then minimize the risks of the business in different ways – for example, by working part time till you have picked up required know-how and contacts.
Get The Success Attitude
You need a certain attitude to succeed. The willingness to commit yourself to the business and work at learning all about succeeding in that business. The willingness to observe and learn, instead of blindly persisting with your pre-conceived notions about doing business. The willingness to change your working habits and thinking as you begin to understand what works and what does not.
Another important success habit is concerned with planning and organizing. Before you start a course of action or campaign, you have to clarify what you want to achieve. With this goal in mind, you have to develop a clear plan of action by looking at all the issues involved – resources needed, working with people, time availability and so on.
Finally, you have to constantly monitor actual results achieved against your planned results, and take appropriate action to put things back on course, if necessary. You gain confidence and skill (learn the “ropes”) as you control your business performance in this way. Don’t worry about mistakes. Just make sure you learn from the mistakes (and successes).