Start a business? Yes, you can, even in this economy.

Related Categories: Entrepreneurship

For most people the idea of hinging a future on an idea that might not work is a little scary. And so it should be. Maybe. Times are lean and corporate cutbacks are many. Together, the cumulative effect engenders fear. Fear of taking a risk. Fear of failing. Fear of the unknown.

I know that fear. It can cause you to wake up in the morning with a litany of excuses that stops you from carving a reality from your dreams.

"I will not be as smart as Bill Gates, so I give up!" Yeah, well, Bill Gates thought the Internet was not going to last and launched three database systems which all failed.

"I'm never going to find the time, I work 12 hours a day as it is!" Uh huh. Time is precious as well for the 9.6 million entrepreneurs surveyed in the US last year who said their entrepreneurial ventures were not their primary sources of income.

There is no crystal ball. Sure you write your plan, develop a business model, roll out the budgets but really there's no way to know for sure whether your business is going to work, whether your targeted customers will buy, whether your choice of technology is a good one, whether your dreams will find traction with your employees.

You're going to get things wrong. Know this up front.

In the face of this uncertainty, it seems to me that the very worst thing you can do is fail to try. And yes, even in this economy.

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I agree that you can start a business, even in this economy.

One of the reasons new business owners become unstuck, is that they focus all their attention on getting the business started up, but no work on themselves.

There is a change in mindset, additional qualities needed, when transitioning from employee to business owner.

Here are a few things to think through first -

1. What is the main reason for wanting to start your own business? (If your first answer is money, dig deeper for the real reason, what will this extra money give you (security, freedom, independence etc)

2. Allow yourself to dream and imagine the life and lifestyle you want to have in 2 - 5 years time. Really let yourself go and DREAM. Imagine that it has already happened and you are telling a friend about your wonderful life you have (the house you live in, vacations you went on, savings in the bank, investments, car you drive, how many children you have, what you do with your time etc, etc) Don't limit your thoughts!!

3. Then think how your business will support your life and lifestyle. Many people never consider this and therefore end up working long hours and having no life!!! Your business should be designed to support you, not you supporting it!!

4. Imagine the business you want to create, operating profitably. What type of person do you need to be to create this business? What additional qualities do you need to be a successful business owner?

5. Decide on a start up date.

6. Commit to your first action to get your business moving.

Hope this help

Regards

Gina

# Posted By Georgina Terry | 7/10/09 2:00 PM

Of course it helps. Thanks so much Gina.

One of the things I noticed is that your comments centered on the profitability of business ownership i.e. the lifestyle it can afford you etc. I'll go one step further there is a spirituality as well that grounds entrepreneurs

The ability to dream and make the dream come to life. The drive to share a vision with others and in so doing create a force that is bigger than you ever imagined. And the knowledge that the service or product you're are selling is making a positive difference to others.

When you combine profitability with spirituality, that's what I think makes an entrepreneur win.
Your thoughts?

# Posted By Judette Coward Puglisi | 7/13/09 7:04 PM

Hi Judette,

I totally agree, that there is much more to entrepreneurship than material things and it is linked to a higher purpose or calling. This is linked to question 1 - What is the main reason for starting your business?

I also agree that a business should be built on the premise of 'serving' and to make a positive difference to others.

Regards

Gina

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Start a business? Yes, you can, even in this economy.