Thinking about starting a business, here are my suggestions:Submitted by glassman on Thu, 05/08/2014 - 08:58
Been a business owner for several years and thought I'd write down a few suggestions for any aspiring entrepreneurs.
First, as with anything I suggest you do your homework. Read eMyth by Michael Gerber. There are other good books but start with this one.
Second if you can I'd recommend buying an existing business. The space shuttle uses most of its fuel just taking off. It only needs a tiny portion of fuel for the weeks that follow and re entry. Launching a business is the hardest part. If you can buy a successful business, you save your self many years of hardship and are less likely to fail.
Third, you may want to consider working directly with a successful business owner for a while to see what it's like. To work with the best, work for free if you have to.
Fourth. Take the Kolbe test. Unlike other test which measure your aptitude, the Kolbe test measures your action tendencies which is all that matters when your running a business. It doesn't matter if you can do something, what's important is if you will do it. It will also help you know what kind of people you need to hire to make up for the things you need the most help with.
Expect to fail your way through it. If 9 out of ten businesses fail, be prepared to start several businesses before being successful. If your starting from scratch, I like internet businesses because you can start, work hard, fail and learn something without losing too much in resources. However, internet businesses are easy to copy which makes them vulnerable to competition.
Does it have to be something you love? It depends. It certainly helps when things get hard but being successful is more important than passion. Start a business you can succeed in first.
What do you think, DP business owners? What are your suggestions?