For aspiring entrepreneurs, especially new college grads opting to be their own boss rather than report to one, the task of getting ready to launch a business can be overwhelming. Consider these tips from entrepreneurs who learned how to position a new business for success from the start.
1. Get educated. Prepare to take the entrepreneurial leap by learning about your future business, whether it's through graduate school, technical training, or simply reading and "being a sponge" for related information.
Andrea Bloom, a graduate of Harvard Business School and owner of ConnectWell, a provider of innovative corporate wellness programs based in Pleasanton, Calif., attends alumni events and panels discussions with entrepreneurs which, "provide ideas to help you move forward, rather than just corporate business leaders telling you something won't work."
After Becky Ruby, owner of Indianapolis-based floral design shop lilly lane, graduated from Butler University with bachelor's degrees in journalism and arts administration, she worked in the nonprofit sector before pursuing her passion for flowers – and eventually earning a certificate from the Chicago School of Floral Design. But when it came to learning how to run an actual business, she hired a coach, Charles Polcaster, and never doubted her talent.
2. Get "intrapreneurial." Thinking and acting like an entrepreneur while working for someone else, also known as intrapreneurship, can be another stepping stone to business ownership. Take Peggy Paul, founder of SheTaxi, a website that provides content focused on women's issues, for example. While working in corporate philanthropy, she learned everything from business planning to the importance of a company board.
"[Then], I realized with SheTaxi that I needed the support and perspective [of a board] to help me establish clear objectives and stay focused," Paul says. "As an entrepreneur, it's easy to want to do it all, and my advisory team keeps me on track.”
Related: Six Tips to Become a Great 'Intrapreneur'
3. Get comfortable with failure. Michaela Conley of Washington, D.C.-based HPCareer.net, a social media company focused on advertising careers in the health promotion industry, found that "trial and error" offered some of the best training to grow her business as she learned quickly from her mistakes.
On the other hand, Lynn Griffith, founder of Welcome Events, realized she was an entrepreneur after she was fired from her 10th job in two years. "I had a total intolerance for working for people who I either did not respect or did not have the knowledge and ability I felt I had," says Griffith, whose event management company is based in Fort Lauderdale, Fla.
While you might not want to go out and get fired from your day job to light your entrepreneurial fire, the ability to seek patterns of failure can lead much more quickly to the path of success.
Related: Famous 'Trep Failures -- and Comebacks
4. Get out there. In many ways, entrepreneurship is considered a "contact sport." "You can't run a business sitting behind your desk," says Denise Praul, founder of Accurate Tax Management Corp., an Indianapolis-based tax appraisal firm. "Get out into the world and start meeting people."
Serial entrepreneur Larvetta Loftin took that rule a step further by creating her own group, Leading Ladies International, because she felt there were not enough outlets to empower women.
Dava Guthmiller of Noise 13 Design, a branding and design firm based in the San Francisco Bay area, also created a women's network, Pow.Wow Network in San Francisco. She sought out other entrepreneurs to find talent, support and potential clients. Whether you join an established group or create your own, networking is an important element for any small business trying to get off the ground.
Related: Three Essentials to Creating a Networking Strategy
5. Get fully committed. Fear of starting a business can be your worst enemy, but don't let succumb to it. Attorney Joan Champagne dealt with the "scariness" of starting her own firm by turning to a mentor, who ultimately advised her that the fear never totally goes away and she'll have to get used to it. "I'm still adjusting…I'll do what I have to do," Champagne says.
"There's never going to be the perfect moment to start a business," adds Kristin Kuhlke Cobb, founder of Cupcake, a Charleston, S.C.-based specialty bakery. "But, there are moments you know you're fully committed. If women can manage a household with kids, a husband, family, etc., beautifully, why can't we run a business beautifully too?”
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Comments:
Being your own boss is an idea that's appealing to young graduates. Of course, it's something that most people would like to be. It's not an easy thing to do, and the ones that do succeed are the ones who are willing to seize any opportunity and will work hard in order to face any challenge.
When you are totally committed to your business and treat it as a passion, it automatically results in business development. It also involves searching for new ideas to develop products that'll expand your existing portfolio for generating valuable leads.
I think not being afraid to fail is a big thing, and perfection will keep us a lot of us from building momentum and taking actions on what we need to do for our business. A marketing coach told me that the most important thing is implementation, and then just tweak it along the way. If we wait for perfection, it will never get done.
I tell people all the time to team up with me and work on their fortune as they are employed building someone else's dreams. Most often, excuses is all you hear. Then you remind them about their goals and at that very moment is when you know whether or not their WHY factor is strong enough. If you want someone bad enough (i,e, financial or time freedom), what would you do to get it? http://bit.ly/gS5rXO
Before you make the leap to your own entrepreneurial venture, I also recommend that you fully determine WHY you want to own your own business. What are you looking for? More freedom? More money? More opportunities to work in your passion / strength zones? I mention this because many entrepreneurs get started and find that owning their own business is nothing like they thought it would be. They're working more hours, making less money, and are performing more tasks outside of their areas of natural passion and strength. This is often par for the course when a business first opens it doors, but you have the opportunity to grow and mold it to fit your desires over time. Have a big picture vision of what you're trying to achieve as a small business owner, and be sure that the decisions you make support that vision. And, of course... follow the above advice as well! Lisa www.StartYourOwnSmallBiz.com
Giving your full commitment over your own business is the most important thing that you should consider in being your own boss. Because if your people don't see it in you, you won't get anywhere.
What I realized after 25 years of working for someone else and then becoming an entrepreneur, I'm not only responsible for providing the services that I offer, I have to run the business too. Quite an eye-opener. Be prepared to wear both hats; however, if you have a passion for it (being entrepreneur), you will be successful.
The surest road to success is to find a successful person that has already done what you seek to accomplish and ask them to mentor you, next best is to hire that person as a coach and third best is to create your own Mastermind group per Naopleon Hill's Definition. Live With Intention, DrBillToth.com/blog
A must read for anyone who wants to start their own business and achieve a high level of success: 'Think and Grow Rich' by Napoleon Hill. This book literally changed my life.
The excuse of "I just don't have enough time" doesn't really fly with me (though I use it often to deflect outside demands of my time). If you don't have enough time, you never wanted to be an entrepreneur in the first place... Get off the couch. Prove to yourself that you can do it. Prioritize your free time and make your idea a priority.
Learn by doing! Get a network! That's my advice. - www.awkwardengineer.com