Starting your own business

When it comes to building a successful business, there is only one rule: learn all the rules so that you will understand how to mould them into your personal masterpiece. Talk to five different business people and they will give you five versions of success. Some had sound business plans, others fell into family business and perhaps a few faced a few failures before catching on a successful start up.

The first thing you will need to decide when contemplating a new venture is whether you will be self-employed (of consultants and doctors ilk) or tackle the intriguing and complex world of entrepreneurship. The Wall Street definition of entrepreneur is someone who is “a risk-taker who has the skills and initiative to establish a business.”

While you may be inclined to discuss your business ideas with trusted family members and friends, be prepared to field opposition from these close quarters. Not everyone is going to fully understand an inner restlessness that may be prompting you to at least investigate the possibilities of new directions.

1. Do your homework: The concept of ‘work’ takes on a whole new meaning once you take on the title of ‘Boss’. Enduring the rigours of morning traffic, lunchtime highs and evening lows is one thing, it’s quite another when you will need to adapt to the stress of establishing a new routine. Conduct research on the internet about the expected rigours of running your own show. Speak to business people you know – most of them would be willing to balance caution and encouragement when conversing with aspirant entrepreneurs.
2. Build a network: Never underestimate the power of networking. The more like-minded people you connect with, the sooner you are able to determine whether your business idea is viable or requires a fresh session at the drawing board. There are a number of online networking forums, which create the opportunity to practice your networking skills in a virtual arena. Once you have developed a sense of how to identify potential synergies, you will see your ideas gaining momentum.
3. Write down your vision: Most people start their business with huge amounts of enthusiasm and gusto, which tends to wane with each new hurdle. One way to circumvent this process is to develop a clear vision (and related action plan) before investing time and money into a new business opportunity. It would also be a good idea to keep a journal to record your mental, emotional and spiritual progress. This allows great clarity on the reasons why you would like to start a business and will also give you some clues on which direction to follow.
4. Develop an appetite for learning: You will never know everything there is to know about running a successful business. Operating environments are changing rapidly and the world of work is constantly in flux, so those who succeed are those who are continually learning.

Business people who are able to survive through turbulent times are those who have an innate passion for what they are doing. They have identified their purpose and harnessed the very thing that motivates them. The Branson’s of the world don’t do what do just for the money – they are chasing a bigger dream.

So be very clear about what you want to achieve – if you don’t focus on the goal, then what is going to hold you to your path? You will feel like Alice in Wonderland – when you don’t know which path to take, any path will do. Be clear, otherwise you will be in danger of distancing yourself from others.

Keep your eye on the bottom line: You will often hear the phrase ‘cash flow’ mentioned in business circles, primarily because it is the bloodline of any company. The silent mantra around this issue is: ‘Turnover is vanity, profit is sanity and cash is king’. A few months into juggling debit orders and processing invoices will reveal the truth of this statement.

Preparation is the universal key to starting a new business. Be prepared for unprecedented demands on your time and energy, as well as dipping into your physical, emotional, financial and mental resources. This is one of the reasons to purposely develop a core support group: people who believe in you, understand your vision and can provide constructive criticism.

The fundamental characteristic of business people is that they are risk takers. You need to be daring and courageous to chase down your dreams in the face of adversity and opposition. Look around at those who have beaten the pathway to success and you will see that the abundant rewards make it a road worth travelling.