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[Look before you leap]
[ Friday, 26th October 2001 00:00 ]
Author: Loman O'Byrne
Entrepreneurship is not magic, nor does it require special talents or membership of any elite social group. Lack of an extensive education is no barrier and you don't need to be smarter than everybody else. Depending on the type of business you have in mind, you don't even need a lot of money to get started. So, almost everybody has the potential to start and run a successful business. But it may not be a good idea for everybody to take the plunge. There is a tendency in this country to think of self-employed people as 'fat cats' but nothing could be further from the truth. Consider the following: - The average working week of a self-employed person is 64 hours. In almost half of those businesses, the spouse/partner is also involved for another 21 hours (together, 85 hours). - Most people do not increase their income by becoming self-employed. - A survey conducted in America identified hard work, perseverance and motivation as the three most important elements for success. Other interesting elements mentioned were integrity and good health. - Support of the spouse/partner is a critical factor in the success or failure of a start-up business. - 20% of entrepreneurs do not earn anything in the first 18 months. So how do you decide whether it is right for you? Here are some of the aspects you should think about before you make this decision: Motivation Energy, determination and perseverance are the hallmarks of a successful entrepreneur, but where does it come from? You should look at what you want (what you really, really want) out of life. Some of the key words that crop up among entrepreneurs are "Independence", "Recognition", "Sense of Achievement" and "Money", though money alone is seldom a strong enough motivator. Entrepreneurs feel a serious lack of fulfillment in these areas of their lives and this lack of fulfillment gives them enormous drive to fill the gap. Starting a business is the way they choose to meet these needs. If you are (or have been) quite happy in some other walk of life without starting your own business, then you have to ask yourself whether being an entrepreneur will add anything of value to you life. Abilities One of the classic ways of starting a business is to capitalise on an existing ability, talent or knowledge you have, or develop a new one, for which people are willing to pay. This will generally be in some 'technical' area concerned with the skills of actually making the product or supplying the service you have in mind, but could also be in the management area. Business skills such as selling, marketing, finance, decision making, problem solving and possibly 'man-management' will be required in all types of businesses but it is certainly possible to develop these, even if you don't have them now - just don't forget, in the rush to get the business running, to make the necessary investment in acquiring these abilities. Resources We are regularly asked if it is possible to start a business with no money. Our answer is that the scale and sophistication of the business you can start depends very much on the amount of money you bring to the venture. Generally, investors (including grant-aiding agencies) and lenders will only put money into the business in proportion to your own cash stake. If you have no money at all to invest in your idea, you can still start a business but you will be limited to selling either your time/labour or your ideas. Money is not the only resource that can be used to start a business; land or premises and equipment are also valuable. Relationships Your relationships are very important in two different ways. Firstly, people who find it easy and enjoyable to make friends find it much easier to start a business than those who prefer to work alone or have interpersonal difficulties that they have not managed to overcome. Business is all about interpersonal relationships and this is particularly true in a self-employment situation when you are the business. Secondly, your existing relationships need to be relatively smooth if you are going to have the peace of mind to concentrate fully enough on your business. This will require the willing support of those you hold dear. They will be affected by your business and should be involved in the decision to go ahead, with full knowledge of the time commitment, the stress, the risks and the early sacrifices in which they will be sharing Health and fitness It should be clear by now that starting a business places demands on your mental and physical health. It is certainly not a good idea to start a business if you have any significant problems in this area. Especially in the beginning, you will find yourself working longer and more intensively, facing prolonged periods of high stress, and. You need to be able to cope with this kind of situation and still be able to turn off occasionally so that you get enough relaxation to keep you going long-term. This is a skill that most people can develop with some training or counseling. All of the above may seem very negative and it is certainly intended to get you to cast a cold eye on the idea of starting your own business while you still can. However, the benefits of independence, a sense of achievement and job-satisfaction are very real for most owner-managers. For true entrepreneurs, there is no choice because they realise that they cannot live in any other way. Apart from factors concerned with you as a person, you need to consider your business idea and the chances that it will be successful. There is a separate article in the Library entitled "Finding A Business Opportunity" which deals with how to recognize a good business idea.
