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Thinking of Starting a Business? You Might Want to Think Again…

Thinking of Starting a Business? You Might Want to Think Again...By Donna L. Johnson

What does it take to start a successful home-based business? Some will argue that you need a hefty amount of cash. If your venture centers around an invention or product, you may even need an investor or two. Others will say you can do it without any of these things.

Regardless of what side of the debate you’re on, here’s one thing I know for sure: you won’t survive without a higher than normal tolerance for risk, relentless drive, and thick skin.

Why?

Because no matter how much money you have, there’s nothing safe or certain about starting a business. The most rock solid plans and strategies aren’t enough to offset the unknowns.

Approximately 80% of startups fail within the first three years. If gambling isn’t your cup of tea  – keep comfy in your cubicle.

If you happen to be someone with a mild-to-moderately obsessive personality with the ability to function despite a sporadic sleep pattern (which usually means not getting much sleep at all), you might have what it takes to go the distance.

The market, technology, and people’s buying habits are always evolving. As such, the plan you started out with will not necessarily be the plan that gets you out of a slump and in the black. You can’t be emotionally tied to an idea or concept. I mean you can, but the end result will be you joining that statistic I mentioned. Adaptability is crucial. You must remain open to changing courses.

Here are three simple tips to help get you going in the right direction:

1. Do your homework, however, avoid over-analyzing.

In most cases, our ideas aren’t original at all. Study past failures in your industry and let those mistakes guide you toward success.

2. Solicit feedback.

Don’t guard your ideas to the point where you refuse to get buy-in from others. And if you’ve surrounded yourself with people who only tell you the positives and never offer up an ounce of constructive criticism – congratulations on creating a support system that does you absolutely no good whatsoever.

3. Hiring the right people may not be an option for you early on.

That’s okay. Tap your network and create mutually beneficial partnerships. Trying to do everything single handedly is a sure-fire way to self-destruct.

No matter how many books are written and conferences are produced on the subject of entrepreneurship, the fact of the matter is that it isn’t for everyone. I truly believe you have to be wired a certain way.

What do you think?

Donna L. Johnson, is The Unemployed Entrepreneur® and has been blogging for The Work at Home Woman since January 2010. Summary of professional experience: 15 jobs by the age of 22. Her written word hustle is a mix of business street smarts, lifestyle, and controversy. She takes a stand on things she’s passionate about without being afraid of backlash. When Donna isn’t writing, speaking, and reading, she visualizes being on the set of her dream job as a TV talk show host. She blogs about her latest steals and deals at DiscountThief.com

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5 Responses to “Thinking of Starting a Business? You Might Want to Think Again…”

  1. 1
    Harry says:

    Donna – Risk tolerance, drive and thick skin are absolutely necessary to be successful at business. I would also add that you also need to be disciplined. As a business owner you will need to take care of hundreds of tasks. If you are not disciplined you may get overwhelmed and lose track of important ones. It is also important to be honest to yourself. Look in the mirror and ask do you have what it takes to succeed?

    You might be interested in the article I wrote on similar subject. It talks about 5 traits every small business owners need to have to succeed. Here it is – http://www.smallbizviewpoints.com/2011/07/10/5-additional-personality-traits-small-business-owners-need/

  2. 2

    Donna,
    Point number three is an important one. It probably should be added that, even when you have enough money, hiring the right people may be trickier than you think. Bringing the right people into your organization is about more than being able to pay huge salaries. It’s about judgement, and it’s about finding people with the drive, determination, and passion to help you meet your business goals. Thanks for the great post and thanks to Holly for sharing it with the BizSugar community.

  3. 3
    Sarah Ladlow says:

    Great article Donna. I am only starting out in a home business, but am certainly learning the hard way about alot of things. Which isn’t such a bad thing. I have committed to myself that I am going to stick it out UNTIL I succeed. It can certainly be a bumpy road & not as easy as I first thought.

    I also recommend consistently working on your mindset to keep a clear focus on where you want to go. It’s so easy to get distracted, especially when working from home. A business mentor who has achieved the success you’re looking for is also a fantastic idea to learn from.

    • 3.1
      miss donna says:

      congratulations, Sarah! i love your attitude. and i can certainly relate to how easy it is to get distracted. i’m in the process of finding one such mentor…technology sure does make it easier these days.

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