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.
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.
Related Content: Getting Started: Researching Your Business Idea
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?
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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