Q: I really want to start my own business, but I have no idea what business would be best suited for me. I'm also eager to get started, but I don't want to pick wrong business just because I'm impatient. How should I go about deciding what business would be best for me? -- Samuel J.A: Before I answer your question, Samuel, I want you to reach around and pat yourself on back for not letting your eagerness push you into making a wrong decision. All too often we entrepreneurs tend to let our impatience drive us to make decisions that we later regret. In business such haste can be very costly, indeed.
I always compare starting a business to jumping into a pool of freezing water. There are typically two types of entrepreneurs who take plunge.
The first are "Toe Testers." These are those cautious folks who just stick their big toe in pool to gauge temperature of water. It is for these careful entrepreneurs that phrase "testing waters" was coined. Toe Testers enter business pool slowly, a little bit at a time. The lesson to be learned from Toe Testers is to start slowly and don't feel like you have to wade in too fast. Ease into business pool gradually to make sure it's right for you. Remember, many entrepreneurs realize that business world is not right for them only after they are in it up to their necks. And that's when term "sink or swim" takes on a whole new meaning.
The next type of entrepreneur is "High Diver." These are those fearless souls who climb ladder and dive into business pool head first without worrying about depth of water or dangers that lurk beneath surface. It is for these entrepreneurs that phrase "damn torpedoes, full speed ahead" was coined. Quite often these entrepreneurial daredevils find themselves drowning in unknown waters or end up with their heads buried in bottom of pool.
Both types of entrepreneurs may find success, depending on how well equipped they are to handle water they are diving into. Here are a few ideas to help better prepare you for plunge.
** Let your experience be your guide. Start with what you know. If you have spent twenty years working as an accountant or you love to build wooden toy trains as a hobby, consider how you can take that experience and turn it into a successful business. You might also find a great business idea right under your nose. Look around your workplace. Do you see needs that are going unmet or can you think of a better way of doing something? If so, you might have seed for a profitable business.
** Do what you love and enjoy what you do. I can't emphasize this enough. Many people start a business for wrong reason: to get rich. While it is true that many millionaires in this country made their fortunes from their own business ventures, that should not be your sole motivation for starting a business. If you don't enjoy what you do, you will not be successful, at least not from a mental point of view. Sure, monetary rewards can be tremendous, but mental anguish of working in a business you don't enjoy is a high price to pay. I talk to entrepreneurs all time who are running successful businesses, but are so unhappy as a result that they literally make themselves sick. If you don't enjoy what you do business will become a chore, not a joy.
** Don't reinvent wheel, just make it better. Many first time entrepreneurs assume that they have to come up with a new business idea to be successful. That simply is not true. Most successful businesses are born not of innovation, but of necessity. Instead of trying to come up with an idea that changes world, take a look at world around you and see where there might be a void that needs filling or a business concept that needs improvement.