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.