Over the past several decades I have started many businesses; some very successful, a couple that failed, and many in between. With each start-up I gained experience that enhanced the likelihood of success on the next venture.
I have often thought if only I could have secured good advice that would have helped me along the way (learning by “OPE”), it would have saved a lot of time, money and misery. Well, it’s a little late for me, but if you are thinking of starting a business, as so many people are in the present economy, it may not be too late for you.
To save you as much time, money and misery as possible, I would like to suggest that you read a book that is being released within the next day or two by Melinda Emerson titled “Become Your Own Boss In 12 Months”. This book provides just the kind of advice an entrepreneur and new business owner needs. It is a virtual road map to achieve small business success.
The author guides would be entrepreneurs from the business concept through the first year or so in business. This remarkably clear book serves as an indispensable checklist for any would-be small business owner.
Too often, entrepreneurs rush headlong into business with their hair on fire, so to speak, without taking the time to lay the kind of foundation necessary for success. Then, when the unexpected happens, and it will, they are totally unprepared. There is an incredible amount of planning and numerous steps that entrepreneurs must take in order to mitigate the many risks associated with starting a business.
Seasoned entrepreneurs have learned those steps from the best teacher; personal experience. The failure of many new businesses could be prevented if only the owners had access to the knowledge possessed by more seasoned entrepreneurs.
The very first step would be entrepreneurs must take is to determine whether or not they are cut out for entrepreneurship. It requires an enormous amount of drive, persistence, confidence, focus, skills, hard work, and money to launch, run, and grow a successful business. There are numerous sacrifices that are required of business owners as well as their families. For most entrepreneurs, a new business can virtually take over their lives, leaving little time for anything else.
As Melinda points out in her book, when you are your own boss, you must perform most, if not all, functions besides management including sales and marketing, production, accounting, customer service, information technology, Human Resources, maintenance, and a host of others. Hiring additional help is out of the question until the business is making enough money to afford it.
Another benefit of the book is “The Emerson Planning System” which will help the entrepreneur to begin developing a life plan and getting their personal house in order so that they can start a business that will nourish their souls and minimize financial hardship for them and their families. While cash flow has been cited as one of the main reasons businesses fail, lack of planning is often the reason a business develops cash flow issues.
Although the title of Melinda’s book suggests that it takes 12 months to start a business it is possible to launch a business in a few months with the right business plan and adequate financial resources. According to Melinda there are six primary ingredients to a start a successful new business:
- A Life Plan
- A Solid Business Idea
- Good credit
- Strong Finances
- A Business Plan
- A Supportive Family
One of the most appealing aspects of this book is that it is not just for start-up entrepreneurs. The first 10 chapters cover how to start a business and write a business plan and the last 12 chapters cover how to run a sustainable and profitable enterprise.
Business success is rarely a straight line to the top. You must be flexible, meaning you need a plan “B” and even a plan “C” to side-step any obstacles you find in your way. Problems are inevitable, and Melinda Emerson helps you think through all the non-sexy challenges about starting a business and helps you plan accordingly.
Today, there is no reason a new business has to fail for lack of advice. There is a rich treasure trove of resources available through Melinda’s new book, this blog, SCORE, SBA and many other places.
I believe that the very best way to learn is through “OPE” – other people’s experiences. It certainly beats the “School of Hard Knocks” where you have to experience everything first hand. With all of the resources available, only a fool with a death wish would want to go it alone.
Through SCORE, would be entrepreneurs have access to free counseling/mentoring from current and retired small business owners and executives that have traveled the path before them. SCORE also provides low-cost seminars on a host of topics including going into business and many critical topics about starting and operating a successful business.
Admittedly, as a SCORE business advisor, my opinion is biased because I see how SCORE helps small business owners every day across America. So, I cannot imagine why someone would risk the amount of time, effort and money to start their own business without as much guidance as possible.
Therefore, if you are thinking of starting your own business, I would recommend that you contact SCORE for assistance and buy Melinda’s new book, Become Your Own Boss in 12 Months. You will find that it will give you a step-by-step guide to developing a successful small business. This is a book you will want to dig into and refer to over and over because it provides specific action steps to make your entrepreneurial dreams a reality.
And Melinda, if you are reading this article, please consider volunteering for your local SCORE Chapter. We are actively seeking experienced advisors to assist over one million small businesses to start-up and/or grow and add additional employees this year.
If you would like to contact Melinda Emerson, you can do so through her LinkedIn page.
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If you would like to contact me, you can do so by visiting my LinkedIn page or emailing me at mike.clough@bestbizpractices.org.
Posted by: Mike Clough
