Business Opportunities Weblog

So You Want To Start A Business?

By on November 27, 2011 in News

In the past, no one really considered themselves to be an entrepreneur. Sure, people stared businesses, but they didn’t have much support from outside sources. That has changed over the years, though. There are resources for almost everyone who wants to start a business, including men, women, and children. So, why does the failure rate remain so high?

First, many entrepreneurs learn to build a business the way some people learn to swim; they just jump in. They might have the basic skill, or even be very talented at the task at hand, whether it is baking or programming or candlestick making. What they lack is basic knowledge of marketing, management and accounting. Even though there are many resources available, they are too busy doing the task to learn how to do the basics. In this case, ignorance is not bliss; it is a ticking time bomb.

Second, not everyone is wired to be an entrepreneur — just as not everyone is wired to be a social worker, a lawyer, a salesman or an accountant. The success or failure of a business has less to do with the idea and more to do with personality, drive, skill set and tenacity. Businesses don’t fail, people do.

Third, entrepreneurship is about risk. Sometimes it is calculated risk; sometimes it is a shot in the dark; sometimes it is delusional. This is where the current entrepreneurial fever can get dangerous. We have been led to believe that entrepreneurship is this romantic journey of discovery and creativity and believing in your dream. We all read stories about Facebook and Starbucks and countless other successes, but the large numbers of failures just slip away in the night, along with the owner’s life savings. The people behind those failures all believed in their dreams, too. Again, starting a business is risky. Even the most experienced entrepreneurs cannot always predict what will work and what won’t.

Photo by Peter Dutton

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Angela Shupe has added 5,783 posts to Business Opportunities Weblog.

Another Idea: How to Start a Business Broker Business

  • http://www.workathomegrandmothers.com Baz

    This makes a lot of sense to me now, most of the sites I have read tackled the problem from the wrong angle. Thank you Angela, You have me thinking from a different perspective now.

  • http://www.almostanythingllc.com Sandy Morgan

    Good post. It takes more than the dream. The dream fuels the business, but knowledge and the right tools make it successful. Baz, I have a free New Business Checklist that covers all the basics if you are interested. I’m not selling you anything, that’s just my business… to help other SMB’s succeed. E-mail me at: almostanythingoffice@gmail.com.

  • Gord Gerrie

    Well written post. I am a Business Coach and we help start-ups, fledglings and established businesses to succeed. While we do much of our work in the real estate and mortgage brokerage sector, we have helped other businesses prosper as well. In the final analysis, it comes down to knowing your Key Performamnce Indicators (KPI’s)and taking the necessary actions to make certain that each facet of the business is managed. No such thing as bad business…just bad management.

  • http://pink-flannel-sheets.com/ Jill Johnson

    Before you start a business you need to identify the needs of your potential customers and determine how you are going to fill those needs. If you start a business to fulfill your personal needs instead of those of your customers you are doomed to failure.

    Jill

  • http://englisheloquence.blogspot.com english eloquence blogspot

    There’s a lot of thinking to be done before starting a small business of your own.

  • http://zameenrealestate.blogspot.com zameen

    nice article…
    if i wan to start any type of business. like real estate. what should i prepare
    in my mind. what sholud follow.

  • http://www.almostanythingllc.com Sandy Morgan
  • http://zameenrealestate.blogspot.com zameen

    Sandy Morgan – Thanks alot..

    really apricating.. thanks

  • http://www.paskvanlaw.com/ lawyer fairbanks ak

    Good post Angela. You describe all the things in a very easy and simple way for example you give an example of swimming. I agree that to get success in business you must know the basics of marketing and management. I also completely agree that for achieving success you must face the risk, risk and entrepreneur goes hand by hand in business.

  • http://www.robinsh.me Robinsh

    Thanks for this demonstration because I was also doing the same just learning basics and starting doing work on the ideas I have, now I am aware about the facts that getting just a good idea will not make you a good entrepreneur.

    So I have to learn business before getting myself wet in business.

  • Accountancy Service

    This is very informative. Well, starting a business is a personal decision and what lies ahead is not predictable. The business may fail or succeed. So, I guess it really depends to the entrepreneur what he/she will do to be successful.
    http://www.accountancyhere.com

  • http://www.partnersindemand.com Dee Dee

    Having worked with small businesses for a number of years, I concur with the author of the article. I think it all boils down to lack of planning. It’s often what you don’t know that you didn’t realize you didn’t know, that hurts you the most. Sometimes you can minimize your risk of failure by partnering with others that have strengths that offset your weaknesses.

  • http://bestchoicetechnology.com Bloice Davison

    Agreed, find a need and fill it. But, be cognizant of the competition. If you are in a hyper competitive business, what are you going to do to distinguish your business from the competition?

  • http://sasaccounting.blogspot.com Accounting services

    really very nice and useful article, this really help for whom want start new business.

  • http://www.sportsballuk.co.uk Trevor

    http://www.sportsballuk.co.uk Great article. Any info that will help someone to start a home business is welcome. I found, when i started my business 43 years ago, that my most important factor was that i had no competition anywhere in the world, which was in my opinion, the one main requirement for any business. If you can find something similer, you are on the way to success.

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