Confused but eager to start
Dear Corporate Shrink,
It may sound silly, I would like to start my own business but I can’t decide in what. How do I narrow the choices?
Dear Confused but eager to start,
I assume you already know about the sacrifices required in owning your own business. For instance, you are not counting on a more flexible work schedule. You do respect the adage that says that when you start a business you should expect to work twice as hard for half the money - at least in the start-up phase, which could last months or even years.
Of course, you know about the importance of being supported by: an emergency fund to get you through the initial tough times; the encouragement of family; the availability of one or more advisors or friends with business savvy; and, a business plan that outlines the path to success and includes research on the market you would be targeting and the competition you would be facing. You ask yourself: Who would want my service or product? Why would they choose me over anybody else?
Emotional upheaval can affect our rational thinking so I’m also going to assume that you are not in the midst of some change at work that is making you feel very negative about working for someone else. Individuals in such a situation need to list the positive and negative aspects of their job. If the negatives significantly outweigh the positives, the next step is to determine if they can handle the risks of owning a business as opposed to changing jobs or even careers. Starting a business to flee a negative work situation is not always the best motivation. It is much better for the sense of purpose to be based on the positive drive and hunger of the entrepreneurial spirit.
So, I’m going to assume you are in that special group of entrepreneurs. You are an adventurous individual who is innovative and not afraid to make mistakes. Many entrepreneurs fail at one or more businesses before they get it right. As an entrepreneur you possess resilience - the ability to bounce back from a setback; to learn from mistakes; and, to believe in yourself. Also, you can envision the future; it’s what drives entrepreneurs in the present.
Now - how do you narrow your potential choices?
I think the trick is to first, have your business vision match your personal mission. You need to know what is important to you, what energizes you, what brings a smile to your face. You can think of these as those personal values or interests that give meaning to your life. For instance, you may regard serving others as one of your core values. Your choice of business then should entertain areas where you practice this aspect of your personal identity. The options to serve others, however, can range from establishing a visiting nurse care service to an auto repair shop.
You need to narrow the choices by introducing other core values. If you are also an individual who loves the outdoors, it makes sense to choose a business that allows you to be in the open. It increases the odds of your enjoying work and maintaining motivation.
Maybe you are an extrovert. You are your happiest when you find yourself around a group of people; being alone, on the other hand, makes you feel miserable. You now have three components that energize your personality: service, outdoors, and people. One can still say, however, that business choices as dissimilar as a visiting nurse service or an auto repair shop still apply.
Enter your skills and knowledge base. It’s not absolutely necessary to have mechanical expertise to open an auto repair shop. You can always hire mechanics and simply run the business. There are entrepreneurs whose sole joy is to make a business idea succeed. They don’t need to be personally experienced or skilled in the subject. Warren Buffett’s conglomerate includes businesses as dissimilar as ice cream (Dairy Queen) and insurance (Geico). His expertise and passion is investing. Bill Gates made his billions in computer software, an area he had the interest and the skills for. I think most entrepreneurs start with a business they have above average skills and expertise in.
So, if you are clueless about how cars work, you may want to stay away from auto repair - unless you want to take the time to learn the skills necessary, a daunting task.
You don’t need medical expertise to start a visiting nurse service. But again, having some medical knowledge helps. But how will that fit your love for the outdoors?
This is the type of reflective process you will have to undergo to reach a choice. It’s an internal dialogue where you ask yourself questions about your interests, values, and skill sets. You get in touch with your passion and try to embody it in the form of a business. In the middle of this procedure maybe you realize how much you enjoy visiting new places and how you have a knack for languages. Happy childhood memories may come back where you traveled with your parents to a foreign continent. The thought of starting your own travel and guided tours agency, where you enjoy being with, teaching, and guiding others while spending much time outdoors, may start taking shape. You would then begin to research the practical financial and business aspects of this possible business idea. You can do all of this on your spare time while you are still holding your job and saving for the day when you go off on your own adventure.