Sunday, December 6, 2015

How to Start Your Own Business

Whether you have a specific business idea in mind, or you just know that you want to be your own boss, you can start your own business. Starting your own business does not require a lot of money. There is a lot of research involved to start out with. You can create a business by taking a less traditional path.  I have recently read Gary Vaynerchuk's Crush It! which is all about following your dreams, using the internet, "cashing in on your passion" and becoming free of the job you hate.  This chapter of What Color Is Your Parachute? really reminds me of this book.

If you have no clue as to what type of business you'd like to start, then you must take these four steps: Write, Read, Explore, and Get Feedback. This chapter suggests that you must go through The Flower Exercise discussed previously within the book. You must first know Who, before you know What. The Flower Exercise helps determine the Who, which will help guide the focus of the business.

One suggestion to figuring out what type of business to start is to use Daniel Pink's method of writing down 5 things you're good at, and 5 things you love to do, and looking for the overlap. Then ask yourself if anyone will pay you to do those things.

The explore part of this discusses talking to those who have done this before.  Interview others that have started their own businesses to make sure that you can avoid any mistakes that they have made. The first step is finding out what skills, knowledges, and experiences are required from these business owners you will interview.  The second step is making a list of these skills, knowledges, and experiences you have.  Then you must subtract the first list from the second to determine which skills, knowledges, and experiences you must acquire before you begin.  This can be written as A-B=C.

The final step is to gain some feedback from those around you.  You can use resources like which sends a few friends and family members an email, has them answer a questionnaire anonymously, and then sends you a summarized report of their responses. This may help you understand if you're cut out for this.

Just remember, this is risky, but there is risk in everything. And remember to have a plan B, just in case this does not work out.

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