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Starting up a business and working for yourself is very different to working for someone else. What you do, how you do it and your role in it is completely up to you.
Before making a decision on your new venture, think about yourself as a person; What do you want? What do you have? What are you like? What is your area of expertise?
It is important to focus on your requirements, as well as what motivates and makes you happy, when deciding whether to start your own business, as this will usually dictate what your level of commitment will be. A business stands a much better chance of success if these factors compliment each other.
What Do You Want?
Think about what you want to achieve by setting up your own business. It may be that you see a financial opportunity, or that it promises future happiness and fulfilment to do your own thing, presenting your own product or service to the world. Whatever the reasons are, ensure that they are honest and sustainable.
Think about what you want to do. You may want to design or invent an innovative new product for a specific type of customer, or to provide a service that fulfils a customer need. If you don’t yet have an idea, focus on your interests, things you are good at, things that irritate you, things you feel are missing from everyday life. Put together a list of these. By the time you have added as many thoughts as possible, you should be able to identify a few business ideas that you can consider.
Think about what you want for the short, medium and long-term future. Would you like the business to be running in the same form in the future, or do you plan to develop and expand it? Are you planning to set up and run the business yourself for the rest of your working life, or do you plan to sell it? Do you know how you will cope with changes in customer needs, technology and tastes? Write down your hopes for your venture at 1 year, 3 years, 5 years and 10 years from launch. Thinking about the future at this early stage probably sounds extreme, but it will help you as a basis for making your business plans, keeping you on track, and for the times when things are difficult, it will remind you of why you chose to start your own business in the first place.
Think about what you want to be in your new venture. You may want to be a sole trader, or to recruit your own staff and become an owner-manager. You may want to take a back seat and run the business from afar. Whichever you choose, make sure the position will fulfil you for as long as possible, and more importantly, have the necessary background, skills and knowledge to succeed in that role.
Whatever you want, remember that it must ultimately satisfy or make you happy. Few businesses experience overnight success, it sometimes takes years of hard work. Now imagine spending years toiling on a project that you dislike…
What Do You Have?
Once you’ve established that you It is vital to consider your personal resources, and their suitability to running a business. Most people who start their own businesses have come from, or worked closely to the field related to their business subject. This will have shaped their personal attributes, working practices and skills and training.
Think about your strengths and weaknesses, and summarise what you can offer of those strengths, and what you need to avoid or develop of the weaknesses. Examine your own management abilities (skills in managing finance, marketing, distribution and business relationships), and your personal attributes (strength of character, personality, level of commitment, determination, innovation, forward-thinking and leadership skills).
What Are You Like?
In your personal and working life, you will have learned lessons or practices that you can now apply to the running of a new venture.
Think of any occasions where you learned the best way of carrying out a task, or forming or ending a relationship, or learned to avoid a method that backfired. Think about how they have shaped the way that you work or live now.
Apply any suitable lessons learnt to achieve the best result from that venture. Use them as reminders of what to strive towards, and what to avoid.
What is Your Area of Expertise?
Everyone has at least one special quality, talent or area of expertise that makes him or her stand out from the crowd. Consider your special qualities or expertise, and how you can use them in your new venture. It could be that you have a skill for invention, or a specialised knowledge that surpasses many, and is not so prevalent in your chosen market. What makes you unique, and puts you in a position where you will be remembered and respected by your customers?
Having identified a special talent, quality or expertise, consider whether using that facet would give you continuous enjoyment. The happier you are, the more focused and effective your results will be.
Summary
Before starting out on any new venture, it is vital to know yourself and your abilities. Your choice of business should be an appropriate match. Don’t choose an exciting and trendy new career if it doesn’t fit in with your lifestyle or future plans. Try to choose a subject you are proficient in. Be honest about your reasons for starting a business, and keep a written track of all factors and decisions relating to you personally. Remember that above all, the decision to work for yourself, and your choice of business idea should satisfy you and ideally make you happy, because you will be spending A LOT of time together.
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