Tips to Ignore When Starting a Business

Hello,

1. "Career freedom means starting a business."
Clients often assume they can reach career freedom only by starting a business. I know dozens of people who feel very free in a corporate setting. They swim easily in the corporate stream and learn to balance their lives. Some even return after successful entrepreneurial ventures.

2. "Don't worry, be happy."
Some advisors tell you, "You'll be great," even if they secretly believe you're following a harebrained path that is doomed to fail. Do your own research and get second and third opinions.

3. "Visualize success."
While I support visualizing and attracting, I do not believe you can attract business from a non-existent target market. Better to attract prosperity and fulfillment. You might also try to attract knowledge and discernment so you can evaluate your various advisors.

4. "If you can dream it, you can do it."
You can dream of meeting the Queen of England at your local Wal-Mart but you may have to wait awhile. The reverse is often true -- you must have a dream before you experience the reality -- but some people manage to skip the journey and enjoy the arrival.

5. "If other people can have a successful business, you can too."
Unless you strongly resemble those "other people," they're irrelevant.

6. "You will probably fail."
Your advisor may be using fear to motivate you to work harder or sign up for his success course. Do your own research.

7." If you feel energized about your goal, you will be successful."
Feeling energized just means you enjoy some aspect of what you are doing. Figure out what you enjoy and design a life to include more of it.

8. "You can always go back to what you were doing before."
After months or years of trying to start a business, you and your former career will be different and your former colleagues will view you differently. Better to begin with a job that you can leave if you become successful. Stay in a position of power.

9." You have had a successful career so far and you'll figure out how to be successful now."
Basketball players do not always thrive on football teams and baseball is a different game altogether. Enough said.

10. "You will be fine; you just need more confidence."
If you lack self-confidence in several areas of your life, see a clinician. Otherwise your lack of confidence in your entrepreneurial skills is probably reality-based and should be viewed as a signal to find another advisor.

Thank you

Hello,

[FONT=Verdana][SIZE=2]I coach a bunch of new entrepreneurs every month and read loads of information that others publish and discuss about starting a business. I am constantly amazed at some of the bad advice that well-meaning people will give a new or potential business owner. I've put together a list of tips to business owners that I think you should just ignore. You may have others to add to the list.

[/SIZE][/FONT][FONT=Verdana][SIZE=2]“If you were the boss, you’d do things differently.”[/SIZE][/FONT]
[FONT=Verdana][SIZE=2]Perhaps, but did you ever think about why your boss does things the way he does them. Often, the priorities of the business and the owner clash with the priorities of an individual employee. While you may think that his decisions are unwise, they may make perfect sense in the overall corporate mission. When you are the boss, and especially when you are the owner, you think about the overall organization goals, not just the specific situation in a particular job.[/SIZE][/FONT]

[FONT=Verdana][SIZE=2]“If she can be successful, you can too.”[/SIZE][/FONT]
[FONT=Verdana][SIZE=2]Well, maybe. Unless you have the same skills as her and an idea that’s just as good and a plan that’s just a well executed, then maybe not. What other people do is largely irrelevant in your world.[/SIZE][/FONT]

[FONT=Verdana][SIZE=2]“You can always go back to your old job.”[/SIZE][/FONT]
[FONT=Verdana][SIZE=2]Can you really? Most people really can’t physically go back to where they were before, in the same job or situation. While you were gone,you were replaced and they’ve moved on. Even more importantly, you don’t have the same mental state about working for somebody else as you did prior to starting your own business. It’s best to stay where you are as you start your business and then quit after your new venture is successful.[/SIZE][/FONT]

[FONT=Verdana][SIZE=2]“You’ve been successful in your career; you’ll do great running your own business.”[/SIZE][/FONT]
[FONT=Verdana][SIZE=2]The skills required to perform well in a job do not necessarily translate to another job. If your job is managing the accounts payable for a professional baseball team,that doesn’t mean you can play second base. Job skills tend to be compartmentalized within a company. The skills required to manage the accounts payable are not the same skills required to manage the marketing communications department or the quality control department. Running a small business requires you to perform well at ALL the job functions until you grow the company large enough to hire employees to handle the different functions. [/SIZE][/FONT]

[FONT=Verdana][SIZE=2]“Don’t worry about the cash, just sell, sell, sell.”[/SIZE][/FONT]
[FONT=Verdana][SIZE=2]In the small business environment, cash is king. If you’re having cash flow difficulties, then growing the sales will likely exacerbate the problem. Long-term, businesses need profits and cash flow to survive. However, in the short-term, you can survive without profits as long as cash flow is good, but you can’t survive without cash. The minute you run out of cash, you’re out of business.[/SIZE][/FONT]

[SIZE=2][FONT=Verdana]And a bonus:

[/FONT][/SIZE][FONT=Verdana][SIZE=2]“Don’t worry, if you fail, you can just walk away.”[/SIZE][/FONT][FONT=Verdana][SIZE=2]This is extremely unlikely. Small businesses can rarely do business on their own. That is, they need the financial backing of the owner to get started. If you do business with a bank or major vendors, they’ll likely require the owner to personally guarantee any loan or account until the business has established its own creditworthiness. In addition,you’ll probably be investing your own money to help get the business started. Sure, you can walk away from the business, but your investment will be gone and the debts will likely follow you personally.[/SIZE][/FONT]


Thank you for being here
keep sharing like this.

Excellent Tips..Thanks for sharing !

Hello Friends,
1. "Don't worry, be happy.":-Some advisors tell you, "You'll be great," even if they secretly believe you're following a harebrained path that is doomed to fail. Do your own research and get second and third opinions.
2. "Visualize success.":-While I support visualizing and attracting, I do not believe you can attract business from a non-existent target market. Better to attract prosperity and fulfillment. You might also try to attract knowledge and discernment so you can evaluate your various advisors.
3. "If you can dream it, you can do it.":-You can dream of meeting the Queen of England at your local Wal-Mart but you may have to wait awhile. The reverse is often true -- you must have a dream before you experience the reality -- but some people manage to skip the journey and enjoy the arrival.
4. "If other people can have a successful business, you can too.":-Unless you strongly resemble those "other people," they're irrelevant.
Thanks.

#8 and #9 are excellent- not all employers look favorably upon employees who ran off to start their own business, and failed.

Thanks for your nice sharing.

I think this point "You will be fine; you just need more confidence." is really important for a newbie on business arena.

All the best,