Good question, and one I had to ponder for years before making the decision to start my first business. The first one is the most difficult decision, but subsequent businesses I have started were easy decisions. So the lesson learned is just do it, as long as you have passion and love for your business venture and know what is involved to insure you are successful, that is the secret. So many may have a great idea, or new product they developed, there is a lot more to learn before you make the jump and start your own business.
You must set realistic goals, you must have adequate access to funding, enough to cover your personal expenses and your business expenses, so set a spread sheet up listing all such expenses. Most sadly fail at their own businesses for they did not learn what is needed before starting their business. You must know what you are doing before you do it, and this is important for everyone to know before starting any business. Best advice is to start your business part time if possible. It makes the plunge a bit easier and gives you a better shot at success.
My first business was taking my well established customer base, and knowledge of technology learned while with a Fortune 50 company I worked for just over ten years, seeing how corporations work, or in my case, didn’t work, and knowing it was impossible to move up the corporate ladder when there are so many obstacles, this is what induced me to start my own consulting business in the same field I was already in. I was lucky I had built up a great reputation and was being requested over all others in my position, my territory was always top performing, most profitable, highest customer satisfaction rating, and when I was about to be shifted to a different disaster of a territory further drive from where I lived,, that was my final motivation to quit and start my own business. Of course, every situation is different, but this was my story and although I had thought about starting my own business for past decade working, the decision was still a difficult one. One I have zero regrets over, and have since started and sold several businesses, now working online exclusively, so the choices today are far greater than when I cut to corporate life line. Learn to earn, earn while you learn, that is what you need to succeed in any business.
With thousands of online businesses you can start easily and with little to no investment, this makes starting your own business much easier and eliminates the risk factors ten fold. Search for Forced-Success-System.com to get everything you need to prepare for your first business venture, join thousands of professional entrepreneurs which will mentor you, guide you, instruct you, support you and insure you succeed by having access to all the knowledge needed offered by thousands of successful entrepreneurs. I only wish I had such a group to tap into when I started my first business. First, I would have started it ten years sooner, second, I would have seen success ten times sooner as it takes time to be profitable in any business. Too many think it will happen in first year, not so in almost all cases, so learn to earn, then earn while you learn is essential lesson I learned. You have to give to receive in business, pay it forward, care to share, and use leverage by with a simple people helping people formula I have discovered
Success to all,
I started my business to help other people and the tipping point was confronting my own overbearing ego.
Put yourself in business for others and you will have all of the happiness, contentment and money you need.
I spent 26 years believing that people started businesses to make money.
I now intend to spend the rest of my years believing that good businesses exist to serve the needs of their consumers.
Officially my company was incorporated in June 2021, this is the official legal start date, for the company. However, the journey started well before this date for me.
I had always wanted to own my own business, I saw it as a fantastic way of creating something you are passionate about succeeding at something.
I clearly remember a turning point where I realised there was definitely an opportunity to create something to help people.
One night after work, doing my usual Googling, scrolling the internet on the 12th, 13th page of Google (yes it goes beyond page 1!) I found an article titled “How to Find Suppliers for Your Products”. The article gave some examples of trade shows that would be worth visiting and some tips on working with suppliers. In the comment section buyers and people who were looking for suppliers themselves started to post and reach out to the author of the blog to ask for help.
“I’m looking at starting my own luxury shoe brand, can you help find me a supplier”, “I want to produce soft furnishing and homewear can you help find a factory?”. They were commenting with their email addresses requesting for help. There were hundreds and hundreds of comments from buyers requesting help and advice on where to find suppliers. It had seemed suppliers had caught on to this gold mine of potential new customers and started to reply, offering their products and services. Soon enough the comments section of this blog was hosting new business introductions and proposals from all around the world.
Yes, very much so. After the eureka moment of deciding to start the business I got to work straight away. I knew I wasn’t going to be able to do this on my own I needed a team with technical capabilities.
I found our Co-Founder will tons of experience working with online development and marketing. Together we built a very basic platform which allowed us to test the business idea - did people use it? Would it work? Would people pay for this service? At the time I was reluctant to create something that wasn’t fully complete / or how I wanted it to work. However, I’m SO glad that we did test the idea first. It allowed us to feedback from our initial users, did they like using it, what could we change to improve their experience of our product? These early testing days were so valuable! We have changed and adapted so much of the process & product from our initial idea of what the platform would be.
A lesson from the Lean Start-Up create a “version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.” You will save yourself a lot of time and wasted effort if you are completely user focused! It’s not about creating a fancy / complex product with all the bells and whilst if your users or customers won’t use it or don’t find it useful.
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