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Speed Dial: 60-Second Marketing Insight Newsletter
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Starting Your Own Business Can Be Especially Appealing in a Tight Labor
Market
Given how slowly the economy is recovering, many frustrated job-seekers are taking charge by starting their own
businesses.
The 3/3/10 NY Times
article "Starting Over" (forwarded by my friends Mark Ashey and Mickey Register) notes that
entrepreneurship is especially appealing to Americans 55 & older: the number of self-employed individuals
between the ages of 55-64 grew an astonishing 52% from 2000-2007.
While this development has some intriguing implications, the interest in starting your own business transcends
demographic boundaries.
Five Tips for Starting Your Own Business - - From a 10-Year
Veteran
Are you interested in becoming an entrepreneur? As Avalaunche moves into its 10th year, Iet me share five
practical tips for starting your own business:
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1) The #1 Critical Success Factor? You.
Starting your own business can be very rewarding, but it can also be an emotional & financial
rollercoaster where the "highs" shoot into the stratosphere & the "lows" feel lower than a
snake's bellybutton. Your inner resources- - your passion, your drive, your persistence & your
adaptability- - will all be challenged by an entrepreneurial venture.
Those who triumph are compelled by their ideas, driven by an intense determination matching that
of Tom Cruise in Jerry Maguire. One of the
cons of starting your own business is that it is not for the faint of heart.
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2) You'll Get By, with a LITTLE Help from Your Friends.
One of the most common assumptions
you might have when starting your own business is that all of your friends & former colleagues will
support your new venture. And indeed, they may- - but that support is more likely to take the form of
emotional assistance rather than financial support. Even if people know, like, & trust you, they simply might
not be able to use your products/ services.
When evaluating the long-term viability of an opportunity, err on the cautious side & view business from
your existing contacts as only supplementary income.
3) Is There Wind Beneath Your Wings?
When people hear about my marketing strategy consulting work with well-known companies, many tell me that they
admire my courage & aspire to my success. While I appreciate the sincerity of their sentiments, the unsung hero
of Avalaunche is my husband Ward, who provides both a steady income & affordable health care options for our
family in the face of feast-or-famine consulting. To say "I couldn't have done it without him" is a laughable
understatement, and support like this makes a dramatic difference for those who pursue an entrepreneurial path.
4) Get Out Your Swiss Army Knife.
When starting your own business, you'll be driven by your
core idea. What many people quickly discover, however, is how much of their time & energy is devoted to
auxiliary activities. One of the cons of starting your own business is that you'll navigate marketing & sales,
finance & accounting, logistics & operations, legal issues & corporate governance, human resources
& professional relationships, quality assurance and customer service.
5) Play to Your Strengths.
No one is good at everything or given unlimited hours in the day. When you face a fundamental aspect of your
business that you can't (or don't want) to deal with, you can develop more skills, hire it out, or handle it
creatively.
In my case, a critical aspect of running a marketing consultancy is generating new business, but I struggle with
cold-calling strangers. After beating my head up against this wall for years, I've identified new ways of reaching
out to people through activities I enjoy, like writing & speaking.
Tips for Starting Your Own Business: Dream Big, Face Reality, and Stay
Flexible!
In summary, if you are considering starting your own business & pursuing an entrepreneurial venture, I
applaud you! The purpose of today's 'Speed Dial' is not to squelch that enthusiasm, but to sustain it over the long
run through a realistic perspective.
Life is about expectations. If you are aware of the cons of starting your own business, they'll be less likely
to throw you off course... and you can breathe life into your dreams.
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