| Starting a business from scratch is intensely | | | | small business owner is only one piece of |
| creative, exciting, and adventurous. In my | | | | your total life pie. It's not the whole pie. |
| work as a small business start-up coach and | | | | |
| consultant, I've noticed that all of my | | | | Just as your business is one piece of the |
| clients tend to struggle with similar issues. | | | | pie, your family is another. Your friends, |
| Here are the five nagging questions they most | | | | another. Other pieces include your physical |
| often deal with: | | | | and emotional well-being, your wealth and |
| | | | financial health, and your service to your |
| 1. Is my idea good enough? | | | | community. You don't need to juggle anything. |
| | | | It can all flow beautifully together, one |
| 2. How do I obtain the money to start up? | | | | piece dovetailing nicely into another. This |
| | | | is called "having a life." |
| 3. Can I run a successful business and still | | | | |
| have a life? | | | | Many people think they have to give up having |
| | | | a life to start a business. Sure, starting up |
| 4. Do I have the necessary education and | | | | a business takes time. It requires focus, |
| experience to do this? | | | | dedication, and energy, but not at the |
| | | | expense of everything else you value and |
| 5. What if I fail? | | | | enjoy. |
| | | | |
| IS MY IDEA GOOD ENOUGH? | | | | DO I HAVE THE NECESSARY EDUCATION AND |
| | | | EXPERIENCE TO DO THIS? |
| By the time you have reached the place where | | | | |
| you are thinking of starting up a business, | | | | As part of the start-up journey, one of the |
| you have likely accumulated a lot of life | | | | first things I address with my clients is the |
| experience. You have acquired general | | | | belief that they might not have the education |
| information and developed expertise in one or | | | | or experience to start up a business. Most of |
| more areas that is unique and specific to | | | | the time my clients come in with a great deal |
| you. While you may share similar strengths | | | | of experience and education, but they don't |
| and traits with others, in the final | | | | realize it's applicable to their business |
| analysis, there is only one you. You have a | | | | idea. By focusing on what they have done in |
| viewpoint that is distinctly yours. The world | | | | the past, we can quickly make a short list of |
| wants to see what you have to offer and hear | | | | what skills they might need to develop. They |
| what you have to say! | | | | can work on acquiring these skills while they |
| | | | are starting up. |
| It's impossible to know completely at the | | | | |
| start of the journey whether your initial | | | | Just because you don't have a business degree |
| idea is good enough. You simply must go down | | | | doesn't mean you won't be successful at |
| the road, allow your idea to be tested, and | | | | running a business. Accounting can be |
| see what comes out at the end. It's the only | | | | outsourced. Teleseminars can be taken. Books |
| way to discover your niche and to know what | | | | can be read. Questions can be asked. |
| your unique positioning in the world will be. | | | | Experience can be gained. You don't have to |
| | | | do it all! Whatever you don't have right now, |
| HOW DO I OBTAIN THE MONEY TO START UP? | | | | you can learn. |
| | | | |
| Most people believe the only way to fund a | | | | WHAT IF I FAIL? |
| start-up is through angel investors or | | | | |
| venture capitalists. That was never true in | | | | What if you don't? What if you don't fail? |
| the past, and it isn't true today. Yes, some | | | | What then? It is better to have tried and |
| opportunities require too much capital for | | | | lost than never to have tried at all - to |
| self-funding, but certainly not all. | | | | embellish upon an oft-repeated phrase by |
| | | | Alfred Lord Tennyson. |
| When considering the difference between | | | | |
| funding your start-up yourself or funding it | | | | Letting the thought of failure come into your |
| with other people's money, consider this: An | | | | mind whenever you are embarking upon a new |
| outsider who makes a large investment in your | | | | journey seems only natural. After all, none |
| business will usually want a say in how their | | | | of us knows if we will fail or succeed at |
| money is going to be used. The same is true | | | | something new. We can, however, set the tone |
| for family and friends who invest in your | | | | for success. And setting the tone makes all |
| business. | | | | the difference. |
| | | | |
| This is why I encourage my clients to get | | | | Let yourself consider failure for as short a |
| creative and find a way to fund their | | | | period as possible. Then move on. |
| start-ups themselves. That way, they are in | | | | |
| complete control of their success, are | | | | GET ON WITH THE ADVENTURE |
| inspired to become profitable sooner, and | | | | |
| won't be spending a lot of time answering to | | | | Don't let those nagging questions stop you |
| other people's expectations. | | | | from starting up your business. Instead, |
| | | | address each question straightforwardly and |
| CAN I RUN A SUCCESSFUL BUSINESS AND STILL | | | | with an open mind. Once you answer them, you |
| HAVE A LIFE? | | | | can start enjoying the creative, exciting |
| | | | adventure that starting up a business was |
| You bet! The key is to realize that being a | | | | meant to be. |