Freight Brokerage Business. The Staff of Entrepreneur Media, Inc.
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FOUNDER OF LILLIAN VERNON CORP.
One of the best ways to determine whether your idea will succeed in your community is to talk to people you know. If it’s a business idea, talk to co-workers and colleagues. Run personal ideas by your family or neighbors. Don’t be afraid of people stealing your idea. It’s just not likely. Just discuss the general concept; you don’t need to spill all the details.
Just Do It!
Hopefully by now, the process of determining what business is right for you has at least been somewhat demystified. Understand that business startup isn’t rocket science. No, it isn’t easy to begin a business, but it’s not as complicated or as scary as many people think, either. It’s a step-by-step, common-sense procedure. So take it a step at a time. First step: Figure out what you want to do. Once you have the idea, talk to people to find out what they think. Ask, “Would you buy and/or use this, and how much would you pay?”
Understand that many people around you won’t encourage you (some will even discourage you) to pursue your entrepreneurial journey. Some will tell you they have your best interests at heart; they just want you to see the reality of the situation. Some will envy your courage; others will resent you for having the guts to actually do something. You can’t allow these naysayers to dissuade you, to stop your journey before it even begins.
In fact, once you get an idea for a business, what’s the most important trait you need as an entrepreneur? Perseverance. When you set out to launch your business, you’ll be told “no” more times than you’ve ever been told before. You can’t take it personally; you’ve got to get beyond the “no” and move on to the next person—because eventually, you’re going to get to a “yes.”
One of the most common warnings you’ll hear is about the risk. Everyone will tell you it’s risky to start your own business. But what in life isn’t? Plus, there’s a difference between foolish risks and calculated ones. You can mitigate your risk if you carefully consider what you’re doing, get help when you need it, and never stop asking questions.
Every December in Entrepreneur magazine, the hottest business trends for the coming year are profiled, representing a lot of research and a lot of homework. But that doesn’t mean these businesses will work for you. After all, you may not be good at these particular businesses. Or you could live in an area where the business is already saturated or not viable. Or they simply may not suit you, and you’d end up hating your business. And chances are if you hate what you’re doing, you’ll fail doing it.
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Is there a household chore or annoyance that drives you up the wall? Common sources of frustration or irritation are great idea generators. The woman who invented the now-ubiquitous spill-proof Snack Trap for small children (they can reach their little hands in to grab a treat, but no matter how much they shake or drop the snack cup, nothing falls out—usually) was simply tired of cleaning up Cheerios from the floor, amid the couch cushions, and in the crevices of her toddler’s car seat.
You can’t allow the specter of risk to stop you from going forward. Ask yourself, “What am I really risking?” And assess the risk. What are you giving up? What will you lose if things don’t work out? Don’t risk what you can’t afford. Don’t risk your home, your family, or your health. Ask yourself, “If this doesn’t work, will I be worse off than I am now?” If all you have to lose is some time, energy, and money, then the risk is likely worth it.
Determining what you want to do is only the first step. You’ve still got a lot of homework to do, a lot of research in front of you. Buying this book is a smart first step. Most important: Do something. Don’t sit back year after year and say, “This is the year I’m going to start my business.” Make this the year you really do it!
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