Herman School of Business
What’s Holding You Back ... Buy or Start A Business
Just because we don’t know all the answers doesn’t mean we shouldn’t start a business or go out and buy a business. Sometimes the answers will find you as you go along.
Now, I am not an advocate of going into a financial venture blind-folded but I do think many people want all the answers before they even know all the questions. If you believe in your idea I think you should go make it happen. How? Little steps, not big ones. When starting a business or buying a business the key is to take on the project in small bites and not expect to do everything at once. Certainly research the product or idea you have. And find out who else is doing what you want to do or has established that project elsewhere, then learn from your research and act accordingly. But taking risks involves belief in yourself, and that can’t be a stuttering belief but a full blown “I know I can make it” belief.
Are you worried about what others will say? Is the possible embarrassment of failure keeping you from trying? These are internal barriers that you can change. External barriers are more like where you will find the right location and will the rent be what you should be paying. Write out your idea on the top of a blank page. Now list four major concerns about doing what you want. Then write the four gains that you think you could achieve.
When planning your future remember that even if you have nothing, you still have something to lose … time … and you could end up in debt. On the positive side, what you learn from the experience of moving ahead with your plan may be worth more than the profit you thought you would make from the venture and could lead to an even larger idea down the road.
If the barriers are all internal (all inside your head) go slowly. If the barriers are external, do more research and proceed when the right doors open to you.
HERMANISM # 3
Business is a continuum. Success is the cumulative good result of riding out the wave crashing against you.
- Posted: 26 August 2007
- Comments: 1
- Category: Starting a business
Yes. Yes. And..YES! Get into a business. Move away from the Corporate culture. Nice job, Herman. I specialize in the Franchise sector, and own a run a couple of informational blogs:
The Franchise King Blog
The Franchise Blog 4 Vets
I hope at least a few of your readers explore buying a business, whether it is a franchise, an existing business, or heck.. a home based envelope stuffing business. Take a shot! Joel Libava, Cleveland, Ohio Entrepreneur
Written by Joel Libava on 5 September 2007