You will NEVER

have enough money

to start a business!

“Yeah, yeah, I’ve heard this before,” your stubborn venturesome self may say by way of dismissing the ugly truth, but dismissing reality doesn’t make it go away. Your offhandedness will inevitably come back to nip you in the tush. UNLESS! Unless you can get yourself to accept reality unconditionally and plan (that nasty entrepreneur word again) accordingly.

Ah, and one other very important asset you need to bring to your business startup table: PLUCK! [No, not as in fingering a banjo!] Pluck as in backbone, bravery, courage, daring, fortitude, gameness, grit, guts, mettle, moxie, nerve, zest, spunk. This is not to suggest recklessness in talking money. It is rather to suggest being realistically bold and fearless.

“Realistically”?

If you grow your business idea to the point where a major infusion of someone else’s cash or equipment is needed in order to survive and/or continue to grow, you’d better be prepared to give up total control in exchange. This translates to the need for you to be prepared to hedge your bet, and possibly diversify your interests (if your investors allow you to!).

Starting a business is not a task for the meek. It is not a retirement or corporate escape. It is not a hobby. It is not simply taking advantage of a spur-of-the-moment opportunity. It is not a one-night stand. When you start a business, you marry your idea! Without some grand inheritance, how many marriages start out with enough money?

No matter how carefully you budget and think through where your idea is headed, no matter how much arm-in-arm support stands with and around you, no matter how many promises you get from vendors, suppliers, ancillary services, and government agencies, you can be sure of only one thing: You’ll never have enough money to start a business.

So? So assess yourself first. Don’t dwell on it, but do be honest. Determine exactly how much pluck is inside you, and how realistic your attitude is. See where and who and how to plug the openings. If you don’t, your startup efforts are destined to fall apart and your financial exposure will be crippling.

You need to substitute for being under-capitalized by rallying your strengths and surrounding yourself with the reliable strengths of others whose skills and experience can fill in your gaps! It CAN be done. Many have succeeded. But many more have failed. The difference is pluck and a realistic attitude. How much of each have you?

# # #

Hal@BUSINESSWORKS.US

National Award-Winning Author & Brand Marketer – Record Client Sales

Open Minds Open Doors

True entrepreneurs thrive

on long hours, long odds,

   and adverse circumstances.   

     If you took yesterday’s Entrepreneur Personality Test and the results made you now feel qualified to start your own business, you may first want to consider some of the following:

     Entrepreneur Deaver Brown founded Cross River Products to manufacture and market Umbroller folding baby strollers.  In four years, the business he began in a corner of his kitchen was grossing $9 million a year.  Inspiring, huh?  Well, here’s what he had to say:

Starting a new business is like horse racing — the fastest way to lose your fortune is to bet on long shots.  The failure rate for new entrepreneurs is staggering.  4 out of 5 fold within within three years!  And most survivors are survivors, not prosperous businesses.

Major corporations can withstand numerous problems; a small company can barely survive one.

The life of an employed person offers a predictable salary, better fringe benefits, and more job security.  The commodity exchanges and stock markets are terrible risks, but they’re still better risks than gambling on your bread and butter earnings.  Simply put, the odds are overwhelmingly against creating a business success.

A new venture is continually dealing from a position of weakness, little cash, not enough customers, low credit lines, untrained employees, inexperienced operations management, unsympathetic bankers, and too much change happening too quickly.

     Discouraged yet?  The typical entrepreneur would not be.

     True entrepreneurs thrive on long hours, long odds and adverse circumstances.  Strange as it may seem, when things are going smoothly, an entrepreneur feels nervous, unchallenged and unfulfilled.   So, where does that leave you?  halalpiar

# # #

See Nov 29th post (below) for New Year’s contest prize and rules – Then GO FOR IT!  Emails to Hal@TheWriterWorks.com with “SOUNDS OF THE SEASON” in the subject line.  # # #

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