Starting Your Own Business: Part 2

How do you find a business? There are a hundred different ways. But the most important of all is that you get into something that you really like, enjoy and care about. Passion is the critical factor in determining small business success.

As Peter Drucker said, “Whenever you see something getting done, you mind a ‘monomaniac’ with a mission.”

Every single business needs a dedicated champion who lives and breathes the success of that business and enterprise. Without a champion, with a person who is passionately committed to making that business successful, the business will definitely fail.

Even with a champion, there is no guarantee of success. But without someone who cares more about the business, the products and services and the customers, than anything else, the business has very little chance.

This is why you have to pick something that you care about and enjoy. Many people start businesses selling products that they particularly like using themselves. Other people start businesses because they are passionate about the technology or the science involved. Some people start businesses that are outgrowths of their hobbies or their interests in life.

Look around you at the parts of your life that you enjoy the most. Think about the products and services that you have the strongest feelings about. You may see something that you want or need that no one else is offering. Many people start businesses because their current companies are not interested in their ideas and they are determined that they can make them successful.

Often people start businesses because of what is called a “significant emotional experience.” Something happens in their life that makes them either angry or excited or enthusiastic and they decide to set off on their own for whatever reason.

Many people think that the reason you start a business is so that you can make a lot of money. The primary reason that people turn to entrepreneurship however is for the sense of personal freedom that it offers. Many entrepreneurs don’t earn as much after taxes as they would working in another job for another company for a period of years but they are their own bosses, they are free. And this is worth more to them than the security and higher pay of a corporate environment.

Whatever your motivations, if ever you have thought of starting your own business, you should just do it and get on with it, right now. You can start small, with a multi-level marketing business, or you can start working out of your house, offering a service part time, in the evenings and on the weekends. You have to get your feet wet in some way. You have to get your entrepreneurial experience and there is no other way to get it except by plunging in and learning as you go along.

Human beings are wonderful in the sense that they are “learning organisms.” You learn at an incredible rate depending upon the amount of experiences you subject yourself to. Most entrepreneurs who become successful have many months and even years of experience as entrepreneurs under their belts. They have been through every up and down, every twist and turn that is possible for a small business person to experience. As a result, they become wiser and wiser and they make fewer and fewer mistakes. They do more and more of the right things and they not only earn but hold onto a greater percentage of their profits. The cumulative result over a lifetime is financial success and financial independence.

One of the myths of entrepreneurship is that entrepreneurs are risk takers. This is simply not true. Success entrepreneurs are “risk-avoiders.” Successful entrepreneurs are focused on earning profit. They do everything possible to minimize the risks involved in earning the profit which is their central preoccupation. And this must be your central focus as well.

Once you have decided that you want to enjoy the rewards ofentrepreneurial success, your job is to explore every single detail of the business. It is to investigate before you invest. It is to leave nothing to chance. It is to talk to lots of other people and gets lots of input. Your job is to minimize, reduce, eliminate risk wherever possible in the pursuit of profit so that the profits are real and the losses are minimal or non-existent.

Whenever a person reaches the point where they say that they can “afford to lose” a little bit of money, you can be sure of just one thing. They are going to lose, and probably lose a lot.

The only thing that is easy about money is losing it. Making money is hard, harder and harder still. As the Japanese proverb says, “Making money is like digging in the sand with a pin. Losing money is like pouring water on the sand.”
Stay tuned for the next 4 parts of “Starting Your Own Business.”

 

 

About Brian Tracy — Brian is recognized as the top sales training and personal success authority in the world today. He has authored more than 60 books and has produced more than 500 audio and video learning programs on sales, management, business success and personal development, including worldwide bestseller The Psychology of Achievement. Brian's goal is to help you achieve your personal and business goals faster and easier than you ever imagined. You can follow him on Google+, Twitter, Facebook, Pinterest, Linkedin and Youtube.

  • http://lloydchiro.com Todd Lloyd, DC

    Reading these articles is very validating from a small business owner’s point of view.

    Like Brian says, everyone is in business for themselves as a personal service corporation. So, everyone ought to literally start their own business eventually.

  • Hemant Bhattbhatt

    A very insightful article as ususal from Brian. Brian’s eclactic wisdom always fascinates me. I am really a fan of yours man.

    I am on my way to start my own business in near future. Hope to keep getting some equally enriching reads.

  • http://www.jasonharwoodspeaks.wordpress.com Jason Harwood

    Amazing call to action! Get started today running your own business! Don’t wait, do it today. Thanks for the reminder to start today to do what you love!

  • http://www.rpsinc.ca/blog Lee-Anne Ragan

    I’m an entrepreneur who owns a corporate training & entertainment company and passion has played a huge role in my and my company’s growth. Passion makes me go the extra mile for my clients.

    As Danielle LaPorte says in her Fire Starter e-book passion points the way. Your passion is the key indicator of your strengths and likely where your attention should be focused.

  • http://www.cherrysolutiononline.com Cherry Rahtu

    Hi Justin,I would like to connect with you, we are just so similar,I’ve started my business since this year because of the passion towards entrepreneurship and freedom,I have no doubt about my business success,I started it as if it will never fail.I really respect you and your opinion above.

  • Muran

    Wonderful article, guiding to high peak of business and life. Thank you Brian.

  • http://www.iyazam.com Hillel Porath

    Brian thanks for the great articles and information you share. I have been a follower of yours for over two years now! Their is an old saying “I’d rather work 80 hours a week for myself than 40 hours a week for someone else” is so true. For those of use to live, eat and sleep entrepreneurship – we know the joys of what its like waking up knowing that I am in control of my life and the captain of my ship.

  • http://igniteyouressence.com Justin Popovic

    As a full time business owner this was an awesome read. Having come from a high paying corporate job, I have yet to surpass my old income but it is most definitely a goal of mine… and I am certain I will achieve the goal in the not too distant future.

    The key here is passion. Because this business means so much to me and is a true expression of me and my ideas, I honestly rarely think about the money. I think about my clients, my products and services, the value I am delivering and the difference I am making. It may sound altruistic but it is the truth. There is something really cool about seeing your own idea go from nothing to a revenue generating business that is impacting the lives of many people.

    Man is it ever a huge amount of hard work but every single minute has been worth it.

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