3 Things You Need in Order to Accomplish the Impossible in Your Small Business Startup

Start your own business by believing in the impossible

Start your own business by believing in the impossible

If there is one word you will never hear when describing an entrepreneur, it’s timid. In fact, most people who start a business do so with the belief that they can do anything.

And while all that bravado is an essential characteristic of a successful business owner, it must be tempered with a lot of research, data, testing, and facts.

But let’s get back to the mountain moving, can-do anything discussion. The truth is that entrepreneurs have to overcome a lot of odds in order to beat the odds. The statistics show that one in two new businesses fail within the first year.

But that doesn’t mean you should cower in the face of your dreams and play it safe. No my friends, what it means is that you should go forward with your dream, but do it in a way that makes it much more likely that you will succeed.

So, how do you do the impossible when starting a business? By ensuring that you have all 3 of the following things lined up.

1. The Right Personality

Many people overlook this when thinking about starting a business, but the truth is, owning your business is hard, and if you don’t have all the right traits, it could cause you to fail. Some of the most important traits you need to have are:

  • ·         A very strong work ethic. There is no such thing as just sliding by when it comes to running a successful business. In fact, studies show that people who own their own business work hard and for longer hours than those who are employed. And vacation time? You can forget about in the first few years. That’s why you need to have a strong work ethic. When someone needs to get done, you do it. If you’re a procrastinator or someone who only does what’s necessary to get by, you have some work to do before starting a business.
  • ·         A won’t-take-no-for-an-answer-personality. The examples of entrepreneurs who refused to take no for an answer when starting their business are endless. It’s one thing to realize that your idea is shortsighted or that you’re on the wrong track, but if you’ve done your research and know the market is ripe for your product or service, this type of attitude can oftentimes mean the difference between success and failure.
  • ·         Good decision making abilities. Running a business is all about making decisions—lot of them. And if you have trouble making them, you may not be cut out for entrepreneurship.

2. Financial Know-How

Many new businesses fail because of either a lack of capital or because the business owner didn’t know how to manage it. That’s bad news for those failed businesses, but good news to those just starting out because it’s something that can easily be avoided—with the right preparation.

You’ll need to thoroughly understand your financial position before launching. Some of the areas you’ll need to have a handle on are:

  • ·         Your startup costs
  • ·         Your breakeven point
  • ·         Your personal and business monetary needs for the next 6 months to two years
  • ·         Your loan options
  • ·         Your exit plan

Before you ever open your door—or even before you decide whether or not going forward with your business idea is the right move, you will need to create these figures and analyze them.

3. Market Viability

Ask any entrepreneur—even those who failed miserably—if there is a market for their product or service, and chances are you’ll hear a resounding yes. Unfortunately, the statistics don’t back up their beliefs.

The truth is that many new businesses fail because there simply wasn’t a market for the product or service they were trying to sell.

Before you consider opening your business, you will need to do a lot of research to determine whether or not people want to buy what you plan to sell.

Those are my top three requirements for anyone who sets out to do something impossible with their new business. Nail these down and chances are, your impossible will morph into doable before your very eyes.

If you want an in-depth discussion about how to do the research, work, and planning before you launch in order to increase the chances of success, check out my new book, The 30-Day Work from Home Challenge: Do You Have What it Takes to Be Your Own Boss?)