You probably have many reasons for wanting to start your own business. Not surprising. Most of us get to this point sooner or later.
So, let's figure out 'why', 'how' and all that important stuff. Which one of the following 'reasons' for starting your own business applies to you?
Freedom from the daily grind.
Freedom to do what you want.
Improving your standard of living.
Creative freedom.
Full use of your skills, knowledge and education.
You have a product, idea, or service that people need.
You want more time with the family.
You hate the office dress code.
You want those tax breaks for business owners.
You work better alone
YOU want to make the decisions that affect you.
Okay, every one of the above items is a good reason for wanting your own business.
Before we move on, take a look at the list for a moment. Almost every one of those items is linked to one thing...freedom.
No surprise there. The big difficulty is, that not many people think the process all the way through. They want the freedom, but they overlook the work.
As Yoda might say, "Work there will be".
One of the first things they will have to do is start planning.
There are essentially 7 phases to business planning.
It will take a long time to cover all that stuff, but, for today, let’s take a look at number one.
One of the most important things you must do in the Investigation Phase is to take a long, hard, HONEST look at yourself as well as your business options and opportunities. There are careers that simply are NOT suited to certain personality types, so the first question you must answer is, "Which personality type am I?"
Now, many different commentators on this subject have created many divisions and classifications, but here's my set.
Some Feel Obligated to Fulfill Their Duties
This is generally going to be an introverted personality...a person who is serious, quiet, thorough, orderly, matter-of-fact, logical, realistic, and dependable. Kinda like Mr. Spock, or maybe a little bit of Captain Kirk. They take responsibility, are well organized (well, maybe NOT so much Captain Kirk), know what should be accomplished and work steadily toward it disregarding distractions. The "duty fulfiller" types are careful calculators, and 20% of this group become accountants.
I can see Spock as an accountant, but not Kirk. Okay, we'll put him somewhere else.
Some Need to Invent, Build, Modify and Control
More "hands on" in nature, these "mechanic types" also have a sense of duty and are usually also introverts. They watch, look and learn cooly from the sidelines...at least at first. They are quiet, reserved, observing, and analyze life with a detached curiosity and have often have unexpected flashes of original humor.
Keeping the analogy going as long as I can, we're talking about someone a bit like Chief Engineer Montgomery Scott of the Enterprise. People like Scotty are usually interested in cause and effect, how and why mechanical things work, and in organizing facts using logical principles.
These folks often are comfortable as craftsmen, mechanics, or handymen. About 10% wind up becoming farmers...or did back when farming was something you could do and feed yourself and a few other people.
The Captain Kirks of the World
These people are the "doers". They generally are extraverts and are good at on-the-spot problem solving. Concerned, they don’t really "worry". They can enjoy whatever comes along, and are adaptable, tolerant, and generally conservative in values. They support the group dynamic while often working alone or at least as the leader of the "away team"...where they often break the rules.
These folks also tend to like mechanical things and sports, and do NOT like long explanations. While capable of contemplation or philosophical thought, they are most comfortable with “real” things...things which can be worked, handled, taken apart, or put together.
If Kirk is not your role model for this type, try Special Agent Leroy Jethro Gibbs of NCIS.
In the business world, approximately 10% of this type go into marketing or become entrepreneurs or promoters.
Star Fleet Command or NCIS Director
Okay, this discussion has really gone sideways.
Anyway, there is another group of extraverts who are hearty, frank, decisive, leaders in activities and usually good in anything that requires reasoning and intelligent talk, such as public speaking. They may have even been "doers" at one time, but for one reason or another have moved on. They are generally well informed and enjoy increasing their knowledge. They sometimes choose, or need, to appear more positive and confident than their experience actually warrants.
They are sometimes called "judgers" or "thinkers" and about 21% of this group will become legal administrators or something similar.
To discuss each personality type in depth here would be far too complicated. The following list may give you an idea of the roles that various personality types could fall into. Let's just look at the extrovert and the introvert.
Introverts will be happiest and do best in careers such as:
After looking at yourself, you need to look at your business options with an eye towards finding what suits you best. When choosing your business you want to begin by considering the following:
Do you like working with your hands or brain, or both?
Would you rather work indoors or outdoors?
Are you into math, writing, puzzles, blueprints?
Do you like building, installing or fixing things?
What interests you?
What kind of hobbies turn you on?
Do you work best alone or with a team?
Do you like machines, computers?
Do you like to drive or operate equipment?
Do you enjoy travel?
Do you collect things...do you just keep them or display them?
Do you attend shows?
Do you draw or take pictures?
Are you small, big, young, old, weak, strong?
Make a written list of your likes and dislikes. Begin keeping a diary of things you do that relate to a business or interest and rate each entry from 1 to 5 based on your interest. With this data in hand, prepare a list of your strengths, weaknesses, opportunities and concerns.
Just a note, by the way. I have studied the concept of "success" in many different fields. In almost every case, the recommended course of action is to start by writing things down in the manner I have just outlined. Whether you want to lose weight or create a savings plan which results in your becoming a milliionaire, the process is roughly the same.
Anyway, after all this, you should be able to create a list of potential businesses, or careers, which are right for you. Then you can rate them from 1 to 5 based on your own chosen criteria.
Some criteria to consider could be, "Is it feasible?", for example. You might consider if it is low in cost to establish, meets your objectives, will make you the money you want. You might also want find out if there is a "niche" market of existing customers, is it easy to get into, will you need special training, or it will produce residual income...to name just a few.
Over time, I will be publishing other articles at this website which will cover the phases of the business planning cycle as well as other relevant topics. In the meantime, you might want to visit the local chapter of S.C.O.R.E., or find your own mentor to help you pick, plan, and grow the business that's right for you.
