Walt Cameron Radio: Sam Hamra
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Walt Cameron Radio: Dee Wampler
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Is Owning Your Own Business Part of Your DNA?
Walt Cameron No CommentsFiled under: Own Your Own Business
As we promote the American Dream which includes, for many of you, a dream to own your own business and be an entrepreneur.
And many of you have emailed me and asked me the following question:
“How can I tell if I have what it takes to be in my own business?”
So, we’ve run across a test that actually can determine if your idea of starting your own business has any validity and if you have the kind of focus and determination that it takes to pursue your American Dream.
For example, just imagine how you would react if the first 20 people who you told your idea of starting your own business shot it down. Or, if you failed at your first five attempts to make a go of it, what would your friends say if you decided to start a business for the sixth time?
If those scenarios sound discouraging to you, then chances are you aren’t cut out to be in your own business.
On the other hand, if you didn’t scare that easily, you just might have what it takes. Here are some questions that can help you further assess your aptitude and your tolerance for risk taking.
1. Do you believe……I mean do you really believe in yourself?
I know….I know….It sounds corny, but it really does start with believing in yourself and your business idea.
To hear the experts describe it, they will tell you that the classic entrepreneurial personality seems to combine the self-confidence of former Heavyweight Boxing Champion Muhammad Ali with the eternal optimism of a Chicago Cubs baseball fan who believes his team will win the World Series next year.
Businessmen were studied over a period of time, including many who had failed four or five times in a row, and some of the subjects were absolutely convinced that this next time they were going to strike rich.
That kind of complete confidence ties into another essential trait of the successful businessman and that is the willingness to take risks.
For example, look at someone like Thomas Edison, who had literally hundreds of failures, or Henry Ford, who was told by several potential investors that his idea for making automobiles on an assembly line was never going to work.
Fortunately, Edison and Ford weren’t easily discouraged and they were willing to take a risk and put it all on the line for something they believed they could accomplish.
The question is…..Would you be willing to do whatever needs to be done to accomplish your Dream?
2. OK….you would…that’s great….now how about your motivation?
Even above making money, self employed people are driven by the desire to do something really important……something that can not only change their lives but the lives of others as well.
They don’t view what they’re doing the way a lot of people may view their jobs as a means to a paycheck that allows them to do other things outside of their work. For the self employed, it’s the goal itself that is the most important.
3. Another question to ask yourself is…..How do you see the world?
You see, folks, many successful business owners, in fact, many of them who have appeared on Our American Dream show and shared their story, all had a common thread. They were totally focused on the “Big Picture”, which was their goal of achieving their Dream as opposed to being more focused on the day to day details.
That broad, “Big Picture” perspective comes in handy for dealing with the hurdles and challenges that will certainly be in the path of your pursuit of your American Dream.
What it comes down to is that you must develop the ability to walk into almost any situation, any problem, size it up, and figure it out!
Successful people need to have an ability to be innovative, be a troubleshooter and then a problem solver. They need to have the ability to see a solution before most other people even recognize that there’s a problem. That kind of perspective is absolutely essential for those pursuing their dream of being self employed.
4. Another question to ask yourself is……Do you know what you’re getting into?
When clients come to me with a business idea, I attempt to find out whether they really understand what they are getting themselves into.
I advise them to go speak to other people who have already accomplished what they want to do so that they can hear them talk about what it’s been like in terms of putting in long hours or not drawing a paycheck for themselves until the business is profitable.
Many businesses fail because their owners didn’t spend enough time to determine if there was even a market for their ideas.
They think it’s the best idea ever and maybe they are even able to attract funding for it, but if it turns out that there aren’t customers out there who are willing to pay for it, they have a big problem.
And, if you decide to go into business with a partner, you better each have a clear understanding of what you expect from one another and the business, or you will face major problems.
5. Of course, the obvious question says…….Will you stick it out?
You must be prepared to ride out each stage of your company’s development. Once you’ve attracted seed money from investors who were impressed with your idea, you’ve got to deliver on what you’ve promised.
Whatever your business is selling, you have to be able to stick with that product or that service and make sure it is what the market needs and is willing to pay for it.
You might think that your passion will be enough to keep you going and, believe me, passion for what you’re doing is essential. However, nothing can replace or is more important than plain, old-fashioned perseverance!
6. And finally….the last question is ……. Are you sure the thought of having your own business is part of your DNA?
Are you in possession of all the ingredients we have discussed to be a successful entrepreneur or whether you can learn the necessary traits it takes to succeed?
Even in a down economy, many people faced with job layoffs begin to look inside themselves and discover their entrepreneurial talents while others may need the help of business development programs at local colleges.
Some experts say that learning accounting, how to write a business plan and how to approach investors can certainly enhance your chances for success in business.
I say to them that could be true. However, it’s very difficult for any M.B.A. program or an undergraduate bachelor’s program in business to teach someone how to be a risk-taker and how to believe in something so completely that you simply will NEVER give up their dream.
Because that, my friends, is the final litmus test for anyone wanting to achieve their own American Dream!