Business O2

Thinking of a Business?

Seth Abelson — Tue, 31 Aug 2010 18:26:55 +0000

To be in business for oneself is a major accomplishment. Many dream of it in lofty terms but never gather enough guts to jump in. I have a lot of respect for those who finally make the decision to pursue that passion and make their life’s pursuit a reality. I equally recognize that no matter how ambitious, there are many things we are not equipped to deal with because as we enter the world of “ownership” we are limited in scope to only that which we have done expertly for years before “independence”. It is here that the rubber meets the road.
But first, let us dispense of the disclaimers: All else being equal (and all else is rarely equal in the real world), on the average, people who set up their own businesses don’t make more money, although a few do succeed in grabbing the brass ring.
That said, being an entrepreneurship is is the act of being an entrepreneur, which is a French word meaning “one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods”.
Such an environment, obviously, allows for self-expression, an opportunity to do what you enjoy. The entrepreneur, having launched his new venture is widely regarded as an integral player in the business culture of American life, and particularly as an engine for job creation and economic growth. There are strong internal drivers that compel people to create their own business. Risk being part of everything you will do from now on, your behavior reflects that of a person willing to put his or her career and financial security on the line and take risks in the name of an idea, spending much time as well as capital on an uncertain venture. If you are seriously thinking about taking the plunge or have done so, then start thinking about what kind of business you want to set up. Would it be a business that reflects your values, one that satisfies a need in your community, or would be a business whose purpose is to make life better for others? It really doesn’t matter what age you are: research by the Kauffman Foundation shows that more and more over–50s are setting up their own businesses.
Don’t worry to much about what you don’t know. You have plenty already. Talk to people who have made the plunge, learn how to plan and deliver a product or service, think about that small business that resemble the one you have in mind, talk to people with whom you would like to work, and talk to customers. In this process you will begin to visualize how you would eventually work your plan.

Business is up and running, now what!

Seth Abelson — Tue, 17 Aug 2010 21:44:19 +0000

Established giant corporations are the envy of many. They are run with efficiency we cannot even begin to imagine. Some have huge staff comprised of all sorts of specialists who attend to the smallest issues to insulate both the owners and the management from what is seen as small matters. As a small business owner, you wear many hats and because of the early complexities of going solo, you are trying your hand at every facet of your operation, even in the areas where you are not necessarily competent. With few exceptions, the other parts of your operation are run on a need basis and as a result some things do not get the attention they deserve which in turn makes you feel as if you were playing catch up.

It is well accepted that success in business favours the swift – the ones able to create the most value much faster than the competition. As such, ambition, energy, industry, and perseverance, are indispensable requisites for success in any business. So far as I can tell, very few people achieve success in business accidentally. Those who do pursue a very deliberate plan, sometimes measurable, sometimes not. Therefore, in order to achieve success in business, it is first necessary to come to terms with your own definition of success. To avoid feeling as if you are going in circles, it is critical to identify those things in which you excel and apply yourself there while carefully, you delegate the other duties to persons best qualify to deliver.

Business success is a matter of application. It’s a matter of experience and skill and intelligence, and wonderfully enough, you can learn what you need to know to be successful. You must be willing to reinvent yourself now that you have chosen the solo route. In her book, the Power of Many, Meg Ryan of eBay fame says: “To run a successful organization in the Internet Age requires constant reinvention”.

Fear not, make a decision and please do not waste time over analyzing your decision as time is of essence; however, be firm in your decision making process. Masura Ibuka, the co-founder of Sony once said: “You never succeed in technology, business, or anything by following others”. A marathon is won by hitting short consistent strides for the long haul.

Celebrate small victories today and you will look like a genius tomorrow.

Dealing with Fear

Seth Abelson — Thu, 08 Jul 2010 19:14:50 +0000

Dealing with fear…

Every entrepreneur goes through a period of elation following the launching of a new venture. This period is often followed by moments of “reality checks” whereby the business owner goes over a status check and has discomfort due to things not being exactly what the anticipated plan was. You see, many of us came from the safe (?) world of a paycheck accompanied by a certain status. You already gave that up, though your former colleagues, associates, friends and others were impressed, you are no longer a novelty. No one seems to be in awe with the fact that you are in business as it has become routine and frankly they have accepted it. You are giving in 12 to 16 hours days and somewhere deep in some corner of your sub-conscience you doubt yourself. Maybe you miss your old cubicle, the familiarity of the office environment, as being a business owner has nothing of a predictable bend.

Well, that voice of doubt you hear is actually fear; fear of a new world, and it is normal and should not paralyze you. The truth is the fear of failure disappears when you realize it can’t save you. Fear is probably the most frequent emotion that any small business owner is experiencing at any given time…It is a bit of an irrational emotion. I remember when I was a student, how many nights I stayed up before an exam worrying to death about the questions and how I would answer them.

When not properly aligned, self doubt, fear, can ruin you. Especially, when you are an entrepreneur because your decision tree is not large enough to deal with the entirety of such an emotion. Surely, it is not only OK but advised to think about how you could provide for your staff and your family, but fear can prevent you from doing important things. Do you know that Fear of the future/ failure is the main reason why more than 80% of people in the world are not prepared to change their circumstances?

Fear prevents you from doing something important in your life. Fear of failure or success can be a huge obstacle to taking positive action toward your desired outcomes, because so much personal esteem and happiness can depend on the outcome. Forget that you are in business for yourself now; a momentous achievement in itself. But, for whatever reason, fear is there to tell you that you’re about to grow and stretch; so instead what you hear is: “Hang on to your everything, something amazing just might happen”. All this emotion is for is to remind us that risk is involved in all that we do.

Indeed this is a considerable emotion; one that reveals the will of men at their weakest moments. It does not have to rational to be debilitating. Think of the many men and women who stopped themselves from considering a new career path, even knowing they were unhappy with their lot. When dealing with fear the only thing you have in your defense is preparation; reducing the downside so to speak. In the book, The Magic of Thinking Big, author David Schwartz describes how thinking big can help you overcome the fear of failure, achieve your goals, and awaken the creative power within. Wouldn’t agree that the fear of failure is responsible for killing more dreams and thwarting more potential success stories than any other force on earth?.

When success and failure are the only options, you have no choice but to follow through.

Celebrate small victories today and you will look like a genius tomorrow.