Journey Of A Thousand Miles Take your first step by conducting a personal assessment.
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Be prepared to go on a journey of self-discovery when you startyour own business," says Kimberly Stanséll, asmall-business expert and author.
Stanséll was employed as a corporate personnel directorwhen she decided to turn her part-time hobby of making jewelry intoa full-time mail order business. The knowledge she gained fromstarting that business led her to start Research Done Write!, a LosAngeles research and publishing firm focusing on small-businessinformation needs. Among the company's products is"Bootstrappin' Entrepreneur," a quarterly newsletterthat helps business owners market and manage with limitedbudgets.
"If someone would have asked me 10 years ago whether Ithought I'd ever own my own business, I might have said`yes,' but I really would have thought I'd do somethingthat was connected to my experience in personnel. I never wouldhave thought of what I'm doing now," says Stanséll."When you start a business, you reinvent yourself."
As a business consultant, would-be entrepreneurs frequently askme for advice on how to determine which business opportunity theyshould pursue. The answer is deceptively simple: Begin withyourself.
Start by evaluating your personal strengths. What do youdo well? What experiences in your past have prepared you to becomean entrepreneur? Do you have any particular areas of expertise?Don't overlook other, less obvious attributes that can help yousucceed. Stanséll, for instance, didn't think of herselfas a creative person in her role as a personnel director. But, sheadmits, she'd majored in communications in college and hadalways been interested in writing.
Next, take a realistic look at your weaknesses. Whatskills do business owners need that you don't yet have? Do youhave adequate knowledge of such necessary business skills asaccounting, marketing and planning?
Other deficiencies can stand in your way, as well. For instance,do you have limitations on time, money or other resources? Arethere elements of your personality--such as being highly emotionalwhen you're under stress--that may work against your success?What other factors in your life may negatively influence yourability to devote yourself to starting and growing a business?
After you've developed an inventory of your strengths andweaknesses, ask yourself, "Am I ready to start abusiness?"
If the answer is "no," take a closer look at yourweaknesses. Are there steps you can take to minimize or eliminatethem? For instance, if you lack marketing skills, you could chooseto take a course in marketing, or hire a consultant to help youplan your strategies.
Once you've analyzed what you need to do, you can get downto choosing the business that's right for you. Even if you havea specific business idea in mind, give yourself permission to lookat some other options and dream a bit. Write a list of your hobbiesand interests, and brainstorm to see if there are any relatedbusiness possibilities. Of course, your business should also allowyou to capitalize on your personal strengths.
Entrepreneurs who start with self-knowledge may find that theynot only succeed in business but also improve their quality oflife. "People thinking of starting a business should reallysearch inside themselves and say, `I want to know what I'm bornto do,' " says Stanséll. "If you can wake upevery day knowing you're doing what you were born to do, yourlife takes on a whole different dimension."
