When thinking of starting a new business the realisation that the initial idea is leading in this direction is sometimes a long slow process. What is more it is human nature that you will feel the need to talk it over with friends and family. My suggestion is to delay this conversation as long as possible and keep your thoughts to yourself. There are some situations where a group of colleagues feel they can stage a 'management buyout' or break away to form a competitive business. This is different, they will need to be working as a team and truly understand their objectives and circumstances so that they can create a comprehensive business plan. They will need to explain what they are trying to achieve to their families as it will affect everyone. I have been through this and it is very different from being an individual starting a business, which I have also done. If you think back to a previous article where I said do not underestimate your experiences the previous paragraph illustrates the point because I mention two personal experiences almost as a 'throw away' and yet they are experiences exclusive to me which many will not have encountered. Do you have any such treasures in your locker? You may be able to draw on them. So when you are thinking about starting your business think it through carefully. When you feel you are clear in your own mind on what you want to offer and what you think will be necessary start the business you must creat a business plan. Then you should start to discuss it, but not with family or friends because you will almost certainly get a negative response. They will have many un-recognised motives for such a response, envy -"I didn't think of that". Fear - "what if it goes wrong?" They are not you, but this corrosive reaction will affect you and could deter you. Your discussion will be best held with someone who you trust totally and who is able to be objective and assess 'the business proposition'. Is there a Market? How are you going to satisfy the market? What is the start up funding? How will you finance it? Etc. These are major factors for objective consideration and how well you have thought them through and planned in will have a direct bearing on your ultimate success. You may have to change your thinking and re-work some plans so best to keep it objective. When you have been through this and got it bedded down to your satisfaction you then must involve those who are likely to be directly affected by your new business - particularly your family. Tip of the week: Take satisfaction from every accomplishment because it will be some form of learning experience and today's accomplishments were yesterday's impossibilities. |
