Discover the pitfalls of owning your own business
BEFORE... [you make a BAD choice!]

It's really BIG dollars rather than dimes... at least that's my experience over many years. Thousands can be GONE quickly if you fail to plan and work your plan toward success. That said, the first step - baby size - should be at the 'feet' of one who has been there... done it!!

Invincible, right? If anyone can do it, I can!! Looking back over many years - 40 plus - it's written all over the decisions made during my early attempts at starting a new business. Yes, I spent most of my career as an entrepreneur, owning or co-owning a business. Sometimes for the 'right' reasons, at other times it turned 'south' and belly-up.

At the time it didn't seem like much... my first venture out of business college. 'Excited' to say the least. 21 years old, eager, energized, 'ready to roll' was more like it. NOTHING could go wrong, but it surely did.

Somebody [I won't call any names] sold us a bill of goods. Just beware, everyone is NOT truthful or trustworthy in business.

You need to know... that goes for Internet gurus too. Lots of hype but not much substance is often the case. Unfortunately, distance keeps you at arms-length long after your money is gone.

It's different when you have no personal [in the flesh] contact... you're usually thousands of miles apart and most often it's NO answer when you call.

Just be careful or your funds can/will be depleted in a flash. Been there - done that, too.

On the contrary, there is that 1% +/- group of Internet gurus as honest and trustworthy as you'll find anywhere. It's like ALL business dealings with homeowners - business owners - it pays to KNOW the reputation of the person and source in advance of spending your cash.

ONE MORE TIME --

Lots of stuff happened... for 5 great years, I had a wonderful BOSS who was supportive to the utmost. Held an Administrative Executive spot on the management team; super staff personnel; private office; in the days when a good cigar was A-OK [those were the days!]

Today, it's beyond belief but times do change, sometimes for a cleaner office environment.

Anyway, the spark ignited again... about 6 months later, it was NOT
called the 'spark', but the 'torch' or a "call to disaster" - the beginning of a sad downhill slide without a parachute. This time I had a bride and 2 sons who required food and shelter... an added challenge for sure.

We made it, but certainly not on easy street as we had planned earlier.

WHAT'S THE POINT?

NOT having a REALLY good reason to start a business should be warning enough - DON'T do it!!

Unfortunately, some of us think owning a business is the only way to hit the BIG time... fast cars, big houses, big income. For us it did turn out OK in the end, but many of our challenges could have been missed simply by being more patient and having a mentor team prior to our stepping off into deep water to sink or swim.

Statistics?

About 90% of business 'starts' end in failure. Why? Either it's a lack of financial support; no business knowledge; no skills or talent; and you can add your own list to mine. Doesn't really matter except when it's YOUR money; your time; your family; your future; just another statistic.

My pre-retirement business venture lasted 25 years and I highly recommend the entrepreneurial lifestyle... however, ONLY if you can discover something that you'll enjoy and love doing everyday rather than thinking it's all about making lots of money. The money will come if you're doing what God has intended for you to do.

In closing, you may enjoy reading a letter recently received from Ken McArthur, an internet friend of mine who discovered an exceptional insight about business owners from Mark Joyner, likely the most successful internet guru of the decade.

To give you some idea about Mark and his expertise... other executives pay him $2,000 an hour to consult with them on how to grow their business.

Here's the link to Ken's letter: http://www.learningfolder.com/mark3.htm that I wanted to share with you for your perusal.

About the author:
You'll want to check out Don's career path website with lots of FREE ideas to Discover your dream job or new business venture. http://www.Career-Coaching-Central.com

Most people are not ready for retirement:

And I'm not just talking about the money side of the equation.

I am talking about having something constructive to do when you don't have to go to the office anymore.

We recommend that you establish a communication process guaranteed to uncover what's important to you and your family - when you have all that time you always wished you had. This is the first step in setting priorities and getting buy-in from everyone, which will help you start sooner rather than later to create a plan and then execute it!

As consultants, business coaches, and Certified conflict prevention and resolution professionals - with combined experience of over 100 years helping executives and business owners plan for their future - the one element, required before anything can move forward, is a spirit of cooperation.

That spirit is either a natural result of an atmosphere of shared goals about the future, or it one they have refined or learned from scratch.

Strategic Conversations is a process you can learn that will provide enhanced communications for life. Their free resources and accompanying free research report will help you establish the framework for determining, among other things, the right financial planning strategy for you right now!

<< Back to More Articles