Want to start a biz? Here's what matters
Two leading authors offer starkly different perspectives on the great American pastime: starting a business. What do you think counts most in business?
From Diane Concialdi, Fountain Valley, CA Self-discipline,a plan and a vision,along with proper marketing will help you make it. But the attitude and the decision to make it, as Dr.Toth suggests, is the most important step. You can't do anything without that first step. I am amazed at how many entrepreneurs quit before they start.
From Jon MacManus, Salida, CO I think the most important things to know about starting your own business is first to find a business that has low overhead, learn to be the very best at it, ask a fair price for it (for you and your customer), only try to compete on quality not price. Remember that your customer is #1 not you, employees are expensive and should be avoided unless absolutely necessary.
From Brian Javeline, Pompano Beach, FL There one thing is a mix of many things. An entreprenuer needs to have strong communication skills, passion, determination, an ability to sell, an ability to manage and above all, a determination to succeed at all costs. Entreprenuers have the luxury of always working a 50 hour week or more, especially in the beginning. The rewards for success are not just measured based on money (but that is nice), but also pride and freedom to make it happen. I have built multiple companies that originated from nothing other than an idea on a napkin and I would never have lived life any other way. Most people follow others while entreprenuers set the stage for others to follow them. Currently my ambition is to solve Joe The Plumber's (and all other contractors) challenges as opposed to waiting on the government to help small businesses. Come check my new startup out at http://www.MyOnlineToolbox.com
From David Frantz Fire in your belly: 30 % Fed tax, more with alt min tax, 15% FICA, 6% PLUS in state income tax 8 % in various tax grabs such as FUTA,SUTA,Sale taxes on asset purchase , use taxes, regulator fees permitting fees Thats 59 % of YOUR labors taken from YOU right off the top!!!! And YOU are the one taking the RISK and doing the WORK! AmeriKA is FINISHED! Deal with it!
From Nick Giammusso VIPseats.com You have to identify an opportunity, set goals and most importantly have a passion for what you're doing. Your business becomes intertwined with your life so you better enjoy what you're doing!
From Marc Frey, Hilton Head, SC You have to be really good at what you do, in order to achieve that greatness in your business you need to have a real passion for the subject!
From Howard – Cleveland A combination of several factors … a differentiated value proposition, work ethic, a dream and LUCK. Being at the right place with the right product/service and catching that wave is what it is all about … oh yes, good financial management is essential to cash flow, which IS your life blood.
From Richard, DF, Mexico Planning, planning. If your idea is good, chances are there will be a growing number of competitors too. What are you going to do to be a step ahead of your competitors? The one who finds the answer will be given a prize. The good news is, the world is complex enough to give everyone a chance.
From Osullivanstudios.com The most important thing (besides drive) that I have seen in my own experience as well as the experience of other small business is developing a product or service that other people want and are willing to pay for it. I have seen a few businesses attempts fail simply because the owner(s) worked really hard on what they wanted the business to be instead of listening to their clients and trying to figure out some way to provide them with some sort of value.
From David Frantz Watch how fast the 'fire in your belly' is put out when you are 'rewarded' for your hard work with: 30 % plus in Fed income tax, pay even MORE with the Alt min tax, 15 % in FICA tax 6 % plus in state income tax, 8 % in various Gov't money grabs such as FUTA, SUTA, regulatory fees, permitting fees, business property tax, sales taxes on asset purchases, fuel taxes, 'use taxes',
Take note this is the up front money grabs by the GOVERNMENT! this is your REWARD for PRODUCING!
I got out of TOTAL debt I have cut WAY BACK on spending & PRODUCING I only work a day or two now…if even THAT! Enjoying MY life going DEER hunting today The Govt can find some other SUCKER to produce and be made a FOOOOL of!
WAKE UP!
From Phil As one who took that fire in the belly and made it a reality, I'll tell you what matters – luck! Ya that's right. I started a travel business after the boom of the late 90s only to open the doors the day before 9/11. I had the "others" investment, I had the vision, the right product, the right people. I didn't have the luck that would have made all the dreams come true. Despite no luck, the company grow even with wars, SARS, Bird Flu scares, etc. In the end, the company was forced to close as the American dollar soured to less than half the value of the Euro. I hate to be a pessimist to all those budding entrepreneurs, but I can tell you first hand – Sometimes when it's all on you, other things happen that are out of your control. You can only do so much when all of the variables are against you. How do you think the business climate looks today? Good Luck and hope you have the stomach to stick out the hard times. There's no better feeling than being able to steer the ship even when the perfect storm is on the horizon. . .
From James Mason Lexington, KY I agree with the anti-small business in the USA right now. I have never worked for anyone but myself, my businesses have always made money and have almost always stayed out of debt,but because it is so hard to maintain a business when you have to deal with and against all the corporations, I went on my first job interview EVER the other day and I am depressed about it, but I just dont feel like I can compete with corporations in a bad economy and I have a family to feed. When we all work for Wal-mart, I call dibs on the door greeter job.
From Anonymous I agree 100% with Ken Blanchard. I am an employee, but I have fire in my belly to own my own business. thats being productive, thats benifitting your economy. Several big businesses today(including the web gaint Google) are started by enterprenuers. Just becuase some people fail by not being focuessed we shouldn't discourage enterprenureship.
From Roy Adams-Wichita Falls,TX A CPA or attorney will not want to lose a client by challenging decisions. Bankers are in business to make loans. I've seen more buyers and sellers of small businesses have problems because of the above professions not looking out for their clients than from bad ideas. I also agree that unless you're in a very unique niche the Wal-Mart effect is accurate. It's called Public Money versus Private Investment. Hard to compete.
From Larry Trink, Princeton Jct., NJ Getting to a critical mass quickly, so that you can weather bad breaks and down cycles is critical. We lost our largest client a few months before 9/11 and weren't able to replace it during the steep down cycle theat ensued. This double whammy eventually led to draining financial assets along with my entrepreneurial spirit. You have to pursue and achieve scale on an accelerated timetable to be sustainable.
From Max Weber, Cary, NC Dude criticizes small businesses but fails to point out how anti-small business the USA is today. First and foremost, million and billion-dollar contracts go to large corporations. The government's "small business setasides" are also available to large businesses. In fact "small business set asides" is a code-word for "minority setasides" as anyone in purchasing for a major company can tell you (if bid is within 10% the minority gets it). The state, county, and city tax and other laws make it prohibitive for the small-time entrepreneur to do most businesses in the USA. Unless someone has $50,000 startup capital or is ableto get a serious loan, one cannot even roof houses or sell baked bread. These are just facts. The System us very anti-small business in the USA. Probably why something like 80% of all revenue goes to the Fortune 1000.
From Dr Bill Toth, Houston, Texas For 10 years I've coached startup entrepreneurs from all walks of life and and from age 16 up to age 92. The difference between success and failure is how much "Fire in the belly" along with discipline and a long term vision. Those who decide to make it…DO.
Live With Intention,
Dr Bill Toth
Success Coach
CreateYourFate.com
1-888-891-4878
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Honey bees make honey, Winners win….and Quitters quit.
We never quit on a person we're coaching…and as Diane points out – sadly they will often quit on themselves, their dreams and their goals.
Many of life's failures are people who did not realize how close they were to success
at the very moment they gave up." –Thomas Edison
Go to any med school or law school and you'll see the drop out rate in just the first few weeks is
more than 50%, by then end of the first semester, first year – the number is even higher. And that's
after they fought to get in! As I went thru med school I watched as people dropped out all along
the way…for many reasons, some "valid", most not. Some even quit during their residency.
Go figure? NOT! Stop wasting your time trying to figure out why people quit…..to them their reasons
make perfect sense. It's part of their life's journey….their learning lesson(s).
I've never seen anyone fail in business that kept working on themselves and
their belief and just did it to death way after it looks logical to quit. It's just most people won't do what it
takes for as long as it takes.
for the ones that quit there's this;
"Pain is temporary. It may last a minute, or an hour, or a day, or a year, and eventually it
will subside and something else will take its place. However, if I quit, that lasts forever."
–Lance Armstrong, Cancer Survivor and Athlete
For the ones that stick with it….The Journey is the Reward…and the Freedom is worth it.