So you want to start a business

Today's Business Lessons

So you want to start a business
 

BUSINESS MATTERS (Beyond the bottom line) 

 By Francis J. Kong  

(The Philippine Star) Updated April 21, 2012 

“Francis, I would like to go into business. What kind of business do you think I should go into?”

When people ask me this question, I hold my peace. I almost always say, “I don’t think it’s time for you to go into business… yet!”

Anyone who has gone into business knows that you don’t just wake up one morning and decide to have a business. You got to know a couple of things first: what you have, what you can do to add value to the marketplace, and whether there’s a market for the widget or the service you’re offering.

I’ve heard speakers go, “Spot for opportunity!” This suggestion is actually the easy part. Just attend a franchise convention, and you’ll have opportunities presenting themselves to you. The hard – and essential – part is staying focused on a single opportunity until you’ve established a business that can stand on its own.

In my many years in business, I’ve seen many entrepreneur-wannabes waste time and money chasing one business opportunity after another, hoping to land one that will guarantee success. They get mesmerized by all business opportunities presented to them. Would-be entrepreneurs need to understand that focus is critical in the entrepreneurial process. Too many opportunities can be a big distraction –maybe even fatal.

The entrepreneurial process has two phases. The first phase is when the would-be entrepreneur is about to take the plunge. Guess what happens many times? He doesn’t. 

Many people don’t take the plunge because they can’t make up their mind about the business venture. They’re just so mesmerized by other “opportunities” they see at every turn. Going into business requires focus and long-term commitment. I’ve yet to encounter a successful business that has grown without its owners focused on and fully-committed to it.

After taking the plunge comes the next phase: sticking to the venture. So, you’ve decided to commit yourself to building the new venture. Great, congratulations! But it’s almost always sure that, along the way, you’ll come across people and/or information offering you more opportunities than you can ever imagine – opportunities both inside and outside your business. Every offer will be very tempting. Like in taking the plunge, sticking to building the venture requires focus and commitment.

Building a business is like building a house. You start with a plan, and as the edifice is starting to materialize, options for additions and revisions come presenting themselves to you. When you lose focus and give in, you overshoot your budget and your timetable. When you lose focus in business, you lose your best shot at success.

You cannot afford to have ADHD in starting a business. Focus on one crucial thing: building a healthy customer base that will make your business viable. In financial terms, that’s customers giving you good business and returns enabling you to sustain your business on its own internally-generated cash flow.

In any start-up business, you have two limited resources that you have to manage carefully: time and money. To maximize these, you’ll have to make adjustments. You’ll have to humble yourself and ask and listen and learn from those who have been successful in business. You’ll have to learn especially from your mistakes. 

This is what business is all about. This is what makes business exciting.

Don’t lose your focus, Entrepreneur. Just work and wait for the big payoff. When it comes, everything will be worth all your efforts.

Work on your business in such a way that it runs strong and successful even without you. Then you can shop for other business opportunities to your heart’s content, and repeat the entrepreneurial process.

What you sow is what you reap. Never forget that.