Business Success - It's All About You

As a business coach and mentor over the past 15 years, I have seen many business owners get caught in the cycle of overworking, in their pursuit of a great idea matched with guts, hard work and determination. But often the result is simply under- earning, even as they stop along the way to chase "gurus" believing that they will show them the way and things will finally click.

Looking outside for a "cure all" or a "quick fix" only leads to continued frustration for business owners because without looking inward at the things that stand in the way of success, the same situations show up repeatedly. The key to success for each of us lies within ourselves.

If you are committed to building a great business and bringing the key elements of success to the surface, you need to adapt these 15 strategies into your business and personal life.

1. Realize It's All About You

Your business is a reflection of you. It is a container for our own rich spirits, talents, gifts and energy. It also contains your issues, blocks and attitudes. What we experience in our business is a mirrored image of the values, beliefs and images we hold within. In this way your business is all about you and can only get as big as you are, no more and no less. You may want to blame the economy, lack of money, busy-ness...yet to grow your business you must be willing to work both on the inner game (seeing yourself clearly and clearing beliefs that keep you stuck ) as well as, the outer game of action and technical know-how (knowing what to do and doing it). Once we recognize that the difficulties and limitations in our business (and our lives) are reflections of our own patterns, we have a powerful tool to change patterns and to create what we truly want.

2. Grow Yourself

A client once said, "Having a business is the best personal development course you'll ever take." This is very true. If you want to grow your business, all the marketing systems, secrets and strategies in the world won't help you unless you first grow yourself. For example, if you have a belief that you have to work 16-hour days in order to be successful, then you will end up working 16-hour days. And you may or may not be successful. If your leadership style is disrespectful of team members and customers then the energy of the business will reflect this. Only second-rate team members will be attracted as you will only attract people who are OK being disrespected and not appreciated. Your business will only achieve a fraction of what is possible. Your style and level of development sets the tone for your entire organization. Everything is reflected back to you multiplied, exaggerated and often dramatized. This means, if you want your business to change, if you want your team to change, if you want your results to change... It all starts with you. Many people work on growing the business, their teams, and sales, yet leave out the most important factor in the entire equation -you.

3. Get Out of Your Own Way

One of the biggest obstacles most of us have is that we get in our own way. It is as if we are driving down the road to success with one foot on the gas and the other one on the brake. We don't do it on purpose or get up in the morning and say, "How can I sabotage my success today?"

It looks different for each of us, even from day to day. Sometimes it may be just being too busy to do the things we know we need to do. It could also be fear. This, too, could show up in many ways.

We may be afraid we are not good enough, so we procrastinate or become overwhelmed at the thought of doing the task. A personal favorite of mine was the fear of being wrong, so I played it safe and limited myself to things I already knew I could do well.

Clutter is another way we slow ourselves down. Besides the physical difficulty it causes, clutter can also weigh us down subconsciously. Marie, a small businesswoman, was pitching clients to increase business. But no one was signing on with her. After a brief discussion it was obvious that she was exasperated; I could feel this in just a short phone conversation. When I asked Marie to describe her office, she told me about the piles of files on her desk, projects on the credenza and other items on the floor, plus the spillover into her personal space. The piles represented unfinished business; work that she knew she needed to do but could not get around to doing.

When she would visit new prospects she would say the right words to solicit their business, but energetically she was saying, "Please, don't hire me! I can't handle what I have; I don't have any space to take on additional work!" After several days of completing outstanding projects, not only did she clean up but also achieved a sense of peace. As a bonus, she noticed that several prospects to whom she had pitched earlier called to hire her. Coincidence? When we get out of our own way, major things happen.

4. Focus on What You Do Best

As an entrepreneur you wear many hats, but some don't fit or may clash with your personality. Too often I see small business owners or solopreneurs fretting incessantly about sending out invoices, following up with clients, or marketing. This constant worry drains their energy and keeps them from focusing on the parts of the business they do well.

Rather than trying to be all things to all people, it is better to focus on your strengths and become an outsourcing expert for the rest. Do what you do best and delegate the rest.

5. Define Success

What does success mean to you? In a world with so many coulds, shoulds and wants, how do you know if you are successful? Many clients have found that until they take the time to define success for themselves, it tends to be defined for them -- and often not to their benefit. When you live by someone else's definition, you may feel boxed in, un-empowered, as if you have no choices. You end up chasing goals that aren't yours, and although you might achieve things you thought would make you feel successful, you find that something is still missing. You don't feel any different than you did before.

Define what success means to you and you'll notice a tug to make changes in your life, both significant and small. You'll have a better idea of what you really want to do, deep down inside. By defining success on your terms, you'll release yourself from priorities that are not relevant and be free to enjoy life completely.

6. Be Responsible

In the syndicated comic strip Frank and Ernest, two bums are sitting along a wall talking with each other. One says to the other, "Do you believe in fate?" The other replies, "Sure. I'd hate to think I turned out like this because of something I had control over."

You have control and you are responsible for everything that shows up in your life. If you believe that someone or something else is the cause of whatever is happening, you are choosing to be a victim. Look at the word responsibility: response-ability; the ability to choose your response. Recognize this responsibility. Don't blame circumstances or conditions. It all comes down to your choices.

The good news is that since you are solely responsible, you can make changes. You don't have to be stuck in a bad relationship, a dead-end job, fear, or whatever is not working for you. Owning your behaviors allows you to see what makes you unhappy and gives you the opportunity to change it. Taking responsibility for your behaviors and actions, thoughts and beliefs is empowering and one of the simplest ways to make lasting changes. You are the creator of your life.

7. Become Conscious

Other than when sleeping in bed at night, aren't we already conscious? Not always. Too often we operate at a level below sensitive awareness. We go through life never stopping to think about what we are doing or why. We get up in the morning, turn on autopilot and let it take us through the day. We react to whatever comes our way, overlooking many choices available to us.

Mark's pattern was to see the world as a dichotomy. He would unconsciously put things in one of two categories: black/white good/bad, either/or, yes/no. For him there was never an option in between. Although he knew something was not working in his life, it wasn't until he could objectively see this pattern and associated beliefs that he could accept that other options do exist. With this new consciousness many choices suddenly became available to him.

Linda struggled to increase her business and make it profitable. She became aware that she did not value herself and would under-price her services or even give them away. Her unconscious pattern of unworthiness led her to believe that no one would actually pay for what she had to offer. As she began to clear these beliefs and patterns her profits grew; and more importantly, she began to do the work that before she had only dreamed of doing.

To become conscious is to become aware. When we are present with our mind, body and spirit we accept responsibility for the choices we make and move from being victims of situations and circumstances to self-actualized human beings.

8. Get a New Perspective

"We can't solve problems by using the same kind of thinking we used when we created them," said Albert Einstein. Knowledge and understanding is limited to one's own experience. We see things through our own story and beliefs and are oblivious to other possibilities.

Any decisions we make from this vantage point are always through old paradigms. We continue to do the same things over and over, making the same mistakes and wondering why things never change or get better for us.

It takes courage to go beyond our limited perception to see that which we believe to be true is only true for us. From another perspective things look different. For example, the idea that the sun rises in the east and sets in the west is only true from our perspective on earth. From space the sun always shines. Both versions are true only from their respective vantage point. As you move beyond the limits of your own perspective, possibilities emerge and a new world opens.

9. Build Community

You are never alone. Everything is in contact with other things, which connect to more things, like an interconnected web. Nothing and no one exists independently. If such a thing did exist then it would be incapable of change.

It is a common misconception that the end of development is independence. Each of us is a living link in the chain that binds us all together. Only with an attitude of cooperation and communication are we able to produce viable results, come up with creative ideas, and create what we want.

Through cooperative endeavors community is made. As a part of the chain, every one of your gifts will shine and the joy and pleasure that may have been lost will be restored to you. Each individual becomes part of a giant mosaic of endless possibilities.

10. Get a Life

When you expect your work to provide meaning and fulfillment it ends up being a desperate search for something that can not be found there -- a life. Your work is not your life! You are more than what you do. You are the sum of your parts, only one of which is work.

Too often work becomes our identity and we put off the rest of our life. As a work-centered culture, we have lost touch with ourselves. We skip lunch, conduct business while in our cars and at our kids' soccer games, and are always connected, even on vacation. We perceive we have no choices and consequently feel like victims. In realty, we are using work to avoid other things.

When this happens we feel trapped in circumstances of our own making. Busy-ness, procrastination, crisis, drama, struggle -- these are all ways of avoiding things that we would rather not deal with. Choice and responsibility are keys to creating the lives we want.

11. Keep It Simple

Life is simple. We are the ones who make it complicated. There is a difference between effort and struggle. Consider nature... it puts forth effort in sustaining itself, but does not struggle. It just is. Living requires effort. Running a business involves a certain amount of effort. Struggle, however, is optional. It is a battle we fight with ourselves.

What is struggle to one person is gentle effort to another. Struggle is mixed with fear, anxiety and worry and comes from what we believe about a situation or event, not from the event itself. What you believe, consciously or unconsciously, creates your reality.

"Change the way you look at things and the things you look at change," said Wayne Dyer. As you begin to take responsibility and accept that you create your life, you can move beyond the struggle toward an inner calm. Life was never meant to be a struggle.

12. Be Kind

We've all heard our mothers tell us to be kind. I interpreted this to mean to be kind to others. And while this is important and certainly makes it easier for everyone to get along, there's another point of view to consider.

Be kind to yourself. Most of us beat ourselves up mercilessly. The way we talk to and treat ourselves would cause anyone else to run away. So why do we think it's okay to act toward ourselves that way? Value yourself as you would a dear friend or family member. Do not judge, criticize or beat yourself up, even in your thoughts. In addition, take care of yourself and your needs. If you are constantly taking care of others at your expense, then you are mistreating yourself.

13. Accept What Is

If your life is about wanting for the future instead of living now you will end up with a life filled with a lot of wanting and very little living. Life is here, now. It is not going to happen one day when all the stars in the sky magically align, your business takes off, or everything in your life is working out perfectly. Life becomes easier and more enjoyable as we accept what is happening and showing up right now -- even if you do not want it, like it, or enjoy it.

Recently, someone had put in an offer to buy our house. Since it had been on the market for a few months, we were excited. A few days later however, they pulled their offer and we were back at square one. While we were disappointed in the turn of events, it really had no other impact. My choice was about aligning with what was actually happening rather than trying to control and manipulate the events. This is more than just positive thinking; it is truly accepting things and having no expectations. It is attachment to expectations that cause our hurt, pain and disappointment. As we move toward acceptance, each day is ours to enjoy regardless of outside circumstances.

14. Find Your Own Answers

Sometimes it seems easier to look outside of ourselves for answers, to rely on words from others or stories we tell ourselves based on external factors rather than facts. The problem is that these external answers don't bring us closer to our truth. More than likely, they drive us farther away. Seeking answers requires patience and awareness; everyone has a unique way of finding them.

My job as a coach and mentor is to help individuals find their own answers in a way that brings them closer to their truth. And even if your answers don't agree with the experts, know that while they may be an expert on certain things only you are the expert on you. Consider all the pioneers, inventors and explorers who were all told they were wrong and that what they wanted to do was impossible. Only you know what's best for you; be willing to ask the hard questions of yourself and listen carefully to the answers.

15. Go With the Flow

Everyone today is busy. We are conditioned to being busy and wear it like a badge of honor. People overload themselves with unimportant tasks or commitments, most of which have little benefit. Being busy is different than doing. Doing has a sense of purpose, a feeling that something is happening, even if you can't see it yet. Busy is doing a lot but never getting a sense of accomplishment. Many people are addicted to busy and spend their days never doing anything.

Being busy is also an excuse for poor performance or to ignore parts of life or business that require attention. Many people mistakenly believe that busy means important. Busy really means out of control, frenetic and unorganized.

The other choice is flow, a unique state of mind where productivity and creativity are at their highest. Flow happens when you are fully present and engaged in what you are doing, where time melts away in a commitment to the goal-oriented activity. Admit that you cannot do everything and devote your time to what's most important. You will have room to be focused and enthralled.

Some of these tips may be familiar to you while others may challenge your paradigms. Each one has the potential to change your life within as well as without. No matter how many goals we achieve, or how much success we have, if we don't change what's on the inside, the outside is never enough. Use the tips and techniques daily to achieve success in your business and your life.

Why Are You Waiting to Start Your Business?

For most first-time entrepreneurs, there is a considerable lag of time between thinking about starting a business and actually taking the first steps toward turning a business idea into reality. This time is usually spent rationalizing inaction -- that is, thinking about all the reasons that now is not the ideal time for a startup. For the most part, these justifications fall into one or more categories:

• Lack of Time
• Lack of Money
• Lack of Product or Service Idea
• Concerns About Security
• Concerns About Personality, Knowledge and Skills
• Not Knowing Where to Start

 While these are all valid concerns, none are factors beyond your own control. As one management expert once said, an entrepreneur "...doesn't see risks; he sees only factors he can control to his advantage." Each and every excuse you can think of to resist taking the plunge into entrepreneurship is just that -- an excuse. If you are serious about working for yourself and building your idea into a successful company, there is a way to start on that road immediately. Working obstacles into opportunities is a basic skill of successful entrepreneurs, and now is a good time to start honing those habits.

Time

Lack of time is a common reason for delaying the startup of a business idea. For some, there just isn't any time today to work on the business idea. For others, the thought of taking months, or even a year, to start a business seems overwhelming and too far off. Instead, many potential entrepreneurs put off planning their business idea until they will have enough time. The problem is that life has a funny way of never leaving us with enough time to do everything we need to do! The trick to getting started with your business idea now is to organize your time effectively.

Many potential entrepreneurs have a great business idea or two but can't find the time to develop these ideas into an actual business. This is particularly true for those who work full-time for someone else and have significant personal and family obligations. The reality is that with a little effective time management and commitment you can find at least a few hours per week to work on your startup. Many of you are thinking, "Sure, I could find a few hours a week, but it would take a year to get my business off the ground at that rate!"

So what???

The year will pass whether you work on your business idea or not, but by scheduling just 3 hours per week, you will have put in nearly ONE FULL MONTH of work hours by the end of that year! For most business ideas, a full month of work is enough time to complete just about everything that needs to be done to launch!

The trick to getting started on your business idea with limited time available is to organize your time and responsibilities effectively. Use a daily planner to schedule all of your current commitments, along with time dedicated to your startup. Plan for which part of your startup you will work on during each work session, including clear objectives. That is, identify the specific tasks you will accomplish during each startup session and hold yourself accountable for getting those tasks completed on schedule.

Try using a 90-day planning strategy for managing long-term goals. For most people, it is difficult to accurately predict how much can be accomplished within a full year from today. It is far easier to estimate what can realistically be accomplished within a 90-day window. If you can spare 3 hours per week to work on your business, a 90-day plan would include the work you think you could accomplish in one full workweek (3 hours x 12.5 weeks = 37.5 hours).

Just remember, time will go by whether or not you move forward with your business idea. Don't wait any longer for your independence -- get started today!

Money

Lack of money is, by far, the most common argument for not starting a business. Obviously, business ideas vary in the amount of capital required to successfully launch, but most can be modified and bootstrapped into manageable startup costs. Most first-time entrepreneurs develop an "order of magnitude" estimate of how much they think they need to start their business, based on nothing more than general ideas of what the big things should cost. Without detailed research and planning of your business idea, there is no way to gauge whether the cost of startup is too much. In addition, it is far easier to raise the capital you do need once you have thoroughly planned all aspects of your idea. A well-thought out idea and accurate financial projections will convince potential family and friend investors, and perhaps the SBA, that you are serious about succeeding.

Even if you work through your idea and find that you are unable to finance the full startup, you will find it much easier to modify and bootstrap your idea into smaller, less costly niches that you can ultimately grow into the company you imagine. You can start out part-time, barter with other small business owners for needed goods and services, or pick up side consulting gigs to increase income during the early stages. The internet provides significant opportunities for free marketing -- it takes a little more time and effort than paid advertising, but can be extremely effective over the long run in building your brand and customer base. Once you know where you need to spend money to get your business off the ground, it is far easier to find the places to bootstrap.

Of the companies included in the 2008 Inc. 5000, 87% were funded, at least in part, by the owners themselves. The median amount of capital spent to launch these companies was $25,000 -- that means half of those 5000 successful companies were started with less than 25K. A bootstrapped startup of $5,000 or less is very common, and most people can raise 5K with a little motivation. Cut your spending, sell some stuff on eBay, do some side jobs, whatever it takes, there is always a way to get started without a major outside investment. By starting your business with an eye toward conserving cash, you will develop a culture of financial responsibility that will ensure your business's long-term growth and success.

Friends and family are the second most popular source of funding for startups (after self-funding). In order to protect and separate the business and personal relationship, it is important to follow basic business principles in making deals with those close to you. Negotiate all the terms, set a clear repayment schedule, and memorialize your agreement in writing. There are companies available who will service your family and friends loans, for a fee, which can be a great option if you and your lender would prefer an intermediary to handle any potential problems or disputes regarding the investment.

Another new avenue to raising capital for your startup is through social lending websites. These sites allow you to post your request for loans along with a description of the purpose and the interest rate you are willing to pay. Interested users pledge their own funds toward your loan in increments from $50 to your full requested amount. You repay these lenders through the website. This can be a great option if you have limited access to your own capital. Peer-to-peer lending is gaining in popularity, which also means there are some kinks to work out. Be sure to check into any lending site you consider before you commit.

Bank loans are very difficult to secure for startups. Generally, the only way to use the bank's cash for startup is to personally guarantee the loan, usually with collateral. The SBA offers a number of excellent startup financing programs which require a full formal business plan and good personal credit. Of course, these loans take a significant amount of time and effort to secure, so if your startup expenses are relatively low, you may be better off scraping together your own cash and looking to friends and family for the rest.

Angel investors and venture capitalists are often touted as the ideal route to funding a startup. The reality is that very few companies are funded at startup through either Angels or VCs, the competition is very stiff, and you must be willing to give up significant control and ownership, in most cases. Generally, both Angels and VCs are looking for quick and enormous returns on their investments and are far more inclined to be second round investors -- on board after the R&D and grunt work is complete, and all that is needed is cash to send the company to the stars. The process for most VCs is long and tedious, and very few of those seeking capital actually get funded. If you are selected, you will give up most of your ownership stake in your business and be expected to heed the advice of the professionals that come with the money. However, if your idea is one that fits the VC profile, destined for overwhelming success, you will likely be willing to make those trade-offs for the cash your company needs to succeed.

Whatever your startup plans, there is a way to get started, with or without outside financing. It is critically important that you work through your business idea in detail, including all planning and financial projections, before you reject your idea because of lack of money. The more you plan, the better able you are to see ways to bootstrap by starting smaller, cutting expenses, and exploiting opportunities that will allow your business to get off the ground.

Idea

Many potential entrepreneurs are excited by the idea of starting a business, but do not have a particular product or service in mind on which to base a business. Currently, the most popular advice is to select something you are "passionate" about, and build a business around that. The theory behind this advice is that you will be more dedicated and committed to a business that involves something that you love. The flipside of this advice is that involving yourself in that activity 60 hours per week may take some of the joy away -- a pastime that was a great escape from the grind suddenly becomes the grind. For some, this choice is obvious, and you have probably considered turning your hobby into a business for a long time. For others, especially if you are still unsure about what business idea you should pursue, the chances are that you don't have a passion that you want to turn in to a business. This is not an indication that you should not become an entrepreneur. In fact, many extremely successful entrepreneurs couldn't care less what type of business they are in, as long as they can control the factors that make it successful!

If you fall into the "whatever business will work" category, your first order of business is to identify needs that must be filled, or new needs that can be created. How do you do this? Pay attention! Everywhere you go, everything you do, keep an eye out for problems people have and brainstorm potential solutions. Keep a pad of paper with you and write down every idea you come up with. The reality is that just about everyone could come up with at least ten business ideas right now if desperate enough. Think about what you are good at, jobs you think you would enjoy, things your friends and neighbors complain about, improvements on products or services that could save time or money. Consider the market you are most interested in targeting -- what do they do? How can it be done better? What product or service do they need that they don't even know they need yet? Include ridiculous and impossible ideas. The act of writing down even outrageous ideas can enhance creativity and out-of-the-box thinking, eventually leading you to a business idea that is viable and fits you.

If you have trouble getting started, surf the web for lists of business ideas, scan startup magazines at the grocery store, and talk to your friends and neighbors about your desire to start your own business. There are many, many business ideas that can be developed into successful companies. If you are determined to work for yourself, finding the right business idea is a minor obstacle. Of course, it's hard to argue with "doing what you love" -- just remember that the reality of owning your own business requires the bulk of your focus to be on the business side. Most successful entrepreneurs will tell you that the right set of business skills can make any business idea enjoyable and profitable. As long as you are willing to put in the time and commitment to learn everything you can about your business, you will succeed.

Security

Many potential entrepreneurs who are on the fence about whether to launch their own business are concerned about the perceived lack of security and high risk involved in going out on their own. There is a common belief that working for others is more secure than working for yourself because of the "guaranteed" paycheck. As the recent economy is showing us, working for others is no guarantee of job security! One in ten of your peers are currently unemployed, and the job market is going to get worse before it gets better.

Working for yourself is often considered "risky" by non-entrepreneurs, but most business owners don't see it that way. Instead, entrepreneurs see every factor as within their control and as an opportunity to build their business into a successful company. With your own business, you are in complete control of the direction of your business, you decide how and when to market, you manage all the finances, and you make the final decisions about every aspect of growing and developing your idea. While it's true that any failures are your responsibility, business ownership tends to drive entrepreneurs to pay closer attention to the details and factors that drive success or failure, and have far more incentive to pick themselves up when they slip and try again.

The primary factors in reducing the risk in any startup are good planning, efficient marketing, and solid financial management. Good planning does not mean throwing together a basic business plan using a ready-made outline. Rather, you need to completely flesh out your business idea, considering all relevant factors from your business name to target market to expenses. Efficient marketing begins with a complete understanding of who you are trying to reach and how your product or service will grab their attention.

With the ever-changing marketplace, it is more important than ever to research and understand the various marketing options available and establish procedures for ensuring your business is getting the best return for your marketing dollar. Financial management of the business is often a struggle for new entrepreneurs. Owning a business is all about turning a profit, regardless of the type of business you choose. It is critical for new business owners to select the right accounting system (not necessarily the most popular) that will allow you to accurately evaluate the financial health of your startup, and to understand the basics of evaluating the numbers on a regular basis.

If you are working a full-time job now and are reticent to give up that steady paycheck, consider starting your business part-time. As mentioned in the earlier, working on your idea just three hours per week for one year is equivalent to taking one full work month to focus on your startup. In addition, starting your business while still employed eases the financial pressures inherent in startups. By tightening up your personal expenses, many entrepreneurs may be able to launch their business without any outside investment. At a minimum, completing all of your business planning while working will make it clear whether working for yourself will be successful enough to support you financially and how much capital you will need on hand to survive those first few months.

One side note -- some potential entrepreneurs worry that if they start a business and it fails, then all of their personal assets (house, savings, etc.) will be at risk. The primary avenue for protecting yourself from that possibility is to organize your business as an LLC or corporation and to make the effort to keep your business compliant. Basically, this entails keeping all personal and business records completely separate, filing all required paperwork and fees with the state on time, and maintaining accurate records of your business entity. In addition, new business owners should avoid providing a personal guarantee to any lenders or suppliers, if possible. Business failure does not necessarily mean a devastation of your personal assets as long as you plan from the start to protect and separate your business and personal worlds.

The slow economy and tight job market make this an excellent time to start up your own business. By planning your company conservatively enough to survive this economy, you will develop a culture of careful spending, efficient marketing, and consistent oversight that will prepare your company for explosive growth once the economy bounces back.

Personality, Knowledge & Skills

Some potential entrepreneurs worry that they do not have the right personality, knowledge, or skills to successfully launch and run their own business. While certain traits are generally associated with the entrepreneurial spirit, there is nothing magic about owning a business -- anyone with the desire can learn what they need to know.

The personality traits that non-entrepreneurs generally associate with entrepreneurs are that they are extreme risk-takers, are very outgoing, have no fear of failure, and have a high tolerance for uncertainty. While it seems, at first consideration, that these traits might be required for taking the chance on your own startup, they are not. All different types of people have successful companies, the trick is to use your own traits to your advantage. If you do not see yourself as a risk-taker, you are likely to put more time and effort into planning each facet of your business idea, researching and comparing options to find the best avenue to reach your business goals. If you are an introvert, you can choose a business model that allows you to work independently, add key personnel to handle public appearances, and practice your networking skills in smaller, controlled environments.

A healthy fear of failure is an excellent motivator, as long as you don't allow yourself knee-jerk reactions to setbacks. For many successful entrepreneurs, the fear of failure translates into the drive to succeed. Changing your mind about how you channel your fears can be a critical factor in the success of your business idea. A low tolerance for uncertainty is often reflected, again, in careful planning as well as close attention to the financial management of the startup. In reality, some of these presumed "entrepreneurial traits" can be a real disadvantage to a new business owner. If you have no fear of risk or failure, you are far more likely to take uncalculated risks that are far more likely to put your success in jeopardy.

Most business responsibilities fall into two broad categories -- operations and business. Operations refers to what your business actually does -- makes and delivers pizza, trains construction managers, publishes a sports magazine, etc. The business side refers to the tasks that must be handled for all businesses -- accounting, marketing, customer service, etc. Entrepreneurs tend to be very strong in one area or the other, but often not both. Those who choose a business idea because it is something they are passionate about usually have the operations under control but worry about handling the business side of the equation. Even if you are "doing what you love," the whole point of business ownership is to turn a profit. It is critical to understand how to handle the money and to equip yourself with the right tools to make financial management of your startup as accurate and straightforward as possible.

In addition to basic accounting skills, an entrepreneur must be familiar with research and planning, marketing, and dealing with customers and, in most cases, employees. None of these skills are particularly difficult, but those with little or no experience will need to take the time to understand and master these areas in order to drive their business to success. For those who have a particular business idea but have limited knowledge of the actual operations, you can take classes, work in the industry to learn the ropes, or hire key personnel with the experience your business needs. Whatever skills you lack to successfully startup your dream business, a little time and dedicated effort can get you where you need to be.

Where to Start?

Congratulations! You have eliminated all the usual excuses for not getting started on your new business.....now what? Figuring out where to start in developing your business idea is a major stumbling block for most first-time entrepreneurs. The available advice is all over the place and often lists "business requirements" without telling you how, when, or why to do them. Simply registering your business and posting a website is not enough, and the available fill-in-the-blank business plan templates do not tell you how to dig into the details of your startup or what you should be looking for.

For every business idea, the first order of business is to actually plan your business. Merely writing down your business idea and throwing together unjustified numbers for projected financials is not a plan. Rather, you need to thoroughly define your product, identify your target market and how to reach them, determine all legal requirements, and develop solid, justifiable financial projections before you can decide whether your business idea is viable. In addition, you need to develop a complete marketing plan, from the role, design, and SEO of your website (yes, your business must have a website!) to the best routes for reaching your market through paid advertising to the role of networking in developing your business.

Quite a bit of effort goes in to a well-developed plan, but the experience will leave you completely prepared for managing your business once it is up, running, and making money. Your well-developed plan will provide you a roadmap for where your business is going and how to get there. In addition, if you will need outside investment to launch your startup, all of this research will easily develop into your formal business plan and will clearly show that you have done your homework and know your business inside and out.

With your completed plan, you will know whether you can finance the startup yourself or will need outside investment. If you can fund it yourself, the next steps are to execute the plan and open for business! Then, your responsibilities shift to the actual operations, managing employees, overseeing the financials, and planning for growth.  

There is a lot to starting your own business, but the independence and flexibility that comes with entrepreneurship is well worth the effort. The process is not as complex as it seems, and the keys to success are easy to remember -- Planning, Marketing and Financial Management. If you begin your business with these factors in mind, you will greatly reduce your risk and greatly increase your odds of success.

Finding A Killer Business Idea

You know you want to start your own business and be your own boss - great news. However, you don't yet have the perfect business idea - panic not. Here is a method that I use with a variety of clients that helps them create a number of basic business ideas that can be polished and worked into a fantastic business proposition that is their very own.

The method has three basic steps:

1. Idea Generation 2. Confirm & Learn 3. Start Small, Grow Fast

Step 1: Idea Generation - This is about coming up with lots of ideas, writing them down and finding a common thread around which you can start to build an idea. Just remember your business idea doesn't need to be unique, only the way you deliver it.

I'm a big believer is doing things you enjoy - that way you will put in the long hours and effort required to build your dream business and minimise the agony. Starting your own business really gives you the opportunity to do something you are passionate about.

So here some questions to ask yourself and scribble the answers down:

· What are you good at? · What do you enjoy doing? · What are you experienced at? · What's your passion in life? · What have you always wanted to do? · What are you hopeless at / really dislike doing?

Once you've done that you need to start looking for common threads and how existing skills and knowledge can compliment your potential business.

You may find that you are good at organising, love travel and are passionate about wine. Maybe in the back of your mind you've always wanted to be a travel agent. Your job so far has been in administration, but your really hate numbers and finance. So looking at this list a possible business idea might be around organising wine tasting tours for high-net-worth individuals. To address the issue with numbers and finance you might have to think about getting someone else involved either as a business partner or advisor.

Step 2: Confirm & Learn - Here we take the raw business idea and start to research its potential. As you start to learn more about the market of the business idea you can start to shape and develop the idea further as well as confirming if it is something that will appeal to you as a long term business.

• Look to see if there is a good market for this type of business - Google Trends and Google Traffic Estimator are excellent free tools for this research.
• Examine the competition and see how you could be better, different or cheaper. Also look to see how they differentiate themselves.
• Do some training or maybe get a basic qualification. This will expose you to the environment of the new market and you can quickly see if you enjoy it before investing further.
• Talk the idea over with some people you trust. However, you must bear in mind that, certainly in my experience, most people will be negative about taking the 'risk' of working for yourself.
• Get some experience doing some part-time or volunteer work in that sector
• Go on a highly informative and fun seminar / workshop to kick the idea around!

Step 3: Start Small, Grow Fast - This is about not being bankrupt within a year! You have found an appealing and desirable business idea. You now understand the market better and have gained knowledge and possibly some experience. So how do you put that into action?

I firmly believe you need to test the market for real in a small and part-time way. If this proves successful you can start to build the business and invest more time, effort and money as the business progresses. If your first attempt is not as successful as you wished a) you have learnt some useful lessons, b) adjust the formula and try again.

I would also suggest putting together a very brief 'twitter' business plan that lets you shape you business further. This consists of 6 simple headings - each no more than 140 words:

1. Describe your business 2. Describe the market potential and competitive landscape 3. Describe your ideal customer and why they would buy from you 4. Describe how you are going to market and attract your ideal customer 5. Projected earnings and costs for the next 12, 24 & 36 months 6. Goals for the next 12 months with associated actions

If you can sit down and write the above plan in an hour or so, you probably have a fairly well thought out business idea. If you struggle to do this I would suggest you need more time researching and shaping the idea.

Developing a business idea that is suited to you could be the best investment of time you will ever make. It is unlikely that your original idea will be the one that you are operating in two or three years time, but the original idea that gets you started will be worth more than your weight in gold.