I set up my first business during the recession of 1990. At the time I was given some great advice, though initially I didn’t fully appreciate its value. I thought it might be useful, given the current economic climate, to pass this advice along…
“If you enjoy something and are good at it, don’t go into business to do it. Go into business so that you can do the thing you enjoy and are good at.”
It took me a while to figure out the gem of wisdom here. Excited as I was to be setting up my own business, and taking control of my own destiny; what was motivating me was that I would be doing something I enjoyed and felt I was good at. The problem with this is that it puts the “going into business” aspect of your new venture into second place. Whereas it should come first.
You may be a good web designer, or chiropractor, or recruitment consultant, or even helicopter pilot. But if you are not prepared to be a good business person, you best stay on someone else’s pay-roll. Or if no one is prepared to pay you to be a web designer, chiropractor etc keep these skills as a hobby.
You need to be thinking “I am going into business and will be a business person first.” A by-product of your business is that you get to do something that you enjoy. If you do not focus on being a business person first: areas such as cash-flow, sales, market research, administration etc. are likely to come second to the delivery of your product or service. And those wrong priorities can easily lead to business failure.
Now, I am sure that you are a good web designer, or chiropractor, or recruitment consultant, or even helicopter pilot – but what makes you think you are a good business person?