Niagara Gazette

Local News

March 14, 2013

Are you an entrepreneur? Bob Smith says likely not

Six things every new entrepreneur must know

Niagara Gazette — Warning: This article is not for the faint of heart.  But, if you can stand the heat, here are some tips for anyone thinking about starting their own business:

1. This job is rough, tough and most likely not for you.

The vast majority of people I talk to who want to become an entrepreneur are 100 precent certain they can leave their job, create something out of nothing and be financially self-reliant within a short time. I, however, am 100 percent certain they cannot. If you think you are an entrepreneur, most likely you are not.

In 90 days, most of you will be out of business…and 90 days is a stretch. The odds are absolutely stacked against you. If I were a betting man, I would bet that your first attempt would fail. Quickly.

Most of the time, people are not in a mental state where they can face rejection and start eating “no’s” for breakfast. If you start out eating 30 “no’s” a day unintentionally, you will get sick! And trust me, there will be a plethora of “no’s” in the beginning.

2. Don’t be foolish—test your idea.

One of the biggest reasons so many new entrepreneurs fail is because they have an idea they think will work, so they jump into it without actually knowing whether it will work or not.

Test your idea on a small scale before implementing it on a large scale. See if there is outside interest before you risk your life’s savings. If there is no interest … that might be a clue.  

3. Start by financing your business yourself.

Everyone seems to think they have a Google or Facebook-level idea, but what they don’t think about is the fact that those were not overnight successes. Watch the Facebook movie “The Social Network.” They were busting their butts for years! They had already proven their value by the time the cash was rolling in the door. Don’t wait on outside dollars. Finance it yourself. 

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