Lies of a Business Owner

Entrepreneurs come in all shapes and sizes. Their businesses are as different as their DNA at times. Some businesses take off and grow quickly, while others move along at a steady pace. While entrepreneurs are different and unique, they face similar challenges and problems commonly found in business. Entrepreneurs will often rely on the same “I’ll tackle that myself” mentality; however, seeking outside assistance is also an option.

According to Guy Kawasaki, the top ten lies entrepreneurs express to others include:

            1. “Our projections are conservative”
            2. “The market is forecasted to be $50 billion by 2010”
            3. “Amazon will sign our deal next week”
            4. “Key employees are set to join us as soon as we get funded.”
            5. “We have no competition”
            6. “We need you to sign a nondisclosure agreement”
            7. “Our larger competitors are too big to be a threat”
            8. “If I could get ‘one of them’ grants for my business, then I will be set”
            9. “Our patents make our business defensible”
            10. “All we have to do is get 1% of the market”

If you are an entrepreneur and have said any of these statements, you are not being completely honest with yourself or with others about your business. Before opening a business, do the necessary research to see if your business idea will be able to be supported by the market you are seeking. Ask potential customers what they think about your product or service. If you need a prototype to demonstrate to others, then you need to have one created.

Being an entrepreneur is hard work. If it were easy, more people would open businesses rather than work for someone else. Since running a business requires a lot of hard work and takes a  desire to overcome the risks involved with business ownership, why not take the time to start the business right? Understand how you intend to finance the start of the business (knowing there are NO grants available to start businesses), how to acquire the skills you may lack in running your business and how to get the market to buy from your business.

Entrepreneurs do not need to know everything. Assistance for entrepreneurs comes in many different ways; entrepreneurs need to seek information from industry experts as much as possible. While seeking information and assistance, entrepreneurs also need to be aware of what information is coming from what source. If you seek information from your best friend, his/her advice may not be accurate or right for them to express towards you. If a friend said you have no chance to break into the market you are seeking, how are they to judge that for you unless they are an industry expert?

When seeking the help of professionals, entrepreneurs need to “interview” those companies and representatives that you would be hiring. You are hiring them, so seek the assistance you need from them. Don’t let those firms tell you what you should want or need. 

Information is a critical component to being a business owner. The more information and training you obtain for your business, industry, market and skills the more equipped you will be as the leader. Commit to yourself that you will no longer make excuses for your business; rather you will seek what is needed to make your business a success.

E-Myth Revisited

Several business owners and entrepreneurs in the Fort Smith region have been reading the book The E-Myth Revisited. Watching several entrepreneurs transform their approach to their businesses has been priceless to the IEC. The great thing about Michael Gerber’s book is that almost any business owner can read through its wisdom and apply at least one idea to help their business.

One such idea is considering one’s business as a reflection of oneself. Gerber notes “If your thinking is sloppy, your business will be sloppy.” This idea drills down to every aspect of one’s business. If you don’t have a plan, then your business won’t have a direction. If you don’t research your market or talk with customers, your business will reflect limitations because of that. If you don’t keep up with your market or industry by continuously learning, your business will get left behind. If you are greedy, your employees will reflect your values of greed. If you are unorganized, no one else in your business is going to be more organized than you.

If you don’t understand what it takes to run a business, your business will reflect that. However, there is hope, and you can change. The key is the business owner needs to be willing to change and make needed improvements to the business. Whether it is cleaning an office and getting organized or documenting and instilling policies or procedures for the organization, business owners need to be willing to take a sober and unbiased look at their businesses. If your business has cash-flow problems, will a line of credit or bank loan fix the problem or is there something else that needs to be reviewed? While complaining about business problems is easy, one needs to stop pointing the finger at others and take responsibility for what you see in your own business.

FYI – if you are interested in excellent buisness information, visit http://www.e-myth.com/blog/. This is an excellent blog to help you with your business.