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Essentials of Starting

YourBusiness

by Deborah Gorman

Abstract: This article provides an introduction to


entrepreneurship, helping the reader to define why he or
she wants to start a business before launch of enterprise
and to know how entrepreneurs differ from employees.
It helps the reader learn how to discover ones unique
vision; explore factors of self-development that contrib-
ute to success, such as experiencing adversity, setting
goals, and risk-taking; understand why having a business
mindset is critical; understand some essential traits of
successful people; develop the right attitude; and learn
how to handle and overcome rejection and failure. It also
includes a bibliography.

Keywords: Business start-up, entrepreneur, launching busi-


ness, mindset, motivation, self-development,visualization

Introduction
Being in business for oneself is not an easy road and not
Deborah is a life coach and writer. She
for the faint-hearted. There are numerous challenges
has been a journalist, whose work has involved. Being an entrepreneur may appeal to those
appeared in numerous publications. who long for true independence, the ability to chart
She has also been a pastor, teacher, ones own destiny, and live out a dream. For many start-
and entrepreneur.
ing a business comes out of necessity as other paths are
Deborah is originally from the closed by downsizing or other loss of vocational options.
Midwestern US and now makes her Some of us have fallen into entrepreneurialism and dis-
home in North Carolina. She enjoys
hiking, gardening, travel, and exploring covered it to be a better fit than traditional employment.
new places. This book had its beginnings in blog posts that were
Other Books by Deborah Gorman
originally published online, in which I explored vari-
ous issues relating to starting and running my own
Free and Clear: Master Your Money and
businesses. I have been involved personally in several
Escape the Debt Trap
types of self-employment and entrepreneurialism and
How to Start a Business and Be hence have gained some experience along the way,
Your Own CEO
which I hope may be of use to others.
This book is written for those who may be consider-
ing starting a business. I write by way of an introduction
to share some of my own experiences and observa-
tions. The articles included touch on various subjects;

Expert Insights 1
Essentials of Starting YourBusiness

the conclusions are intended to be neither from taking the risk. To be an entrepreneur,
a definitive nor an exhaustive treatment. you must be willing to take initiative. You
They are offered merely as a starting point have to be a self-starter who is capable of
or guide to points the reader may not have making a plan, then staying with it and get-
considered. ting it done. You will need to d ecide whether
you are an employee or an entrepreneur.
The Practical Dreamer in Business In 1899, an engineer working the night
shift at the Edison Illuminating Company
The future belongs to those who believe in quit his secure job to join many others who
thebeauty of their dreams. believed they could create an automobile
Eleanor Roosevelt with a gas-powered engine. Henry Ford had
produced two working prototypes and was
Do you dream of owning your own busi- seeking capital to produce his invention at
ness someday? If you could do anything, a larger scale. Although he had obtained
what would you really like to do? $150,000 in investment, the production of
Your dreams are an expression of who you the vehicle was still too complicated.
are. No matter how impossible they may In 1901, the company went bankrupt. Still
seem to be, your dreams are an essential believing in Fords ability, the initial inves-
part of your identity. From one tiny seed, a tors backed him a second time, bringing in a
dream may eventually g erminate and grow supervisor to ensure that the invention would
into something amazing. make it to production. But the interference
Walt Disney created Mickey Mouse, irked Mr. Ford, and he soon left the company.
which launched his cartoon business and If the odds were not already stacked against
eventually Disneyland. Mickey Mouse him, now they definitely were. Henry Ford
popped out of my mind onto a drawing pad had lost his investors money twice. Some
20 years ago on a train ride from Manhattan of his backers believed that he had perma-
to Hollywood at a time when the business nently damaged his reputation in the indus-
fortunes of my brother Roy and myself try. But Ford was not deterred. He explained
were at lowest ebb and disaster seemed to his friends and family that his investors
right around the corner, he said. were unwilling to allow him enough time to
More and more people are turning from work through the kinks.
traditional career paths to self-employment Four years after quitting his job, Henry
or starting a business as a way to real- Ford found another investor who agreed to
ize their dreams. They no longer believe give him full control over the production
that conventional jobs are a viable way to process. The Ford Motor Company was
achieve success in life. They may desire to established in 1903, and Ford became the
earn extra income and have more indepen- first company to introduce the automo-
dence. By one estimate, about 15 percent of bile to the mass-market with the Model T.
the population would be capable to h andle Today, Ford is a publicly traded company
running a business. controlled through shares by the Ford
Being an entrepreneur is not what you family.
think. Simply dreaming or wishing to be an Starting and running a business is not
entrepreneur will not lead to success. You easy. The majority of business start-ups
must find ways to turn your dreams into fail within the first year. Business ventures
reality. fail for a host of reasons, but one common
As an entrepreneur you have to be com- cause is unrealistic expectations. Operat-
fortable with taking a risk. Fear of failure is ing your own business as an entrepreneur
a major factor that prevents many people will not automatically generate income.

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Essentials of Starting YourBusiness

Merely going into business for yourself Why Start a Business?


does not guarantee that your income will
be recession-proof. In fact, small business So many women just dont know how great
owners face even greater financial chal- they really are. They come to us all vogue
lenges than larger, established businesses. outside and vague on the inside.
If you tend to procrastinate, and waste Mary Kay Ash
time when you are on your own, then you
might prefer employment where you have Typical reasons individuals have for start-
a fixed schedule of work hours and specific ing a business include the need or desire to
tasks assigned to you. create more income, have the freedom to
Beware of opportunities that prom- work by your own schedule, or to be able
ise you fast money with little investment to work from home.
of time and money. There have always Knowing the reason why you want this
been scams around; on the Internet they business is essential before you start.
have proliferated and are readily avail- Becoming aware of what you really
able 247 to get into your home and your want out of life is a critical step in creat-
bank account. Always use due diligence to ing your business plan. Before you proceed
research any opportunity, and apply your to the practical questions of how to do it,
common sense when making decisions. you should know why you desire to go into
business for yourself.
All your dreams can come true, if you
have the courage to pursue them. Knowing Why Is the First Step
Walt Disney Defining your why can take some time.
As you explore the question of why, you
The key is learning how to turn your will want to write down your answers. If
dreams into reality. possible try to form an image in your mind
A dream is a visualization of a possibility. of what your life will be like when you
When put into writing, it becomes a goal. have achieved your goals. What do you
To obtain a goal, you must form a mental want to do? What problem will be solved
image of what you want. Then create an when you do this? What would you do if
action plan to achieve your goal. Write it time and money were no problem? Where
down and refer to it every day. Believe in will you be? What will you have? What can
yourself while pursuing your action plan. you give to others when you have what you
You will need to invest money in your want? What difference will it make in your
business, because it takes money to make life circumstances, and how will you feel
money. Many would-be entrepreneurs about it?
have started a business, but then failed to Write down anything that comes to mind,
invest sufficiently to establish their busi- no matter how far-fetched or impossible it
ness on a solid foundation. In the begin- may seem. As you do, keep asking yourself
ning it can be difficult to estimate how why you want to do or have those things,
much money you will need, as there will until you discover your core reason why.
be unanticipated costs. George Mallory, a veteran of several
You will want to keep track of your costs Everest expeditions, was frequently asked
right from the start, so that you will know why he wanted to climb Mt. Everest. He
how much you are spending. Keeping ac- always gave the same answer: Because it
curate records will help you to plan for how is there.
much you need for ongoing costs of run- You do not need to have all of your plans
ning the business. completely in place, but you should start

Expert Insights 3