Business founders such as Allen Baler recognize the challenges with starting your own company. For entrepreneurs of all industries, however, the challenges are often worth the trouble. Self-entrepreneurship is the lifeblood of the country. Without industrious men and women leading the business world, we simply wouldn’t have any business world to talk about.
A recent Yahoo! Small Business Advisor article by entrepreneurial expert Yigit Kocak sheds even more light on the subject. According to Kocak, the prospect of starting a business may seem quite daunting at first. But the truth is that with the right attitude, approach and idea, it’s not as hard as it may seem. As he discussed, “The whole process is really nowhere near as daunting as it seems, as long as you have the courage to follow through on your fantasies and the ability to find the right connections…”
Of course, the challenges of starting a business are nothing to take lightly. As owners like Allen Baler recognize, business ownership and operation carries a huge amount of personal responsibility. Baler, who runs Food4Patriots, a natural disaster preparation company, opted to pursue private business ownership after deciding that the corporate lifestyle simply wasn’t for him. And his story is not unlike other business startups and private companies reemerging in recent years.
In fact, many people today are reigniting the trend of pulling out of the posh world of corporatism and going into business for themselves. From employee management to product quality, responsibility for all of these things ultimately rests on an owner’s shoulders. But when it comes down to it, most owners relish in the rewarding feeling they get after a hard day’s work.
“Starting your own company is a challenge for sure, but it can payoff big time.” Allen Baler recently noted. “My wife and I are much happier running our own business than we ever were working for The Man.”
Finding the Right Idea
The core of any business success is offering a product or service that people actually want and use. As Kocak furthered in his post, business success rests on the idea behind what you’re offering. As he said, “If you don’t create something people want, you will fail.”
The idea needs to address three key areas, according to Kocak. Those include finding an opening niche where you can leverage your business, focusing on the usability of the product or service and keeping costs as low as possible at the beginning.
Beyond the money, what will lead a business down a successful road? The answer comes through finding that ‘sweet spot’ between usability and market need. For most startups, the product or service should align with the founders’ company vision and skills. For instance, someone with no passion or experience in carpentry wouldn’t want to open a woodworking company.
Aligning your passion and experience with others who offer value to the company is also a smart move within a startup environment. Kocak continued by noting, “You want the quality of people who don’t let anything fall through the cracks. The kind of people who care about success just as much as you do. You want intelligent people who are also able to deliver good results.”
Getting What You Need to Get Started
One of the biggest challenges most prospective business owners face when starting out is getting the money they need for the launch. Business loans and similar financing is not as easy as it once was to attain.
“The financing is the hardest part,” according to Allen Baler, “but working for yourself you can really keep things lean. Working from home, utilizing supplies you already have, and handling things yourself rather than paying someone helps you keep overhead low.”
Kocak shares Baler’s sentiment. As he described, startups should only look to bring two to four people in at the ground level. “If you have any more, consensus will be near impossible,” he continued. “You need unanimity at this point in your process. Too many people could lead to the rise of factions within your structure.”
Weathering the Storm
Finally – and perhaps most importantly – business owners need to understand that it’s not an easy road to success. There will be times when business is slow, times are difficult, and quitting seems like an easier option. But the businesses that endure are the ones backed by owners who recognize these challenges. Instead of giving up, they persevere through the struggles.
As Allen Baler continued, this all comes down to the perspective of the people who run the show. “It’s very important to be in the right mindset,” he stated. “You have to believe in what you’re doing. You have to have a plan. You have to be willing to weather the first few difficult months, when you might be losing money. You can’t give up.”
Business ownership is not always an easy pursuit. But for those willing to put in the work, they will inevitably find value and reward in their pursuits. For successful business owners like Allen Baler, the rewards from all the hard work make it worth it for him and his family.