"The first
thing I tell my kids is, if possible, find something that you love that has the
potential of being a successful business. Enjoy what you do. Ideally it's
something you'd do for nothing."
Small business
owners agree that the proper frame of mind, realistic expectations and strong
personal commitment to your venture are at least as important to a business'
success as industry knowledge.
"Want to
win," recommended one owner. This absolute drive to do what you love is
necessary in order to withstand the demands of starting and running a business.
Small business owners unanimously agree that starting a business requires long
hours -- even longer than most had anticipated.
"Make sure
you want to devote a lot of time to it," advised one owner. Another
disclosed how the demands could hit closer to home: "My biggest first-year
challenge was long hours" he said. "I knew they were going to be long.
I didn't know they were going to be that long. It affects your family you're
not there to do all the family things you had been doing before you went into
business -- and that in turn affects your business."
Long hours and
the normal strains of business usually add up to stress -- and coping with that
stress is a major challenge for small business owners. A supportive family and
the will to succeed see many owners through that critical first year.
The hardest
challenge for me and my wife during our first year was the stress, disclosed
one owner. "A combination of things helped me deal with this. Certainly,
my love for my wife, who is my partner, and a great deal of love and affection
for the business. We really like what we do ... not every day, but most of the
time it is fun. They say that business is tough when you love it, but it would
be impossible if you didn't.
And I think that
had a lot to do with making it."
Maintaining the
necessary high energy level over time is another major challenge -- but with
the right attitude, it can be a fun challenge.
"Early on I
worked the hours. But I never noticed it.... Getting up in the morning and
going in there and chasing that business around was the most fun I ever had.
Talking to people about it. Sitting down with other people in the same kind of
business. I mean, I just lived and breathed it for a good three and a half,
four years, sixty hours a week. But it was fun. Just a thrill."
Another extremely
successful small businessman who had recently started his fourth business
explained why he had come out of retirement -- for the second time -- to do it
all again: "It's more fun than I've ever had," he said.
Realistic
expectations are also important. "Be realistic," advised one owner,
"don't expect the worst, but don't expect the world." Every business
has its setbacks -- "Prepare yourself for failures," recommended one
owner -- but commitment and the right attitude carry owners through.
Finally, owners
stress that to be successful you must have the right motivation. A
"get-rich-quick" mentality is unrealistic and will probably lead to
eventual failure ... while a deep commitment to quality can help you take off
in the other direction.
"The idea of
integrity, to be in business to serve others, is the only way in which to be
productive. Chasing the almighty dollar may help for just a little while, maybe
weeks, months or years, but it is still just a little while. To be able to
always have people receive you in a positive manner in your business, performance
is very important. Without it, I don't care what you are selling."
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