Wisdom Stone Soup

How do I define my business now and in the future if it continues to change?

paulterry — Sat, 09 Jan 2010 00:18:09 +0000

The initial and never-ending question is, “What business am I really in?” New owners have failed because they never answered that question, or did not continue to ask it as the business changed. One owner realized that most of her income came from consulting while most of her time was tied up in writing articles. By “focusing” on the right source of income, she dramatically increased her profits. Defining and re-defining the business is a never-ending process from start-up through all stages of growth. It is critical to pay attention to your business as it changes and evolves. It will.

What business should I choose? How do I know I have a viable business idea?

paulterry — Sat, 02 Jan 2010 00:09:51 +0000

The best business for anyone is going to be the one in which you are most skilled and interested, and have some previous experience and there is need that you can fill well, if not better than anyone else. Most important, do what you love and the passion and interest will help the money to follow. You need to research the growth potential of various businesses. Matching your background with the local market will increase your chance of success. You can gain confidence and be realistic about your specific business idea if you can test it as something that is timely and appropriate (for the economy and your industry); is right for you (your personality and skills); matches your level of commitment (motivation and interest) and is clear and concise for others to others (easy to understand)

Paul

Next time: How do I define my business now and in the future if it continues to change?

Are there business skills that would be helpful to have before starting?

paulterry — Sun, 27 Dec 2009 00:05:58 +0000

You must be clear about your real motivation for being in business as this will help in all stages of growth. You will need to assess your past business-related and inter-personal skills to see how well you are prepared before starting. You could also identify and compare personality and business traits common to successful entrepreneurs. These traits are personal attributes that are important for anyone to have who is starting or running a small business. This can include persistence and full commitment to doing what is needed; having the ability to face facts of the marketplace; being able to minimize risks as you start and grow; being well organized for all operations; being a hands-on learner as you take on new risks; and being able to understand and use the “numbers” of a business.

Paul

Next time: What business should I choose? How do I know I have a viable business idea?

What qualities do I need to have to successfully start my own small business?

paulterry — Thu, 17 Dec 2009 23:05:02 +0000

As a new small business owner, you will be your first and most important employee. So, it is key that you complete an objective and honest inventory of your strengths and weaknesses. It will be important to know if you are someone who can launch something on your own; able to make decisions well; has both physical and emotional stamina; can plan and organize your time well; has a positive attitude; and perhaps most importantly, has a real passion for the business that you want to start; can stay motivated; and has great support and backing from your family and friends.

Paul

Next time: Are there business skills that would be helpful to have before starting?

Greetings!

paulterry — Thu, 10 Dec 2009 19:46:06 +0000

This is my first blog and I look forward to sharing information and insights about small business enterprise that I have observed as both an entrepreneur and entrepreneurial educator. I am certain that this will be a “two-way” discussion and we can learn from each other.

I will start out slowly with the answers to a few frequently asked questions. At least for now, I’ll post one frequently asked question and its answer each week. I look forward to opening a conversation with any of you out there reading what I write. If there are questions on small business issues for both start-ups and expanding business ventures would love to hear your comments and ideas. As I develop materials on success stories and lessons learned, I will post them here.

Thanks

Paul