You want to start a business, Money is not what you need most!
It is a truism that is often exaggerated that you need monetary capital to start your own business and also get some people to call you ‘boss’ some months or years down the road. I am not attempting to downplay the importance of money as a form of capital, but am simply arguing that the availability of ‘enough’ money alone will NOT make that business that you start to stand the test of time. Likewise, if you are intending to go into the provision of services as your line of business, money plus technical expertise are not enough to make your business a hit!
You might have come across people advising you to start a software firm because you are software engineer or computer programmer, to start a clinic because you are a medical doctor, to start a restaurant because you are a trained chef, a school because you are a professional teacher, etc. What drives such suggestions towards you is the mere fact that these people believe that you have enough technical knowledge to make you succeed in the area (the assumption is that you are conversant with the best practices and the challenges associated with the trade or profession). The Globe is obviously littered with people who have become successful entrepreneurs in their professional fields or because of availability of ‘enough’ money, but I am making a case that these people succeed at entrepreneurship despite the money, skills, experience or knowledge of the field and not because of the same.
There is a thing called PERSONALITY and this is the real elephant in the room! Your personality is a huge factor that will determine whether you are going to succeed or not. Your personality says a lot about you and these are just some of the things it says about you; your honesty, trustworthiness, aggressiveness, diligence, friendliness, assertiveness. You will agree with me that these are qualities that you need to nail a business deal down, to provide commendable and acceptable customer care or support, to grab an opportunity first time without procrastinating, to manage your workers effectively.
Your friendliness might border on recklessness in that you allow your friends’ characters and behaviours to reflect in your own life.For instance, in the past, I have had some good friends who drink alcohol but are also ‘well-connected’ to bring me business deals. Despite my strong contempt for alcohol and its use, I opt to keep these friends and never allow their drinking-behaviour ever come close to my life! Now this is a true test of character! You have to be assertive and highly disciplined not to allow your business associates or affiliates to encroach on your private life.
Your startup business will begin failing the day you fail to secure the trust of your suppliers, workers, customers and creditors (the people who lend you money when you are broke)! There is no shortcut to this. If you want to succeed in business you at the very least need the trust of those four categories of people in addition to the category of deal brokers or commission agents. If your suppliers cannot trust you, then you cannot get stocks on credit and you will end up disappointing your customers! If your employees/workers cannot trust you, then it will affect their input and also push them to cheat you. If your creditors cannot trust you, then they will shutdown your business (it’s always going to be a matter of time!). If your commission agents cannot trust you, then you are going to miss deals as they will be redirected to your competitors!
Your startup will be an instant hit or a serious prospect if you are the kind that can make a pitch and convince someone that you have a firm grasp of what you are doing or talking about. You need to polish up your pitching skills. A customer prospect is not convinced that you know what you are doing by the amount of technical jargon you throw around. They are interested in knowing that you understand their challenge(s) and are well positioned to address them with your service or product! This is where the convincing magic lies! In order to make this work, your confidence levels need to be in the top bracket. You just have to ooze confidence, without making the customer’s ego feel threatened!
Starting a business is also going to ask for more than you have been investing in your education or salaried employment. You will no longer work 8 to 5, or 9 to 6! You will be on standby to work at any time. You will work for overtime and might not even pay yourself overtime allowance. This calls for diligence and a high level of personal discipline. If you are not the type that can go an extra mile to get results, please accept reality and remain in employment in someone’s company.
As you set out to start a business, first think thoroughly about your personality and ask yourself if you really have what it takes! As I have argued above, with the RIGHT personal attributes (I have not exhausted all in this post), even in the absence of ‘enough money’ and technical experience, you will surely start a business and it will thrive. AFTER ALL, MONEY IS NOT WHAT YOU NEED MOST TO START A BUSINESS!