Five Things To Consider When Deciding On a Business For You. - Part 3

Do you go it alone or with someone who shares similar values?

September 3rd, 2024

E D I T O R I A L

Every Monday, I’ve asked my friend, DR Rawson, to focus on business related to our focus, empowerment. Over the next few weeks, we’ll look at business from a different perspective, his.

I truly enjoy these business tip series from DR sharing his knowledge and experience with us. I hope you will learn from him and ask many questions, he has a lot of wisdom to share. If you have a question you would like him to address in the future, please leave it in the comments.

Thanks for reading,

Dr. Gabriella Kőrösi - Managing Editor

Five Things to Consider - Part 3

3. Can I go into a business without knowing everything or almost everything I should know about my business?

I came across this quote while reading LinkedIn today. I heard it at the very first motivational seminar I ever attended. I was twenty-three and had just bought my second business. One of my employees asked me to go with him. Here’s what I heard:

Solopreneur

Coined in the dot-com era, this term refers to an entrepreneur acting alone. You’ve decided to go into business for yourself. You don’t have to be by yourself.

Personal Story

A friend suggested that I start a Casualty Insurance Company. I had never been in insurance, never been licensed, and had no experience except for all the insurance I had purchased, both personal and casualty. The friend gave me a one-page business plan in exchange for a position and stock.

What would assure me that this might be an opportunity?

I went to those companies that would buy what we were about to offer and asked if they would buy from us based on the value proposition I laid out for them. I also asked, if you did business with us, how much would you be willing to commit?

Is this unusual? Not at all. It’s called research. Along the way, I found no less than six experts, others assessment, not mine, in the field. Each was so engaged by the value proposition, me, and the vision I laid before them that they all agreed to be part of my core insurance industry knowledge.

Each of these men and women agreed to let me call upon them when needed, and they would do their best to make time for me. Later, two of them served on my Board of Directors, and one was Chairman of a publicly traded company.

I entered the business and was not alone. Twenty months later, I exited the company, having sold my shares and options. The company has been bought and sold many times since.

You’re Not Alone. Asking for help is not a sign of weakness; it is, in fact, a sign of strength.

Until next time…