Five Things To Consider When Deciding On a Business For You. - Part 2
Just because a business has a strong bottom line, doesn't make it the right choice.
August 20th, 2024
Inaugural Edition E D I T O R I A L
Every Tuesday, 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 2
What is your motivation for creating a business?
Reasons
“I’m never going to work for someone else.”
You’re always working for someone or something besides yourself. Your family, your organization, others. There is almost always someone besides you that you’re working for. Personally, I always worked for the benefit of my family, my wife, and children.
“I’m the best at what I do and they’re making great money from my creation, work, effort, or time.”
That maybe entirely true. Let me offer the best example I’ve ever run across: Rick had welded for over thirty years. Here’s an example of his work:
That was cut by hand, not a laser. There are many other examples. He excelled at welding and he had no idea how to run a profitable business. Listen, just because you’re good at something, doesn’t mean you know how to run a business. Solution, partner with someone who does. You be you and let them run the business with you.
I saw a great graphic of a person going through the boss’s door feet first parallel to the floor and the caption read, “Hey Boss, I have a great idea.” What happens if your boss doesn’t like your idea?
“I’m gonna start my own business.”
As an idea or concept that may be good but it may be the worst idea you’ve ever had. Over the years I’ve consulted with many business owners that were committed to the choice they made but placed themselves in an environment where they had no idea what to do next. Some of them have great ideas and potentially great companies with the right leadership. I know, I bought several of them.
We could go on and on about the reasons but I think going straight to the point would be more helpful.
Solution
Let’s begin by agreeing that you’re smart, talented, have skills, and believe you know what you want to do. Opening a business is the best decision you’ve ever made, you need to put your ego aside and seek counsel. Let someone skilled evaluate you, your idea, the timing, the capital available vs. required, etc., etc.
I know, “that costs money.” It may be the best money you’ve ever spent.
Begin with your closest confidant. For me, it’s my best friend, partner, TEAM member, and my wife of thirty years. She’s a get a job, work your job, and be done with it kind of person. Her counterbalance to who I am is perfect. I have learned that I can count on her assessment and recommendation. If she’s not comfortable, I walk away. Period.
You can go to independent consultants, trusted friends, and family. Remember this, Jealousy is a lousy friend. Just because someone is your friend doesn’t mean they want you to be more successful than them.
It doesn’t hurt to get more than one opinion.
Until next time…
I agree DR. I am grateful to have your guidance in business with all the experience you have. One can always learn and partnering with people and sharing with people close to us when we have an idea is a great way to start. I agree we can have many business ideas that are not good ideas as well. It might seem a good idea in the beginnings but things change or simply the idea, the production or the market is not feasible.