Owenskies Blog
Words of Advice on Micromanaging Small Businesses
11:08 AM, January 7, 2008
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printing presses and publishing houses must be making truck loads of money printing shelves and shelves of business books that make starting your own business sound easy. They may contain well meaning ideas and valuable advice but to give the impression that almost anyone can be their own bosses is a potentially dangerous idea. We may have heard countless success stories of how every other business started as a small enterprise, but there are also countless other failures that fail to make the headline or even a blog review. They say that every business that survives the first year, there are nine other failures. (Or is that another one of those urban legends?)
The biggest capital you need in starting up your own small business is guts more than money. For one thing, when you have enough guts and savvy, you can talk other people (i.e. venture capitalists) to invest in your business. You can use other people’s money to prop up your business. Guts on the other hand is something you have to put up on your own.
Get rich fast schemes may be tempting, especially for those who have money to burn and little experience, but they never really do you any good. They bait you in, you gain some money, they reel you in further and before you know it, all your dreams are gone and you’re bankrupt.
What you should pursue is a business you are interested in and knowledgeable about, but for those who lack experience, the best way to go about your plans is slowly but surely.
1. Keep your capital small. Even when you can afford it. You can easily recover over a short period of time, and reinvest the profits from this capital to grow your business. Even when you fail, the small investment means there is a short fall.
2. Learn from as much mistakes as you can. When you can’t succeed, the next best thing is to make as much mistakes as possible and learn from them. As long as you keep the stakes low and affordable, you can afford to detach yourself from the business and make experimentations. You can use what you learn to re-launch the business at a latter time.
3. Adjust. When you start small, you can easily adapt your business to the trends you see or to a sudden shift in target audience or message. You are micromanaging your business and you see the mistakes as they happen, and you see opportunities as they come. Work with what you have and innovate solutions on the spot.
There is no easy way to get rich, even if some people seem to pull it off with luck. Nevertheless, knowing just how you can start small to successfully make it big one day is the secure way to go and get ahead in life.
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