As a follow-up to my July 24 blog post on Career transitions to self-employment, I wrote an article, Basic Business Start-Up Abilities and published it yesterday. It goes on a bit more about the minimum it takes to start a business for a solo entrepreneur operation or micro-business.
I want to be clear about something: When I say you don’t need as many “abilities” or “personal characteristics” as are often outlined as ideal for small business success, I don’t mean that those skills aren’t important. It’s simply that unless you are considering buying a business or a franchise, getting a loan, or putting a large sum of money into getting started, you can forgo some of the extensive planning and analysis often advised and take a shot at something you already know how to do very well. You can pick up the rest of the business skills you need along the way. That’s the way it’s done more often than not. I just want to encourage you to be creative and not allow yourself to be overwhelmed or intimidated. For example, if you’ve long wanted to try out being an EBay seller, you could experiment by listing a few things you want to get rid of in your own household and it will probably cost you nothing if you strike out or a few dollars if you fail to price correctly. (Although people rarely take a loss there.) So I’m talking about starting on a shoestring, without employees and risking little other than your time. Anytime any amount of money you can’t afford to lose is involved, get help from sources experienced in your field and professional advice. And under those circumstances, yes you do need a well-written business plan, more solid current business skills and a careful analysis of your ideas and the marketplace.Read the article.