During a chat with two friends on New Year’s Day, one of them asked, “Have you realized that successful business people rarely give advice when you tell them you’re starting a business? Instead they just nod and tell you to go ahead and start the business first…?”
This statement was so profound that we went quiet for a few moments as we thought about it and then we all nodded silently. Two of us are in business full-time and one runs a part-time business while still working, so we knew what the statement meant.
As we discussed this further, it became clear that one of the reasons why successful people will not question you or advice you is because a lot of things you need to learn about business cannot be taught to you; you learn them as you start and grow the business.
Which brings me to today’s question…
Can everyone succeed in business?
My answer is twofold: Yes and No.
Yes, we all have the capacity to succeed in business – and in everything we set our minds to do.
No, not everyone can succeed in business – otherwise the world would be full of successful businesses, wouldn’t it?
Starting a business is the easy part. Running it and growing it to a level where it not only pays its bills and can run on its own without you, but also provides you with a stable income, is another story altogether.
You can have all the theoretical information about succeeding in business and follow this information diligently in your business, but only the practical experience in your business will make you successful or not.
Business success evaluation
From my own experience and that of my business startup clients, being able to answer the following questions will give an indication of your likelihood to succeed in business.
1. What business do you want to start?
If you don’t know or have no idea about the kind of business you’d want to own, you may end up wasting time and money chasing one business after another.
The clearer you are about your business, the easier it will be to get started. You will also be able to research your idea, identify potential pitfalls in your industry and avoid them.
2. Why do you want to start a business?
You need to come up with a list of as many reasons why you want this business as you. The more WHY’s you have, the higher your chances of success. Having many reasons WHY will also motivate you when you hit hard times.
In addition to this, you need a clear vision of your business when it is finally complete. Your vision will guide your actions and keep you on track.
3. How long have you thought about starting this business?
While it pays to have background information about a business, many people waste valuable time looking for information.
Eventually, they get caught up in ‘analysis paralysis’. They have too much information, which causes them to get paralysed so they don’t start.
It’s very easy to get caught up in the dream and never take action.
4. How many businesses have you started over the last 3 years?
I’ve found that it’s easier to work with people who haven’t had a business before than with ‘business junkies’. Business junkies start and abandon businesses at will.
Such people are victims of the shiny new thing syndrome. They get attracted to new business ideas and fads, abandoning everything they were working on previously.
5. If you’ve had a business in the past, how long did you hang in there before giving up?
Sometimes you may have the will to work on your business even when times are tough. But life happens and you end up losing the business or shutting it down.
Two things are important in such a case. First, how long did you persevere before giving up? Second, did you take important lessons from that experience?
If you abandoned your business prematurely, then what stops you from doing the same again with your next business? And if you didn’t learn from the experience, then you stand to make the same mistakes again.
6. On a scale of 0 to 10, how important is it that you start a business today?
0 means that this is not very important and you want to do other things as well.
10 means that this is your #1 goal this year. You’re ready to put all your attention and focus on it.
Anyone scoring less than 8 on this scale is not likely to stick on when things get tough.
Further, you’ve got to want this business so much that you think about it all the time until it becomes a burning desire.
7. How much time are you willing to give your business each week?
Someone may score high in ]6 above and then answer here that they really don’t have time. So they’re thinking of employing people to run the business. This is a big mistake!
Taking on unnecessary employees before you’ve created your systems is an easy way to lose the business. Start very lean and hire only when it’s absolutely necessary.
If you’re currently employed, start the business part-time and work from home as much as possible. In today’s world, you can easily outsource some of your business activities and monitor the work online.
If you’re feeling pressed for time, look at your day and see where you can get an hour or two per day. You can create time for your business when you:
- Stop watching TV.
- Wake up an hour earlier or go to bed an hour later than normal.
- Work on your business during lunch hours.
- Stop having those after-work drinks and coffees and give that time to your business.
- Make Saturday a business day…
Do whatever you can to create 10-12 hours a week for your business.
Conclusion
Where would you score yourself today?
If you already have a business, how well would you have scored if you answered these questions before starting your business?
When I started out as a business coach, I used to coach anyone who asked me to help them start a business.
With time, I was able to weed out the characteristics that made some clients start and grow their businesses faster than others. The trick is in how well someone answers the 7 questions above.
So now you know some of the reasons why successful people wouldn’t have much to say to you before you actually start your business.
It’s only when you take a leap of faith and start that someone can come and give you advice or hold your hand along the way.
What’s your experience answering these questions? Share with us in the Comments section below.
(Image courtesy of kasahasa at Free Digital Photos)
