Start a Business
Knowing the type of entrepreneur you are will help you discover the business you want to start.
It’s likely that everyone of us has started at least one business, even if it was a lemonade stand or selling your younger brother a box of moon rocks. Of course, as an adult seeking to start a business, your business goals have evolved from pulling one over on your younger brother or earning enough cash for your baseball team’s trip to Myrtle Beach into creating a valuable enterprise that not only provides you with challenging and meaningful work at a fair wage, but also a handsome return on the capital you’ve invested. This return can be measured by both yearly profits and, most importantly, the value you receive when you transfer your business to a family member or sell. Sounds easy, right? Although I wouldn’t say there’s nothing to it, such success is possible and maybe even likely if you choose to start a business in the right vertical.
Start a Business? What Kind of Entrepreneur are You?
Like so many other aspects of life, this type of success starts with a critical self-assessment. What is it that I am really good at? What will keep me interested, if not fascinated, indefinitely? Does it also make money? It’s this last one that is generally the problem. Most young entrepreneurs seeking to start a business learned about business working for someone else, believed they saw a better way, quit one day, started a business the next, and never looked back. This group accounts for more than half of our client base at Burke & Schindler. Although an unruly lot, they appreciate what we can do to put structure and strategy around their limitless ideas. This includes:
- Internal controls
- Cost analysis
- Human resource plans
- Business processes
Long-term employees who either find themselves suddenly unemployed or believe they will only be fulfilled if they go out on their own present us with a formidable, but welcome, challenge. Through some personality testing, we can determine some truths about the potential entrepreneur like:
- Are you a leader?
- Can you sell?
- Are you a good listener?
Next we analyze the individual’s business strengths since now is generally not the time to go from, say, medicine to architecture. Lastly, we help figure out how much risk capital our potential business owner really has to start a business (which, if applicable, must be confirmed by the spouse). Taking these three puzzle pieces, we can find the correct vertical.
Notwithstanding this thorough analysis, success is never guaranteed. But, like selling lemonade on a hot day, the odds of success are increased greatly. Remember, however, some businesses—like non-franchise restaurants—are the adult equivalent of moon rock sales. Not recommended!