Our friend Liz Strauss was kind enough to introduce us to Carol Roth. She has a straightforward style that I think you’ll appreciate.
By Carol Roth
If you want to become an NFL football player, first you need to be an outstanding college player, usually from a major school. If you want to become a lawyer, first you need to have excellent undergraduate grades to be accepted into law school, survive school, then pass the “bar” exam. How about a doctor? Pre-med courses, med school, internships, etc.
So, Here’s the Situation:
Being an entrepreneur is a risk. Starting a small business in a small town is more work than it might seem. Unlike other career paths, you actually have to put your own money at risk (as well as your time and effort) in order to become an entrepreneur.
Sometimes you need to ask not could I be an entrepreneur, but should I be an entrepreneur.
Why Should You “Screen” Yourself?
The answer is in the statistics. It is widely known that the majority of businesses fail within a few years. This amount is projected at up to a 90% failure rate within several years of inception. It is impossible to know the actual number, as some businesses go into bankruptcy or some type of receivership, while others close voluntarily when the owners realize they just can’t make the business work. Many more businesses survive, but don’t actually succeed; these businesses just limp along making a modest profit each year, but definitely not an amount commensurate with the effort required to keep that business open. Often, the rewards (financial or otherwise) simply don’t justify the risks.
You will fall into one of two categories:
Category B people will react in one of two ways (hopefully!). Then they will either (i) generate a list of areas they need to improve upon in order to increase their prospects for business success and prepare for business ownership down the line; or (ii) seek out a path that is a better fit for them and go on to be incredibly successful in something that they are well suited to pursue, saving lots of money (at least tens to hundreds of thousands of dollars), time and effort. They may even gain a new appreciation for their current job or be invigorated to pursue the next steps in their career.
Information and knowledge are power. An entrepreneurship screening process is something that has been so desperately lacking, so that the true entrepreneurs can take educated risks and that the 85-90% of the people who weren’t meant to be entrepreneurs could save their money, their time, their effort and their emotional well being and focus on excelling at something that is a perfect match for them.
How will you screen yourself to make sure that your small business can survive in your small town?
- Are conferences and events worth your time and money? Here’s how to make sure - April 23, 2018
- Six big themes for small town entrepreneurship - April 16, 2018
- Check this list? Did I get your topic on there? - April 9, 2018
- If you help your customers to create a plan, don’t leave out this essential item - April 2, 2018
- Small town secrets to surviving lean times - March 26, 2018
- These small town neighbors bought vacant buildings, brought them up to code. Here’s what happened next - March 12, 2018
- The giant checklist of social media marketing basics for small town business - March 5, 2018
- Tourism idea: host a rural retreat after a big conference in the big city - February 26, 2018
- Rural business idea: Rent chicks for Easter - February 19, 2018
- What hours should a retail store be open in a small town? - February 12, 2018