Who does not like the idea of being one’s own boss,
calling the shots, managing assets (and may be people),
and making money as unlimited as your talents and
enterprise? Yet loving the idea of business ownership is
one thing, and making the business a success is another.
In my seven years’ career as an organisation development
consultant, I have heard many people mention that they
are fed up of working for someone and would like to
start their own business. In fact, some of them who left
to start their business are very successful today and
many got back to a job after failing miserably in their
own venture.
What are the general ingredients for successes for an
enterprenuer who is leaving his job to have his own set
up?
• An idea. A business that is your hobby, passion or
interest. So come up with a business idea. What hobbies
or activities you like that can generate money?
• Develop a business plan. Write down what your business
will offer, how and to whom. Include your long-term
goals. Writing brings clarity.
• Do market research to check out your competitors. Who
else is offering your service. How do they promote it
and at what prices?
• Determine how will you market the product.
But when I look at all the people who left their jobs
and are now successful small business owners, I found
that they have different attitudes and behaviours.
Everyone may not operate from the structured steps
mentioned above. For instance, one enterpriser would
measure success by sales growth, while another by
independent lifestyle. Small business owners can be
divided into five groups, each displaying distinct
attitudes, according to a study conducted in the USA.
Idealists, Hard Workers, Jugglers, Optimi-sers and
Sustainers. While each type can be successful, they all
take different routes to success.
Idealists: Twenty-four per cent of business owners
surveyed, fit the Idealists mould, making this the
largest of the five groups. Idealists start businesses
to work on something special, according to the study.
For example, Navin says. “I love creating content,
developing software and doing all the designing.” After
working for different organisations, he now owns his
business that looks at interactivity of web-based
applications. Although they love creative work and are
technically adept in their field, Idealists are
impatient with administrative tasks. So they may not
want to grow their business to an extent where all they
would be doing is to manage people and administrative
work.
Optimisers: At 21%, they prefer the personal rewards of
entrepreneurship - freedom and flexibility for
expansion. They do want growth, but the most important
thing is the profit made.
Hard Workers: Repre-senting 20% of those studied, they
tend to put in more hours to achieve results. They’re
detail-oriented, financially aggressive and the most
growth-oriented group of entrepreneurs.
Jugglers: Accounting for 20% of the sample, they are the
most personally involved in their businesses. They feel
the pressure to pay bills, make payroll and keep cash
flow positive. They’re technologically savvy and embrace
the Internet. They think nobody can do it like them and
are consequently reluctant to delegate. Anup left his
job as a senior designer while he was with a leading
newspaper and now runs his own designing shop. While he
has couple of junior assistants, he does most of the job
and deals with clients himself. He is a one man
organisation!
Sustainers: At 15%, these entrepreneurs are likely to
have inherited companies rather than started from
scratch. They might have left their job to join the
family business or a friend’s business. They work hard
and would rather put in more hours than apply technology
to problems. They’re the most conservative group, often
declaring they don’t want growth and are happy with the
way things are.
Written by Santhosh Babu Published in The Financial Express: Sunday, June
18, 2006.
