Five ‘Whats?’ to Your ‘Why?’ – Why You Should Start Your Own Business

 

I hear this very often: “Why did you start your business?” I’ve learned that in reality, what most people are asking is, “What makes you crazy enough to think you can successfully run a business?” The following is a list of “what” questions you should ask yourself to find out “why” you SHOULD start your own business…

Some of you may be able to answer right now, some of you may not be. Hopefully, answering them will give you clarity on what to do next…

  1. What are going to do with your life?

I once heard that what truly matters is the dash- the dash on your tombstone that they place between the day you were born and the day you die. My goal is to leave behind works of art, investments, and real estate – something more than just bills.  What is going to happen in your dash? What is your dash going to represent? What kind of legacy is your life going to leave behind?

  1. What are you passionate about?

We all care about something, right? What is it that hits your heart in just the right place? One of the things I’m very passionate about is educating youth about entrepreneurship.  Everybody doesn’t share that passion, and that’s okay, as long as I’ve defined what it is for myself. What excites you? What gives you goose bumps? What are some things that bring a smile to your face?

  1. What makes you happy?

What do you enjoy doing? What brings you joy? I love working on cars, it’s my ‘release’ from business and school and family. As I write this, I’m in talks with a husband and wife who are ready to sell their auto body shop after almost 60 years. For me, it’s a business opportunity that falls in line with something that makes me truly happy.

  1. What makes you tick?

What ticks you off? What are some things that you’ve seen that need to be changed? For me, the number of young minority students that don’t know entrepreneurship is a viable option for them is staggering, and I wanted to do something about it. It angered me to see so many of our young people spending so much on other people’s businesses and companies and have no desire to create their own, mostly because they never knew they could. What gets under your skin? What is it that keeps you up at night? What can you do about it?

  1. What can you do well enough for people to pay you for?

We’re all uniquely blessed with talents, and as we work on these talents, they turn into skills. What skills have you developed or mastered? What are you great at doing? Talking and being able to work very well with different groups of people are skills I’ve developed over the years in various occupations. It makes sense that I’m a business coach and keynote speaker – why not use the talents I’ve been given? What can you do better than most? What is your unique talent?

At some point in life, you may have to make that leap of faith. Hopefully, at that time, you’ll have some of these questions answered before you jump. (Please comment below) What other questions must a person answer before taking their leap?

 

Three Keys to Small Business Success

We can all agree that business is business, right?  Whether we’re talking about a fashion business, a sporting goods business, an e-commerce business, or a retail business, there are essential things that it must have in place to be successful.

“What are those things,” you ask? Well, I won’t keep you in suspense any longer…

  1. Good People

This is on the list first because it’s the most important.  Every business needs to have good people working within it.  This is vital to the success of the company.  Everybody from the partners to the part-timers have to be in sync and be aligned with the goals, mission, and vision of the organization.  The phrase “A chain is only as strong as it’s weakest link” rings very true in the business world.  One bad sales person can cripple revenue and one wrong tweet can put a wrench in profits. Make sure you have the right people working with, for, and around you – it’s the first step in creating a great business.

  1. Good Process

If it takes me 2 months to get something I ordered online, more than likely, when it does arrive, I’ve forgotten I bought it. Or, I don’t need it anymore because I’ve since found something to solve the problem faster.  The way your customers receive your products and services is important, no one likes waiting because something was shipped to the wrong address.  Services need to be provided in a timely manner, and in a certain way, for customers to feel like what they paid for is worth it.  If someone cuts your lawn, and you still see weeds or they’ve run over your mailbox, you’re probably not going to hire them again. If your process is broken, it doesn’t matter how great your product is, it will never get to your customers.

  1. Great Product

Successful companies solve problems.  The really, really successful ones actually create the problem first, then create a solution for it.  The greatest companies first let you know that you are missing out on something; they then show you what that something is; then they entice you to buy that something.  That’s genius!  A great method of finding out which products or services you should deliver is the Lean Startup method.  It’s one I’ve implemented into my consulting with clients as well as my own businesses. If you create something great, people will love it.  If you keep creating great things, success is inevitable.

In order to reach success in any business venture, focus your efforts on finding quality people, invest in a quality process, and do your research into creating quality products & services.

What are some of your thoughts and successes? Share them below.

“Keep pursuing your passions & chasing your dreams.”