There is nothing more exhilarating than operating a business and making it work! But, there is also the glaring statistic that 80% of small businesses fail in the first three years and 90% by the fifth year. But what about that 10%? At the age of 64, Colonel Sanders started Kentucky Fried Chicken, which blossomed into a multi-billion dollar business now called KFC. There will always be the exception, so why not you? If your business is well planned, you can beat the odds.
Candidates wishing to organize their own business instead of searching for another job will have competent help with financial planning, funding, product/service design, business plans, budgeting, action plans, marketing and actual startup. Entrepreneurial counseling is tailored to the candidate’s needs. This is offered as an additional option with the Black Belt Candidate Program.
Businesses can be divided into two basic categories: services and products.
In a service business you will be providing something for your clients. Examples: consulting, accounting, training, selling, designing, desktop publishing, plumbing, contracting, electrical repairing, painting, gardening, catering, writing, cleaning, baby sitting, dog walking, nursing, purchasing, delivering...
On the products side, your primary concern will be with manufacturing. Examples: crafts (jewelry, pottery, leather, apparel, decorations, gadgets, furniture), publishing, baking, restaurants, computers, software, appliances, tools, hardware, garden supplies...
Choosing the type of business you want depends a lot on your personal interests, skills, natural aptitudes and ability to learn. Entrepreneurs succeed when they find a market need and satisfy it.
When a candidate expresses such an interest, we examine all the possibilities. First and foremost, does the candidate have an entrepreneurial spirit?
Success comes to those who are willing to work for it, not just dream about it. Winning entrepreneurs are:
Tenacious: They stick to a plan and never let go. When they find a road block, they find a way around it. Impossible is not part of their vocabulary.
Resourceful: Finding out what is needed and getting the information the first time.
Hands-on: They do not put off for tomorrow what can be done today. They are not afraid of long hours. They do not ask anyone to do anything they would not do themselves.
Planners: Before leaping, they know the terrain. One of the quickest ways to fail in any business venture is to shoot from your hip.
Coachable: If they do not know something, they learn it.
Risk Takers: But, not blindly. They minimize risks by knowing the odds and do necessary research prior to making a decision!
Innovators: They do not wait for opportunities, they go out and create them.
Committed: Whatever it takes, it will be done.
If operating your own business is one of your dreams, be sure to discuss this with your counselor. We are ready!