Three steps to your own biz in a recession

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“I recently read your article on the secrets to being an entrepreneur during a recession. The moment I read your article I knew that was me, which explained why I have been so unhappy at work. I have always wanted to be my own boss. My work is quite uncertain at the moment and I have been there way too long. Your article assumed we already owned a company. What is your advice on how to get started?”

According to the Small Business Administration, two-thirds of new businesses survive for at least two years, and 44% survive at least four years. Not bad. The article goes on to cover reasons for business failure: Poor management, insufficient capital, poor location, lack of planning, and ineffective marketing.

There are two types of entrepreneurs and it is critical that you know which one you are so that you can survive these pitfalls and thrive as a business owner in today’s economic climate.

Passion Entrepreneurs: These are people who have a passion for one thing — a passion for opening a restaurant, a stationery store, or a garden shop. You cannot open a business without passion, however, passion is not enough. You must link that passion with a good business model.

Business Entrepreneurs: These are people who love the concepts in the groundbreaking book The e-Myth Revisited: Why Most Small Businesses Don’t Work and What To Do About It, by Michael E. Gerber. This type of entrepreneur will start any business. They often do not care what the business is, as long as it has profit potential. These people are often good at systems and managing resources and raising capital and selling new concepts and taking risks. These are the people who can hedge many of the risks associated with business failure.

Step 1: Which type of entrepreneur are you? If you are a passion entrepreneur, you must find a business entrepreneur as a partner. The way to find this person is to Google: Entrepreneur Association for _________ (city). Then join that group.

Step 2: Before starting your business, have someone else pay you to learn from their mistakes. If you want to open a seductive coffee shop where servers are scantily dressed, then work for your local popular coffee shop and observe their systems. After six months, take the owner out to lunch and ask them why they are so successful. Before you quit the job, always make sure to offer value. Stay at least one year and do not leave before you introduce a new product or system to improve their business. They trained you, you give back.

Step 3: Offer value. People don’t care what you are promoting. People care how you can help them. It’s never you. It’s them. I was recently approached by an individual who wanted to promote their women’s conference on my radio show. All they talked about was the conference. No research was put into whether the public was interested. Instead of saying: ‘My conference is so great because …,’ she should have said, ‘Recent data indicates that women’s pay equality has not improved in 15 years … therefore there is a need for …’

Email your question to: info@Dr-Career.com. Visit www.dr-career.com for a free download. Listen to Career FastTrack ‘Live’ Mondays at 5:30 p.m. on CiTR 101.9 FM or online at citr.ca.

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