How to Start a Business: The the Most Terrifying, Thrilling Rollercoaster…

by | Feb 13, 2024 | Uncategorized

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Starting a business is for the thrill seekers…

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They really should hand you a harness and an inflight sickness bag along with Articles of Formation, because the day you open the doors (figurative or literal) of your business, you are strapping yourself in for a wild ride. For some, the ups and downs are the thrill they’ve always sought.  For others, it’s best to just close their eyes and pray for it to end.  If you’re a thrill seeker, then secure that harness and let’s go!

You’re in for some crazy highs – moments of triumph, success, and pure exhilaration. But pray that safety inspector did his job well, because you’ll also hit some gut-wrenching lows – setbacks, challenges, and moments when you feel like you’re free-falling.

Assessing Your Risk Tolerance

Now, let’s talk about risk – in order to enjoy the view from atop that tallest rollercoaster peak, you have to be able to withstand those breath-catching downturns.  There are some who will claim that proper preparation will make the rider a calm accent to the top, but I dare you to find a single success story that doesn’t involve some setbacks along the way. So… are you someone who thrives on adrenaline? Or do you prefer a smoother, more predictable journey? Will you be able to take the risk in order to achieve greater reward, or will your anxiety levels soar long before you do?

There’s no right or wrong answer – it’s all about knowing yourself and how much uncertainty you can handle.  There are many paths to a successful, rewarding life.  For some, day-to-day employment, climbing the ladder rung by rung is the ideal path.  For others, there is a desire to reach the top as quickly as possible regardless of the twists and turns faced along the way.

Strategies for Calculated Risk-Taking:

Alright, here’s the lowdown on mastering the entrepreneurial rollercoaster: calculated risk-taking. It’s like finding that perfect balance between living on the edge and keeping both feet on the ground. Check out these tips to navigate the twists and turns:

  1. Do Your Homework: Dive deep into the data:
    1. Analyze market trends
    2. Analyze the competition
    3. Consider current news & trends and how they could have an impact on the future of your company
    4. Look into the typical sales cycle of your industry and those closely related
    5. Research the other industries that can impact yours – those that produce the raw materials that you need, those that your clients work within, those that could produce something that would do away with the need for your product
  2. Start Small: Niche should be your favorite new word.  It may sound counterintuitive to narrow your customer base, but the truth is that your marketing efforts will be more successful and less costly if you have well-defined client in mind.
    1. What are the key demographics of your market: Age, sex, marital status, etc?
    2. What problem do they have that you can solve with your product/service?
    3. What is their economic status?
    4. Where do they live – physically and digitally?
    5. How will you reach them with your messaging?
  3. Build a Safety Net: Life’s full of surprises, so make sure you’ve got a safety net in place. Whether it’s savings, an open line of credit, a solid support system, and exit strategy… it’ll give you peace of mind.
  4. Trust Your Gut: Sometimes, your instincts know best. Listen to that little voice inside your head.  Just remember, that even the best instincts can be wrong from time to time.  Back up those feelings with concrete data and evidence to support your decisions. 

Lastly, remember… EVERYONE makes mistakes.  It is human nature.  It is said that an ounce of preparation is worth a pound of cure, and that is most certainly true when it comes to operating a business.  Still, the child with a helmet, knee pads, and training wheels can still have an accident.  There may still be injuries.  The same is true for you.  It’s not about being perfect, it’s about how well you handle imperfections.