15 things to remember when starting a business
TRANSCRIPT
15 THINGS TO REMEMBER
WHEN STARTING A
BUSINESS
And some minutiae details that are actually important – but we
won’t drag them out in a power point presentation.
BEF ORE WE GET STARTED: WHY
SHOULD YOU R E AD T HIS?
Hi, we’re Jareen and Alan.
We’re entrepreneurs trying to live
outside of the 9 to 5 life and become
financially independent.
BEF ORE WE GET STARTED: WHY
SHOULD YOU R E AD T HIS?
We started an online business called deco rouge and we
have a business and lifestyle blog called Two Chic Notice –
it’s not just for women, we promise.
BEF ORE WE GET STARTED: WHY
SHOULD YOU R E AD T HIS?
Starting a business can feel daunting and
overwhelming at times. But we like to remind
ourselves why we want to be entrepreneurs, business
owners, makers or whatever else you want to call it.
1 . IF YOU KNOW YOU HAVE A
CHANCE, TRY IT
Despite what others may say, start your business if you:
• Found a successful trend for your product or service
• Have the money to invest in a project/business
• Have something to offer that people NEED and may also
WANT
• Found a niche to market to
• Have someone to support you, not just financially, but
EMOTIONALLY
2 . YOU MUST WANT SUCCESS
“In order to succeed, your desire for
success should be greater than your
fear of failure.”
-Bill Cosby
3 . BUT BE REALISTIC ABOUT
SUCCESS
Most small businesses fail because:
• Not enough demand for a product
• Owners self-sabotage
• Over expansion and over promising
• Not enough of a cash cushion
• Lack of proper accounting/bookkeeping
• Lack of plan for revenue and successful growth
• Poor management
• Bad economy
Source: Jay Goltz, writer for Business Day & owner of 5 businesses in Chicago.
4 . ROMANCE VS. THE REALITY:
REGULAR JOB PROVIDES P ’S
A regular job provides: peace, prestige, perks – and people.
• You can leave your corporate job once office hours are over.
• You can find peace in numbers, corporations have lots of
employees.
• Your company contributes to retirement and healthcare packages
• You can actually surround yourself with people.
Source: Alexandra Levit, New York Times writer.
5 . YOUR OWN BUSINESS
PROVIDES INDEPENDENCE
Starting your small business provides: self-reliance and
eventual financial dependence – if you don’t fail.
• But you handle all the responsibilities yourself.
• You are always working, there are no “office
hours.”
• You cannot hide in numbers
• It can be lonely, if you work alone.
MOST BUSINESSES FAIL
According to the Small Business Administration’s Office
of Advocacy, three out of 10 new firms with employees
fail to survive for more than two years, and about five
out of 10 close up shop within five years.
-Lee Polveoi, Intuit Blog
6 . BUT FAILURE DOES NOT
MEAN DEFEAT
“Success is not final, failure is not fatal:
it is the courage to continue that
counts.”
- Winston Churchill
7 . BE GENUINE, BE ORIGINAL
There is nothing new under the sun, and you may
end up selling the same product/service another
person or company does.
But to be successful, you must be yourself.
You must be original.
8 . YOU ARE YOUR GREATEST
ADVOCATE
Always be yourself, express yourself, have
faith in yourself, do not go out and look for
a successful personality and duplicate it.
- Bruce Lee
9 . SUCCESS DOES NOT HAPPEN
ALONE
All success stories and the people behind them, such as Bill
Gates, Steve Jobs, had someone fighting and believing in them.
No one makes it on their own.
We all need help. We all need communities to thrive. When you
need help, seek it.
But seek help sparingly. Support comes naturally.
Source: Malcolm Gladwell, Outliers: The story of success
10 . FIND GREATER MEANING
THROUGH YOUR WORK
“Autonomy, complexity, and a connection between
effort and reward - are, most people will agree, the
three qualities that work has to have if it is to be
satisfying.”
- Malcolm Gladwell, Outliers: The Story of Success
11 . THIS IS A MAKER’S
MOVEMENT
Those who make in this economy, will succeed.
Having a business means you are adding to the
economy.
NOW IS THE TIM E TO BE A M AKER
“More and more Americans are becoming Makers, a
growing community of young people and adults who are
designing and building things on their own time…
President Obama believes we need to give more young
people the ability to become Makers.”
Source: www.whitehouse.gov
INSTEAD OF APPLYING FOR A
JOB, MAKE YOUR OWN
According to the National Association of Colleges and Employers,
only 24.4 percent of 2010 graduates who applied for a job had one
waiting for them after graduation (up from 19.7 percent in 2009).
- Hannah Seligson, The New York Times
12 . THE WORLD CAN BE ON
YOUR SIDE
Think outside your immediate friends and family circle to
spread the word about your business.
Use your social media network. Market your business.
ADDITIONAL INCENTIVES:
Tax breaks. Specifically, deductions for qualified business
and start-up expenses – hooray.
Tax incentives, like:
• Built in gains tax
• Research and experimentation tax credit
• Work opportunity tax credit
13 . BE FAIR TO OTHERS, AND TO
HONEST YOU RSEL F
“Fairness means everyone gets what they
need. And the only way to get what you need
is to make it happen yourself.”
- Rick Riordan, The Red Pyramid
14 . YOU WILL LOSE BATTLES…
My overly expensive CPA once told me: The first year you start a
business you usually lose money…
“Self-pity is our worst enemy and if we yield to it,
we can never do anything wise in this world.”
- Helen Keller
15 . IT ’S NOT ABOUT MONEY,
IT’S ABOUT HAPPINESS
“It's not how much money we make that ultimately makes us
happy between nine and five. It's whether or not our work
fulfills us.”
-Malcolm Gladwell, Outliers: The Story of Success