On Your Mark, Get Set, Don’t Go!

I get a few calls a month from “I want to be an entrepreneur, and this is my business idea.”

My investor friends tell me that the world is full of great ideas, and the world is awash with money to fund them. There are very few people that can connect the ideas and the money to find success. Actually, it’s by far and away the most important ingredient, being able to make things happen and connect the dots.

Now back to that budding entrepreneur. Just the thought of being an entrepreneur is exciting. And it’s reasonably easy to come up with an idea for a business, or copy someone else’s. But in most cases, the person I’m talking to is woefully unprepared. Usually they are looking for an investment, and excited to share their idea. How do I know they are unprepared? I asked them to define their customer. I usually get a blank stare or a lame attempt to answer.  I ask them for their business plan. How many widgets? Price? Expenses? Just a simple p&l for the first 2 years. How about a marketing plan? A distribution plan? How much money will they need? Now some of these items may indeed require help to create, and I encourage everyone to find a consultant to help backfill their weaknesses. I always use a consultant before I start a business.

The moral to the story is that if you want to be an entrepreneur, spend your energy getting the skills you need to have even a shot at being successful. If you went to college, great, you learned some things, but likely need much more. Read. A lot. Your speed and volume will depend on how much you want it. A book a month will get you pretty prepared in a few years. 24 books, on leadership, marketing, business plans, sales, finance, metrics, getting loans, to name just a few of the topics. Look at best sellers in these categories, you will be close. I think it’s more about marketing than most things, but that’s just me. Good products die all the time with bad marketing, mediocre products make it with good marketing.

Good luck, I know you can do it if you want to. If you can’t get through 24 books (or more), then your odds of success are lowered dramatically. I’m over 60, and still reading and learning every day.

Read more of my articles on www.rpowersource.com or email me.

Remember only you can make business great!

Ron Sturgeon, Mr. Mission Possible, has been a successful business owner for more than 35 years. As a small business consultant, he can deliver wisdom and advice gleaned from an enviable business career that started when he opened a VW repair business as a homeless 17-year-old and culminated in the sale of several businesses he built to Fortune 500 companies.

Ron has helped bankers, lawyers, insurance agents, restaurant owners, and body shop owners, as well as countless salvage yard owners to become more successful business people. He is an expert in helping small business owners set the right business strategies, implement pay-for- performance, and find new customers on the web.

As a consultant, Ron shares his expertise in strategic planning, capitalization, compensation, growing market share, and more in his signature plainspoken style, providing field-proven, and high-profit best practices well ahead of the business news curve. Ron is the author of nine books, including How to Salvage More Millions from Your Small Business.

To inquire about consulting or keynote speaking, contact Ron at 817-834-3625, ext. 232, rons@MrMissionPossible.com5940 Eden, Haltom City, TX 76117.