It’s a dream shared by many: To cast off the burden of working for someone else and strike out on your own, running a business that lets you make the most of your skills and creativity.
There is a lot of truth to that romantic notion; indeed, it’s exactly how thousands of successful businesses were first brought to life. But it’s not always easy.
With a series of profitable ventures to his name, Danny DeMichele is one business developer who can attest to some of the infallible truths about starting your own company. His take on the process is realistic yet optimistic; his own actions speak loudest in that despite the detours, he has continued to develop new ideas.
Like so many other successful business builders, DeMichele has accepted some key realities about his aspirations. They’re worth reviewing for anybody with a desire to follow suit.
There Is Risk
For the entrepreneur, risk is a normal part of life. There are no guarantees that your idea will succeed. In fact, if it’s a really great idea, somebody may already be doing it.
Innovation is more challenging all the time. There’s a better mousetrap coming out every day, especially in tech. So the challenge to the new entrepreneur is to use a better strategy to get the upper hand on all the other mousetrap builders, or to address a need that emerges very suddenly, like identity theft.
Even so, it’s a risky proposition. The most important step is to plan carefully in order to minimize risk and give yourself the best chance at success.
It’s Not Just About The Product
Some entrepreneurs come in with the idea that their awesome product or service will get 100% of their attention every day. They can tweak, adjust, and perfect it as they continue to experiment and receive feedback from customers.
The reality is that you have a thousand hats to wear in those earliest days. You run research and development, you’re over marketing, you handle the books, and you even sweep the floors. When you have a little more capital, of course, you will bypass some of this work, but ultimately, you’re running a business and not just developing a product.
Economists have a term for people like DeMichele. They’re known as “serial entrepreneurs“. The phrase simply means that they have a high level of skill with creating businesses, so they put together new enterprises, build them to success, and then sell or otherwise transfer them to free up their time for new ideas.
It’s the perfect recipe for someone with those skills. These creators often get bored with simply operating a business at status quo. They love the rush of seeing those first sales numbers, watching stock values after the IPO, or charting a path of growing profits. And they’re a perfect match for those who are better suited for maintaining an established business.
The thrill of watching an enterprise get off the ground is a heady experience, so if you succeed (and maybe even if you don’t), you too may get hooked.
Entrepreneurship is the foundation of capitalism. If you’re nursing a desire to run your own business, you’re walking familiar ground. Learn from the mistakes and successes of others to make the most of your efforts.