Start Business
According to our business partner Brian Tracy people are forming more different types of businesses today than at any other time in American business history.
Last year, more than 820,000 new businesses were incorporated and more than 1,500,000 sole proprietorships were formed. More than a million partnerships were set up as well. Tom Peters, the business author, says that the primary driving forces of innovation in America today is in the small and medium sized business.
In a time of rapid economic expansion, in all directions, it is easier and more possible for you to start your own business and to be successful than it ever has been before. The good news is that, every single different type of person, from every single background, with every single limitation has started and built a successful business. And so can you.
The most important single quality in starting and building your own successful business is courage. Like the Starship Enterprise, you have to have the courage to go where no one has ever gone before. No matter how many other people have started and built businesses, when you embark on your first business, you will feel like you are the first person who has ever done it. And, in your terms, you are.
74% of all self-made millionaires in America today got there by starting and building their own successful businesses. And here's an important point.
Not one of these people had ever been in or owned a business before they started and built their own businesses. You do not need to have experience in entrepreneurship. You simply need to learn everything necessary and then apply it to your work as you go along. What hundreds of thousands and millions of other people have done, you can do as well.
Perhaps the best motto for small business success is the Michael Jordan advertisement for Nike running shoes, "Just Do It!"
Confucius said, "A journey of a thousand leagues begins with a single step."
What does it take to start your own business in America? Absolutely nothing. You can start your own sole proprietorship, and name it after yourself, and you don't even have to register it. You can decide, this very minute, that you are going to start your own business and you just did it.
You can now stop at the nearby bank, open a bank account in the name of your company, especially if you name it after yourself, make a minimum deposit and you are on your way.
If you pick a name other than your own personal name, you will have to register it for about $25 to protect the name. But if you name the company after yourself, you don't need permission from anyone.
There is an important principle at work here. "If you build it, they will come."
Nature abhors a vacuum. If you go down to the bank and start your own company, you will create a natural vacuum in your personal universe and business opportunities will emerge to fill that vacuum. Of course, if you have a clear idea of the kind of business that you want to be in, that is even better. But the very act of starting your own company and opening a bank account for it will cause things to happen in your life that you cannot today imagine.
How do you find a business?
There are a hundred different ways. But the most important of all is that you get into something that you really like, enjoy and care about. Passion is the critical factor in determining small business success.
As Peter Drucker said, "Whenever you see something getting done, you mind a ‘monomaniac' with a mission.”
Every single business needs a dedicatedchampion who lives and breathes the success of that business and enterprise. Without a champion, with a person who is passionately committed to making that business successful, the business will definitely fail.
Even with a champion, there is no guarantee of success. But without someone who cares more about the business, the products and services and the customers, than anything else, the business has very little chance.
This is why you have to pick something that you care about and enjoy. Many people start businesses selling products that they particularly like using themselves. Other people start businesses because they are passionate about the technology or the science involved. Some people start businesses that are outgrowths of their hobbies or their interests in life.
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Junior Achievement's "Business Excellence Award
Inc. Magazine"500 Fastest Growing Private Companies"
Who's Who of Executives "Outstanding Achievement and Setting a Standard of Excellence Award"
National Management Association "Manager of the Year"