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Editor's Note: The Lock Haven Express commissioned exclusive, feature articles relating to Start-Up and Small Business operations. Intended to provide entrepreneurs with a "treasure map" through the murky waters of business, the columnist offers strategies to generate profits, avoid problems and protect assets.
The term "Entrepreneur" is a bit obscure and the French origin may fog its definition: "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goals."
Yet, fortune seekers may encounter hungry alligators during their voyage across the business swamp. Hopefully these Helpful Tips will prepare business owners for unknown and unchartered waters.
One must ask what their vision of success might be to determine if they wish to make the journey. Typically, one interested in owning their own business will recognize the need to delegate, listen to advice, be self-confident, possess an aggressive personality, exhibit creativeness and enjoy a challenge of conquering the unknown. If this general description sounds like you, perhaps you may wish to explore the business swamp. Charles Eliot wrote "All business proceeds on beliefs or judgments of probabilities and not certainties."
The Stephen Poorman College of Business at the Commonwealth University of Pennsylvania-Lock Haven campus, offers curricula to support your journey. And, you'll learn many skills along with trials over time. But those trials, often referred to as the "school of hard knocks" can often be expensive.
Your enemy to navigate this swamp is "FUD."
It is the biggest roadblock to success as it feeds on low self-esteem, insecurity and pointless anxiety. It may stop you from taking manageable risks and must be faced head on:
F = Fear
U = Uncertainty
D = Doubt
FUD will kill your dreams so you must tame the fear. Nothing dissuades potential entrepreneurs more than FUD and the threat of humiliating failure. Your weapon against FUD are the three
Bs:
B = Brains
B = Balls
B = Backing
One must understand the industry, accept the risk and find the resources. They will ease your FUD.
The entrepreneur must strive to get things done on time, pay attention to detail, do their business homework, delegate to others, take decisive actions, employ a little showmanship and reinvest profits. They should study the art of negotiation and manage their time.
You will find more information regarding this "Must Read" in my book, "Navigating the Business Swamp," available on amazon.com or visit us on YouTube, Navigating the Business Swamp.
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Stephen Poorman is an author-entrepreneur & consultant who is certified emeritus by the Institute of Management Consultants