Most take their skills they've developed working for other business owners and try to transfer their technical skills to an entrepreneurial endeavour.
50% of businesses fail in the first year. Half of those who started their businesses last year are no longer in business today.
Are you sure you want to open your own business?
If I've scared you, you have two choices. Go get a job or continue to walk the entrepreneurial path.
If you're looking for money, go get a job. Owning a business might be the single fastest way to lose money if you don't know what you're doing.
And if you never owned a business, I'm gonna say this, "You don't know what you're doing"!
That's the bad news. It gets better. I promise.
To succeed in business as a new entrepreneur, you have to realize that you know nothing about business. Sure you have skills. You may considered an expert in your field. Your field is your field. Entrepreneurship is not. Transferring the technical expertise into a business is difficult. You are not an expert in entrepreneurship. You haven't done it yet.
Michael Gerber in "E-Myth Revisited" calls this the Fatal Assumption. "Knowing technical skills in a company does not mean one knows how to own a business that does technical work".
To paraphrase, "Just because you know how to fix cars does not guarantee success in owning your own a garage."
Don't fall victim to the fatal assumption. If you want to get into business, I commend you. Be smart and humble enough to go back to the bottom of the ladder and learn from scratch again. You don't have the expertise of owning a business.
Don't pretend you do. You'll hurt yourself and your family if you end up in the 50% of failures.
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