Forums: Discussions for entrepreneurs and small business.

Hey all,  Great Community! look forward to being a part of it.

Just was going to give you all a background on my situation and maybe you can offer some insight.

So about 1 year ago (22 years old then, now 23) I decided I wanted to be in business for myself I though “what better time than now!” as I`m young and could gain a lot of experience starting early. I`ve always been an `idea` man brewing countless ideas in my head some good some bad, I’m sure everybody can relate to what I’m taking about; through my idea’s I found a niche market so I began where everybody does (or at least should) with a business plan.  I found a pretty nifty template (I know, some of you are probably snarling right now at the thought of using a generic template... but hey I had to start somewhere) as it happened the template turned out to be a great starting point. I filled out as much as I could……..2 hours later I found myself staring down at a blank page realizing those squiggles in the top corner didn’t form words.. And the drool stain directly below my wide open jaw would not convince the leaders I have a great idea. I truly had no idea what I was getting into... So over the next few months I began reading.. And reading.. And reading.. And one day about 8 - 9 months later I finally had completed my first draft (minus the financial projections - as I hadn`t even though of learning the accounting side of business ownership).. But I still felt stressed and agitated because I just couldn`t stop thinking about how after all this reading I still didn`t feel confident that I knew what I was doing.. Perhaps this is a common feeling among us, I don’t know, maybe it was just me; what I did know was I needed a pair of fresh eyes to give me some direction. With this in mind I took the next step I emailed my plan to a fellow at the local Small business center and set up a meeting to discuss it.  His comments where something of the following:

"Wow, you`re a lot younger than I thought"

"You seemed to have covered everything"

"This is one of the better plans I have seen, normally I have tons of things to say".. 

I suppose you`re asking "what’s wrong with that?" what’s wrong was I went in there with high hopes of him loading me into his gun of knowledge and firing me into the right direction. But instead he told me I had done a good job… was I to believe him if I didn’t even believe myself? I think it brought out one of my flaws and maybe others feel the same.. my flaw is I need to KNOW what I’m doing 100%, its something that could hold a person back until they miss their golden opportunity. I’ve been told “at some point you just have to jump in” hoping all the planning and research was enough to land you on the shores of success… but when does a person truly know when to just jump in? And I honestly think you have to KNOW when to jump in or you won’t hit the ground running... Now does that not seem a bit contradictory to “plan” when to “just jump in”? On one hand if you jump in without thinking of “That” and your venture could be doomed.  And on the other hand you could plan and plan and plan and use it as an excuse not to take the risk... so what is this in between area? It seems to be the best option, maybe ill call it “plan for the unexpected – and jump in” is this accurate to assume most entrepreneurs are not 100% ready when they begin? Or do most plan and plan and plan until you absolutely know you’re destined for success – which is just like me and a few others out there. So as you can see I wanted more from the professional who viewed my business plan because I still felt I didn’t know everything and that my plan didn’t include everything.  I was hoping he would say “You missed this and this and this and this” then I could take the time to research, brainstorm and plan out the best actions to take.  it didn’t happen that way.. so I learned to accept that I just cant know everything there is to know before taking the risk, that’s what makes an entrepreneur I suppose. After this meeting I because working out all the financials the fun stuff... seeing how profitable the business would be, I had a ball park and I was pretty close to what my actual projections ended up being.  I worked closely with my accountant and she approved all my financial forecasts and everything looks great and I feel I have accomplished more then I ever though I could, here I was a C student in high school and I read more books and did more homework under my own will power than I have done in my whole entire life previous.. this is my calling but I’m being held back by the unknown…. Right now I’m stuck on inventory management I fear I don’t know enough and I have to read it to death until I have I very clear and concise plan. But what happens once I have that, what will be next? Employee management? The list could go on and on and I know I will miss the opportunity.. This niche market will be uncovered and I will lose out on everything.  Is this a bad quality I have? What do I need to do to feel confident in myself as others are in me? What do I need to do to jump in but be prepared? Its all grey area to me.  I guess I’m not sure where I’m going with this post but I just thought I would put it out there and see what comes back.  Thanks for reading this LONG post look forward to any replies. (note i didnt proof this message im running out of time.. so i appologise if it rambles on and on)

 

-Craig

I feel I am sometimes in a perpetual planning stage so I understand.

One thing to remember is that you don`t have to be an expert in everything.  Building a company means bringing in other people with knowledge in their fields.  You`ll have a team around you to help with decisions - inventory, employees, financials, etc.

It is just at this point that you are flying solo.  So it is hard to imagine that it`s okay to not be prepared for everything.  But really, you don`t have to be.  You will learn along the way!

Long ago, I heard a wonderful expression: "Leap, and the net shall appear."

Back then, I thought it was just a sort of platitude, kinda nice, a bit comforting to some, but basically meaningless.

Then I got older and lived my life.

Nobody is all-seeing, all-knowing. Nobody is omniscient. Even if we were, life would really suck, because there`d never be any surprises, no excitement, no adventure, and no drama.

If you know the outcome to everything, where`s the risk? Where`s the stimulation? Where`s the excitement?

True, some of that excitement comes in the form of your being down to your last $10 with the mortgage due, the phone bill, a car repair, and no clue how you`re going to take care of any of it.

Excitement isn`t always "Oooo I can hardly wait for Christmas! It`s gonna so much fun!" :-D Excitement means a form of agitation. It`s a stress to the system. It can come from pleasure or pain, but either way, it`s excitement.

How many movies would you go see if there wasn`t any chance the hero would fail or die? How many last-minute saves, cliff-hangers, and utter mysteries have you watched, glued to the edge of your seat, wondering "How is this ever gonna work out!"

Life is like that. It`s messy. It`s filled with blood, destruction, teeth and claws, and struggling against immense odds. But isn`t the entire concept of Joy based on succeeding against all odds?

People say, "I wanna be a enter peneur." In fact, what they`re really saying is "I`m tired of being taken care of, sitting on the sidelines, having my life paid for by some employer. I want to join in! I want to take the risks, struggle, build something nobody`s done before. I want to win!"

But to win means you have to have the possibility of losing. Y`know?

CraigL, great comments.  You got me all charged up!

It seems the more risk I take, or rather the more risky the risks, in business and in life, the more I am able to rise to the occasion.  I think this is true for most people but especially prevalent in entrepreneurs as it is one of our key personality traits.

But it doesn`t come easy.  It takes time and practice to get better at stepping out of your comfort zone.  But doing just that, even at the beginning, is the right start.  Keep going and next thing you know, you`ve got a full-fledged business!

There does come a time when all of us reach the breaking point. In most cases, it`s the moment when we really do look into the abyss, and see nothing. That`s the "moment of truth" people talk about, where all becomes (not "seems") hopeless.

I think that true courage is when we reach that point and decide that we`ll continue forward, regardless of the consequences and life we`ll end up living. It`s that moment where we decide to literally live or die.

People talk about failure, but that`s not even close to the point of giving up. Most of us have heard about animals giving up, where they just die. It`s as if they turn off some "life" button and that`s the end.

But between the point where we believe we`re finished, done, as far down as we can get....and the REAL point where we`re at the bottom, I think everyone would be deeply surprised at how much distance there is.

Dbones,

you are not alone - many many many individuals feel exactly like you do when they first start out on their own.

Before I started on my own - I read all the books, got loads of advice...meanwhile years went by. And I do mean years!

Yeah I look back and think I should have started earlier but hey...I started! And it was the right time - I was ready. Are you ready? Are you already working for someone else? What is actually stopping you? You are young - you can afford to take some big risks - what have you to loose? What is the worst that can happen ? What is the best that can happen?

Have you come across Ben Cashnocha? - 19 Year-Old Entrepreneur & Author

Ben is a member of SUN - although I haven`t seen him `input` recently.

What are your dreams?

Andrew