Resolutions for the "Other" New Year

Resolutions for the "Other" New Year

In my first column of 2004, I thought we could take a few moments to discuss the annual tradition of making and promptly breaking New Year's Resolutions.

The ever-popular "This year I will stop watching reality TV" has joined the ranks of "This year I will lose weight!" and "This year I will stop smoking." Many people make the resolution, "This year I will start my own business!" at the beginning of the year.

It's what I call "the American Dream Resolution," and it's a lot like other New Year's resolutions in that it's a statement of intent that's made every year but rarely followed through on (at least in an effective manner).

Is it really wise to make the resolution "This year I will become an entrepreneur" instead of "This year I will lose weight" before you leap off the cliff into the unknown in 2004?

If you answered "yes" to a question, give yourself 10 points, and a big "0" if you answered "no."

How well do you delegate authority without hovering? It's absurd to try to run a firm single-handedly because doing so demands juggling hundreds of duties at once. You need business associates and staff members you can put your whole faith in to handle these responsibilities. Give yourself a failing grade if you can't delegate tasks without second-guessing the outcome.

Secondly, do you have the ability to motivate and discipline yourself? If you can't get yourself out of bed in the morning without your spouse showering you with cold water, you probably don't have the drive or discipline to succeed as a business owner. In business, you must act entirely on your own accord. You need to get into the mindset of making cold calls in order to succeed. Motivating yourself to drive around and meet with clients is a must. There are a hundred things you need to do every day, and unless you force yourself to do them, they will never get done.

Have you ever been terrified of having to put forth a little effort? What could be simpler than launching a new companyh a little effort? What could be simpler than launching a new company? WRONG! Having your own business is much more challenging than working for someone else. You'll need to shed your blood, sweat, and tears in order to succeed. At least at first, you can expect to put in a lot of time at work and be available at all times. Here's your zero if the mere idea of exertion is enough to wear you out.

Can your personal connections endure the stress of establishing a business? When someone comes to me and says they want to launch a startup, the first thing I ask them is, "What does your spouse think?" Some entrepreneurs find that starting a business requires them to spend more time away from home than they would prefer. You could have some financial stress as a result of the business. If your loved ones are behind you, you can focus on overcoming the challenges ahead of you.

Are you able to sell? This is a ground-zero inquiry, as you will first be responsible for bringing in consumers for your firm. Selling both yourself and your wares is essential. Customers are the lifeblood of any business, but you'd be astonished at how many business owners dislike dealing with them. To what extent does the idea of "cold calling," or just stepping into a business and requesting to speak to the owner, fill you with dread? Is it easy for you to dial a prospect's number and ask for an appointment without being nervous? You won't get very far in business if you avoid sales calls and talking to potential customers. The answer is "zero."

Do you give up easily? One of my favorite sayings about business is "If it were easy, everybody would do it." The initial few years of a company's existence are the most challenging, and the odds of success are low. If you want to be the herd leader in your own company, you have to be willing to get knocked off your horse a few times without giving up. Here's a zero if you can't pick yourself up, dust yourself off, and get back on.

Can you take no for an answer? If you are easily offended, business is probably not the place for you. The ability to bounce back quickly from rejection is crucial in the corporate world. Customers, partners, banks, and investors are just some of the people who will turn their backs on you.

Are you socially adept? When you operate a company, you interact with many people every day: employees, vendors, customers, and investors, to name a few. You need people-management skills without being a jerk, mentor-recognition skills without taking offense, error-forgiveness skills without making a scene, and incompetence tolerance without losing your cool (but that's a topic for another column).

Do you have any financial support?If you don't have enough capital, your business has a very high chance of failing. You should have enough money saved up to run your firm for at least a year before you launch it. In a successful financial plan, there should be a few commas and a lot of zeros after the final monetary figure.

When starting a business, does one need prior experience in the field? This is not new information for us. You shouldn't buy a Lube-N-Go franchise if you can't figure out where the engine is in your automobile. Successful entrepreneurs typically have a background in the field in which they are now operating.

SPONTANEOUS INQUIRY. When was the first time you tried to launch a company? Having business experience is helpful but not necessary. Many prosperous businesspeople are concealing unpleasant memories of failed ventures. When it comes to business and marriage, there are many lessons to be learned from the first that can be applied to the second.That's why I didn't take my husband to couples therapy...

The answer is yes if you give yourself 10 points and no if you give yourself 0 points. If you receive more "yes" responses than "no" ones, you may have what it takes to follow through on your New Year's resolution to launch your own business.

If you find yourself answering "no" more often than not, it may be time to look for a new job.

This leads to yet another tradition of making a promise to oneself at the start of the new year: "This year I will get along with my employer."

I hope everything works out for you.