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| Getting Started |
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The Right Field for You? Five Ways to be Sure by Ty Freyvogel The freedom of entrepreneurship is a double-edged sword. On one hand, you get to do everything on your own terms and in your own way. You're on your own . . . yaay! On the other hand, well . . . you're on your own. (Yikes!) It's up to you (and only you) to make enough money for the business to survive. It's up to you to find customers and keep them. It's up to you to pay off that start-up loan. Everything is riding on your shoulders, on your drive and determination to be a success. And that's why choosing the right field for you is so very vital. I know all too well the importance of choosing the right field. Why? Because I have made the mistake of choosing the wrong one. Once upon a time, I went into an auto service industry. I bought the franchise because the business model was familiar to me. I had experience in multiple location service businesses, so I felt this was a natural. Wrong! Turns out, I knew nothing about tuning up cars. Worse yet, I really didn't care about the tune up business. But I convinced myself I could learn to like it. I soon found out that I couldn't. I wasn't passionate about that particular industry or company. And because of my lack of interest, I didn't do proper "due diligence" on the future of the industry before jumping in. Little did I know, that within five years the U.S. Government would force automobile makers to make energy efficient cars. Those new cars had bright yellow spark plugs that now lasted for the life of the vehicle. And those new cars also were fuel injected, which eliminated carburetors altogether, which just happened to be our most profitable product. What you don't know about something can kill your business, if not your future. Here are five ways you know you are choosing the right field for you: You jump out of bed ready to work. If you're not passionate about your field, eventually you're going to make a mistake. As with my case, your lack of interest might cause you to overlook some major stumbling block lying in wait for your fledgling company. But even if you don't commit a major business faux pas, without a passion for your field, you won't have the get-up-and-go attitude you need to be successful. And if you aren't enjoying what you are doing, you are forgetting why you got into entrepreneurship in the first place: doing what you want to do, not what you feel you have to do. Every morning, you should be jumping out of bed excited and ready to start the day. If you can't honestly say that about the venture you're considering, don't do it. You're in it for the work, not just the money. I'm sure when you were planning out your business, you found yourself daydreaming (at least for a couple minutes) about all of the potential riches you would earn when it became a success. But simply wanting your business to succeed is not good enough. Not by a long shot. You will have to work at it, and work hard. In fact, you will have to spend hours and hours grueling away to make it a success. So, you'd better love what you are doing more than what you're putting in your pocket. You will know you've chosen the right field if, on a day-to-day basis, you look more forward to the work ahead of you than the payoff you expect in the future. It fits your basic personality. If you're a quiet, introspective sort who loves to cook, you might think opening a restaurant is the ideal venture for you. But actually, the day-to-day world of a restaurant owner-hiring employees, working with food vendors, greeting patrons-is more suited for gregarious, "people person" types. (Perhaps your gourmet chef tendencies are better satisfied through cooking for your family and friends!) Make sure you have a good grasp on what the reality of the field is like. Be honest with yourself. Most, if not all, entrepreneurial ventures will involve lots of interaction with people, so if you prefer toiling alone, better stick to a one-man (or woman) field like writing, designing or accounting. It feels meaningful. You are going to be spending a lot of time getting your new business off the ground. And chances are in the first few years of the business, you won't be turning much of a profit, so you will need to feel like all of that hard work is getting rewarded in some other way. If the product, service, or activity you are providing has meaning to you, it won't matter that you aren't bringing in tons of money. Providing your customers with a product, service, or activity that you believe in will bring you an immense amount of satisfaction. If you don't feel that satisfaction, you should consider another field. It benefits humanity. You may not place humanity on the top of the list of things you should consider when you are developing the plan for your new business. But maybe you should. If you start a company that services radiology equipment for hospitals, you are indirectly responsible for diagnosing life-threatening medical conditions when they're still curable. You can say to yourself, "I help save people's lives." Sounds a lot better than, "I oversee a bunch of machine repair people." Best of all, it's true! You'd be surprised how much it can help at the end of long day to look back and consider whether or not you have done something that has helped people (or even just one person). It could be the force that keeps you motivated while you work to get the business off the ground. Remember, everyone is excited at the beginning of their new business. It's when the initial excitement wears off that you will need to truly love what you are doing. If that passion isn't there, you may not have the determination you need to get your business through the various bumps in the road. Before you jump into anything, take the time to do a self-examination to ensure that you and your field are a good fit . . . and that you're getting into the business for all of the right reasons. |
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Did you enjoy this article? Smarts, Guts and Luck features 25 chapters brimming with tips, insights and sound advice. Find out why Cindy Potts of The Retailer's Advantage says "Ty Freyvogel has a formula: 1/3 Smarts, 1/3 Guts, and 1/3 Luck add up to exactly what you need to make it as an independent business owner. In a short gem of a book, Freyvogel delivers countless secrets for success, ranging from developing one's intuition to recruiting the ideal employee and balancing life and work. There's a lot of powerful advice in here that speaks directly to the reality of being an independent business owner."
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