Small Business for Dummies

You can avoid trouble and, at the same time, 18. It's the people, stupid! 19. Fast, good, or cheap. Pick any two. Serious trouble awaits those who attempt to be all things to the marketplace. Focus on what you do best. 20. Develop a passion for learning. As your business changes and grows, you need to change and grow along with it, particularly as you transition to manager. One common denominator can be found in all successful business owners-a passion for learning. INTRODUCTION Small business is many things to those of us who have participated in it or have dreamed about participating in it. Without a doubt, the concept of being your own boss is an alluring one. But not everyone can be his or her own boss, at least not a good or successful one. If you're currently someone's employee, not a boss, fantasizing about owning a business of your own is perfectly natural on those days when you're fed up with your current boss or job. Your fantasy is made even more attractive by the rags-to-riches stories you hear about entrepreneurs who've turned their visions into millions or even billions of dollars. Please know, however, that small business ownership has some not-so-appealing aspects as well. Most often, you have to spend many years working hard and making tough choices before the risks you take turn into rewards. Furthermore, a significant percentage of small businesses don't survive to enjoy the long-term rewards. And perhaps most difficult of all, the entrepreneurial career can be lonely at the top. Of course, the thrill of being the ultimate decision-maker may be exactly what attracts you to small business in the first place. But you need to realize that this attraction also has its downsides, the most prominent of which is that it breeds trial and error, and trial and error begets mistakes. Mistakes are the most expensive and most dangerous way for the small business owner to learn. But wait! Before you plod back to your day job, we have some good news for you. The mistakes that you're likely to make have already been made by those who have gone before you, including us. If you can somehow avoid the trial and error that leads to mistakes, which is what we're here to help you do, your chances for success multiply many times over. Despite the previously mentioned downsides, it's impossible to describe the sense of accomplishment you'll get from starting and running your own successful business. Like so many before you, you'll know the thrill of creation, you'll feel the pride of watching that creation grow, and you'll realize that your work and your vision have filled an identifiable void for your customers, for your employees, and, of course, for you and your family. And for those of you who rise to the top of the small business pyramid, you'll enjoy the greatest upside of them all, unlimited upside. Ask Bill Gates about how this reward feels. Although you can find plenty of small business books out there, most of them aren't worthy of your time or dollars. Forbes magazine once said of the marketplace for small business books, warning, most how-to books on entrepreneurship aren't worth a dime. The marketplace apparently agrees. The vast majority of small business books don't sell after their first year or two. We're proud to say that this updated and revised fifth edition launches the 15th year of this book's history. We're grateful for reviewers' kind words, such as the praise from Hattie Bryant, creator of the PBS series Small Business School, who said of our book, no one should try to start a business without this book. Michael Gerber, author of the E-Myth series of business books, HarperCollins, makes the point that, the one common denominator in every successful entrepreneur is an insatiable appetite to learn. If Michael is right, and we believe that he is, you've passed the first test of the successful entrepreneur. By purchasing this book, you've displayed a desire to learn. Keep it up. You're on the right track.