Fate And Fortune (part 2)
Catch up with part 1: Fate And Fortune (part 1)
Much of modern support, conversation, and literature about entrepreneurship focuses on innovation, market-shaping, or newer/shinier/fancier business models. It is easy for a new or prospective entrepreneur to feel overwhelmed if not downright frightened by the constant implied demand for Excellence in the capitalized italics and martinis on Wall Street kind of way.
A business self-starter is certainly welcome to run their business that way. If you want to shoot the moon, be my guest. There will be a lot of people rooting for you. But do not allow yourself to be pressured into thinking that you are any less an entrepreneur because you do not constantly take the big risks and commit yourself wholly to the quest for the “next big thing”.
It is not compromising to start a business with a traditional business model. It is not an act of cowardess to do what has been done before (especially if it works). The internet is not the only way to make money; in fact, there is a lot more money being spent on hamburgers than on amazing new information technology.
Even if terms like “distributed marketing” or “amortization” or even “business model” sound a little alien to you, that does not mean you are not cut out to open your own business. If you read somewhere that every small business owner should lay out a drug testing policy and think: “Do I need one of those for my ice-cream stand?” you are not a bumpkin.
You do not need to spend every hour of every day thinking about profit centers and margins to offer the folks in your neighborhood a good Mai Tai in a clean establishment for a fair price. More than that, you do not have to obsess over money to make it. With a healthy, growing business seeing a 3% or a 0% net annual return on investment in the first few years—heck, even investing more of your savings into the business over the first few years—is still a viable and amazingly common way to build value.
If you start your business with a keen eye on the fundamentals and a sturdy, practical business plan, the chances are you will make money. Unlike certain terribly famous businesses out there, your money will not depend upon the alignment of the stars. Nor will you be left broke and gasping for air if that alignment never happens.
Some small businesses are just that: small businesses—personal, profitable, and pleasant.
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