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How NOT to Start a Business

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DivineCaroline

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I own a business. Over the years, I have owned several businesses. To me, they were all successful, depending on your definition of success. I like to think of each attempt as a stepping-stone to finding my true purpose. I am entrepreneurial by nature and always yearned to be in control of my destiny. I have probably earned a few million since graduating from college forty-one years ago but I spent it, unwisely (or maybe not). I enjoyed spending it. I am surely no Suze Orman. If you want to learn how to handle money, read Suze Orman for that.

Why listen to me? Because I am still here (just like that old “Timex” commercial — “…still ticking after taking a licking”). I made every mistake you could possibly make, and I should have known better. After all, I spent twenty years working for two young male entrepreneurs and was raised by a mother who was an entrepreneur before many women dared to be. Yet, I ran from “the seat of my pants” — dared to try even when I should have known better. What did I do that I shouldn’t have done?

This is not a how to. This is a how NOT to. I read all the books about “How to Start a Business,” but they never told me what not to do. So, here is some advice:

I didn’t listen to my mother.
She was a precursor to Suze Orman. My mother tried to get me to save money but I was a spendthrift by nature—it is definitely smarter to follow all those formulas about having “x” amount of months of expense money set aside while your business is growing—it makes life easier while you are building your business. Money is an important part of the equation. Do your numbers—work that business plan. Luckily, I was always able to earn the money to finance each of my ventures. And luckily I don’t want to retire so I am willing to continue to work and earn money. But it would have been better to be “sitting pretty” at age sixty-three.

I let my ego guide me a little too often.
I thought I could accomplish anything that I set out to do—and I could—but it would have been easier if I took the time to plan. There is some truth in that saying, “Those who fail to plan, plan to fail.” Take the time—learn to make a financial plan and have a business plan. My resilience and spirit got me through the difficult times but sometimes I wish I had taken the easy route and planned—what seemed harder at the time would have made the path easier. Don’t look for the easy way—there isn’t one!