If you are thinking about starting a business it will be no surprise that there are a lot of things needing to be decided and considered. In my research on the subject I found many excellent, extensive lists of what needs to be done before you start your business.
When I was young and determined to strike out on my own I would have never gone in business if I had to complete 30 tasks and decisions some “experts” declare is needed before starting a business.
The first task to be completed is the most important one. You need to convince yourself that you have an idea, service or product that can be profitably marketed. Exactly how you do that is your first task.
I had an idea in 1968 that I thought would be a profitable venture, It involved accelerated tax benefits for rich people who invested in urban rehabilitation projects that created low and moderate income housing.
I had a full time decent job with a major company so my preparation needed to be a weekend effort. I went to the main library every Saturday Morning for 5 or 6 weeks reading about accelerate benefits available in the just passed Tax Bill of 1968. I was not rich , I knew little about accelerated depreciation and wasn’t sure what low or moderate income housing was about. I did know how to read.
After 6 weeks of my own graduate program I formed my own business and started doing all the things that were needed to become legitimate. I started banging on doors talking to everyone I knew who could tell me about depreciation, rehabs and had some money to invest.
I had done the most important two tasks needed to start in business. I armed myself with knowledge about a subject that was in demand and became convinced that I could and would succeed in the area of urban rehabilitation.
Twelve months later I was building the project I had envisioned during those Saturdays in the library. Along the way all the things on the typical “need to do” checklist were done. My first employee was a college senior who worked part time taking care of the details on the Check list while I was doing the business.
Failure was not an option I had a young growing family depending on me, so motivation was strong.
When the project was up and occupied I was often asked by friends how did I get the courage to take on this venture I would answer, “ I guess I was too dumb to know it couldn’t succeed”
In the library I had envisioned the project built and simply took it apart backwards to the point in time when the money was needed. I think I was able to find the financing because I had done all the needed steps and the project was built (in my mind)