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What induces people to want to run their own
business?
Anyone that has seen themselves as an
oppressed employee or has sat aghast at the latest decision
taken by their manager (as most of us have) will have dreamt
about the chance to make their own way. They would not make
the same mistakes; they come equipped with fresh thinking
that will surely have every customer and financier rushing
to do business with them.
The reality can feel a little different.
As a business owner you will have tremendous responsibility
on your shoulders. You need to keep the company profitable,
to keep the bank manager out of your hair, the creditors on
board. You need to find the right people to work for you then
see to it that they are trained and motivated. Customers and
quality must always be paramount. There's nobody to tell you
when you are doing a good job; you will always be expected
to have all the answers. And you must also find the right
balance between your work and home life.
John Harvey-Jones, with his experience
in the Royal Navy and in business, once said that warfare
is easier than business - you can win a war, but in business
no matter what you do the competitors keep fighting back.
Success in business requires someone
with a very special array of qualities, but then it brings
rewards as well. There are few things that can equal the thrill
of winning that deal, exceeding your profit target or seeing
your own business grow.
Of all the ingredients that make up a
good business, the character and ability of the entrepreneur
leading it is tl most important. And where, as is usually
the case, there is more than one owner/manager it is vital
that there i understanding and agreement about what each individual
wants from the business, and how each believes it should develop.
This is something that needs to be revisited regularly; misunderstandings
at the top can quickl\ lead to conflicts that will harm the
growth of the business for all time. And the most acrimonious
conflicts are likely to happen in family businesses.
The outcome of an agreement could be
a series of statements agreeing:
- what the business is trying
to achieve now (the current mission);
- where it is going (the vision);
- how it will behave in getting
there (the business values. Is this important? Ask Body
Shop or Shell).
A regular review of the personal goals of each of the business
owners' will help avoid destructive disagreements and can
be used as a basis for the business plan. You have a vision
of where you want to be; you know (roughh where you are
- how can you make the journey?
That is what we consider in part 2 of this Routes to Success
series, when we consider business planning.
Go
to part two
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