Have you assessed your strengths and weaknesses yet? Have you made a list of things you like to do and things you dislike doing? These are some of the primary methods you can use to judge whether you’re ready to start your own business. Then compare strengths and weaknesses to the qualities necessary for entrepreneurial success. What to do if you are like most people and are not perfectly qualified in every area? There are three main methods to cope with weaknesses. Let’s discuss each in depth.
The Hiring Strategy
Refer to your list of things you don’t like to do. Consider the option of hiring an employee to do those odious tasks for you. If you lack marketing skills, consider hiring an outside marketing firm to do that legwork for you. How about administrative details in the operational functioning of the business? If you dislike those chores, why not consider hiring an administrative assistant? If you are very business oriented but tend to let the practical details of life fall by the wayside, consider hiring a personal assistant. There are a lot of options out there, but they all require money. As you gain experience and expertise through running the business you may find that the opportunity cost for hiring outside help in certain areas is redundant and expensive, especially as you gain mastery over those business skills that you are less than proficient in. Sit back and consider the practicality of hiring an outside firm or an employee to handle certain tasks. Are these tasks that you can truly delegate without worry too much, or worse yet, micromanaging?
The Partnering Strategy
Finding a good partner is a difficult proposition. You may be turning to your right or left and considering a nearby family member or spouse, but consider the fact that many, many relationships have been ruined by a business partnership. Partnering with those you know best is sometimes the worst possible strategy. If your list of things you dislike doing includes certain essential intrinsic qualities, like interpersonal skills, though, partnering is a good way to cope with those weaknesses. The idea is to pair up with someone who has a complementary skill set. If you are analytical and good with numbers, consider partnering with someone who is more sociable and good with the interpersonal side of the business world. Although many intimate or familial relationships have been tarnished by bad business partnerships, finding a partner through alternative means, for example through networks or business associates, is even more tenuous when you consider the fact that you know even less of those individuals, beyond what they chose to share with you. The reality is that regardless of where you find your potential partner, be careful, do your homework, and consider the decision as carefully as possible. It’s important to be assured that your partnership is solid, and that the two individuals truly are a good match, before entering into business with someone.
The Education Strategy
It is possible to compensate for current business weaknesses by learning new skills, or developing the weaker traits and skills that already exist inside of you. You could take classes at a local business school. There are a variety of options for continuing education, especially for those who work full time and are not able to be traditional students. There are also weekend MBA programs at many universities, and there are a wide variety of online courses available to choose from. Classes can offer a wealth of valuable information, but don’t off reality-based experience. You can seek out experience through internships, working part-time without pay or for little pay. There is also the trial and error method, where you allow yourself to develop skills over time through learning from your mistakes. The downside to this tactic is that the start up process really doesn’t give much allowance for mistakes.
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