Starting a business

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SOME RANDOM THOUGHTS ON BEING IN YOUR OWN BUSINESS

1. Even if you are on someone else's payroll - you're really "in your own business" - selling your services to that employer. It is essentially a precarious position because you have only one customer.
2. All businesses involve the selling of a product or a service. Even if you have outside sales services, you have to sell to them and manage them.
3. Most businesses are made up of Sales, Manufacturing (in the case of a product) or Performance (in the case of a service), Purchasing, Record Keeping and General Management. All of these functions can be farmed out to others.
4. Success depends on luck, serendipity, flexibility, creativity, common sense & diligence. Hard work is relatively unimportant. If you work hard at the wrong thing, you'll probably fail.
5. You don't need a new product or a new service to be successful. Most businesses sell well established products and services. New products and services however, give you the best chance to hit the jackpot.
6. Old products in one market may be a new product in another market. There are great opportunities here.
7. When developing new products & services the competent manager will risk only as much as he is willing to write off without worry. Only a fool would bet the company on a new idea.
8. Good, new ideas fail often for a variety of mostly unknown reasons. It is extremely difficult to see into the future. Virtually no one can tell which new products or services will fail or succeed.
9. Market surveys are of dubious value. The real test of a product is to try and sell it in a real marketplace.
10. New selling and management techniques can make a success of old products and services.
11. It is extremely difficult (but not impossible) starting a business which will sell a single product in the regular retail market. Retail stores have far more available to them than they have space for now. Unproven new products are, in general, a nuisance to them. They concentrate on existing, proven products and/or those where a certain level of demand is generated by the manufacturer's advertising.
12. There are virtually an unlimited number of products, ideas & services around which a new company can be built.
13. On the average, if a product sell for $10 retail, the cost of that product as it leaves the manufacturer's floor is $2. The $8 goes for transportation and selling . This obviously means there are great opportunities in cutting the cost of selling and only minor opportunities in cutting the cost of manufacturing.
14. You must feel comfortable about doing what you're doing if you want to be successful. The business must fit you.
15. If you are or have been a successful employee - chances are you can be successful in your own business.
16. If you are unsuccessful as an employee - you can still be a success in your own business.
17. If you are successful in life in general - chances are you can be successful in your own business.
18. If you are not successful in life - you'll probably fail in business - but this may be your only opportunity for success.
19. And finally; As you ramble on through Life, Brother, Whatever be your goal; Keep your eye upon the donut, And not upon the hole.