“ The people who are crazy enough to think they can change the world are the ones who do.” Steve Jobs

YOU CAN'T DO IT BY YOURSELF

In a previous career I was a dental Hygienist working under the direction of a Dentist. At the time Dental Hygienists were not allowed to have their own clinics, something which has now changed, thankfully. Had I been able, I would have opened my own practice in a heartbeat.

I was university educated, was an excellent clinician specializing in Orthodontics, had great people skills and was enthusiastic in bringing my services to the patients under my care. I had all the tools I needed to open my own clinic. Or did I?

Never in all my training was there any information given on how to run a business. I remember that the dental students were given an abbreviated course on business etiquette, with perhaps some accounting thrown in and where to find money to finance setting up a practice. I suspect that the banks backed this component of the course. How could I possibly have started a clinic without any business acumen?

And so it is with many entrepreneurs, they have perfected their particular skillsets, are keen to become business owners and of course, earn a living, perhaps even grow rich in the process. The truth is, owning a business can have high highs and low lows. Popular knowledge puts the overall business-failure rate at around 90 percent, which may or may not be accurate. The more reliable statistics are better defined by factoring in issues such as industry type and failure time frame. When it comes to that crucial timing issue, 50 percent of businesses will fail by year five.

Fortunately, this number is not predictive and doesn’t mean it will be the same for you. Entrepreneurs were born to think differently, act differently and live differently.

Here's what you need to know about starting your own business.

1. Your business will probably fail; however, only if you fall within the overall business failure rate.

2. You will have competition. There are many others competing for the same customers. Be prepared for it, but don't be discouraged by it. Embrace the competition and improve because of it.

3. You will need to know more than you think you already know. Most entrepreneurs build a business because they are experts or very well-informed about their specific work or trade; however, what you possess in expertise may be lacking in business acumen.

4. You will need money. You should be prepared to spend money and protect it as the valuable resource it is.

5. You will not immediately become rich. Riches may be in your future, but the path to attain them is narrow, long and hard.

6. There are laws that must be obeyed. Businesses have legal regulations with which they must comply.

7. YOU CAN'T DO IT BY YOURSELF. Thinking you can go it alone looks economically preferable; unfortunately, lacking knowledge in building the business side of a venture is the surest path to failure; thereby, adding your business to the 90 percent overall business failure rate.

These truths may sound like doomsday news that overlooks the reason that you decided to pursue independence and become your own boss in the first place. You see the future full of possibilities and abundance. Follow your vision and dreams but don’t be afraid to seek help. Very importantly and as an essential part of a business plan, budget for external help. It is not an expense but an investment.

When you work with a Business Coach you will be given tools and strategies to help you get through the issues that you struggle with every single day; whether, problem solving, goal setting, and generally getting off the proverbial hamster wheel. You will be introduced to fresh perspectives on the habits, methods, and ways of thinking that may be holding you back. You will gain confident certainty around areas on which you need to focus because your coach will guide you with objectivity and without the emotional involvement or blind spots that may be hindering you.

Having a Business Coach in your corner for support, to achieve your desired results with accountability is simply a smart investment.