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You Can't Do it Alone

May 24, 20244 min read

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


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.

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Carola Mittag

Carola is a retired business owner and executive, who now writes for others in a 3rd act career!

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Cheryl North Johnson

Jeff has been an excellent mentor and business coach for me. He has provided me with valuable guidance and support as I navigate the challenges of being a business owner. With his help I was able to develop a business plan. Jeff holds me accountable for my progress. Having someone who can provide me with objective feedback and encouragement can be very helpful, especially during challenging times. It's also important to have someone who you can vent to and who can help you process your emotions as you face various obstacles. Overall, Jeff has been an asset to my business and personal growth.

Nick Malcolm

Jeff has been instrumental in the growth of my business. As a young entrepreneur with no funds to speak of, Jeff was able to work with me and truly help me get my business off the ground. I’m happily self employed full time and living my dreams. It wouldn’t have been possible without my meetings with Jeff, thank you so much my friend!

Brenda Osbaldeston, E.D. MOMS Canada

I contacted Infinite Business Solutions to help our board move forward for the coming year. From our immediate contact, Jeff Walters was amazing. He listened to my concerns about our organization and asked questions, enabling me to realize where our struggles are. He was accommodating as to the timing for the workshop. The day of the presentation he arrived early, had a very warm and gentle way about himself. Jeff explained the purpose of our workshop and the importance of honest discussion to help us figure how to move forward. Jeff made sure each member was part of the discussion and allowed for each member to be themselves. The whole workshop was relaxed and very productive. I appreciate Jeff's professionalism and his respectful approach. This workshop allowed for our board to come up with a true focus, a direction for the next 12 months and the solutions as to how we get there. I highly recommend Infinite Business Solutions for any business or organization that needs a clear view on looking at their struggles and finding a focused direction of the solutions.

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