I read an interesting article in the NY Times Small Business section today. The story was written by a Chicago based entrepreneur Jay Goltz and I would take two basic principals from it:
1) If you want to start a business, consider who you ask whether it is the right move or not and 2) know something about the business you want to open (and some basic accounting, hiring principals and and relevant marketing).
For anyone considering starting their own business, I recommend this short read. Below are two paragraphs I found worth quoting:
“Getting advice about whether to start a particular business is tricky. Whom do you ask? Your lawyer will see everything through the lens of lawsuits and problems. That is what lawyers see every day. Your banker will see things through the lens of risk and loss; that’s what bankers see every day. Your accountant will see things through the lens of overhead and missed projections. If you ask your nonbusiness-owning friends and relatives, you’ll get opinions from people who have no lens. And no experience or understanding.
I would ask business owners. They understand the risks, the opportunities, the potential problems and the things you need to watch out for. … As far as their ability to predict success or failure, they will do better than a civilian but they are not clairvoyant. ..”