There is a famous adage that new writers should “Write what they know.” The thinking being that your writing will be believable, authentic and that, when you have passion for a subject you know really well, it is much easier for the words to flow.
Same thing with business, in my opinion.
While I’d never discourage someone from starting a business they’ve longed dreamed about, it’s best to build upon what you know – or ensure you get the proper training and education to make it succeed. Taking calculated risks is one thing: taking risks you don’t have to take is just another way to make things harder on yourself and ensure failure. Many people fantasize about opening a restaurant or bar, but if the only prerequisite you bring to the table is that you like to eat or drink, perhaps you need to do a bit more prep work. Once you get into the brass tacks of running your business, you’ll be hit with enough risks and challenges, so why add to that?
I started Red Slice, my branding and marketing consultancy, after years of experience on both the client and agency sides. I’ve worked for ad and consulting agencies in the past and am familiar with how projects need to be managed, as well as how to gracefully juggle unreasonable client demands with good decisions. I have also been a client myself as a corporate Marketing Director and understand the world from their point of view: tight budgets, multiple approvers, being overwhelmed by a thousand demands. So it was a natural, easy fit for me to flow into my own consulting business and use what I’d learned. I had enough risk on my plate going from a regular salary to entrepreneurship and learning how to run a business: bookkeeping, taxes, legal requirements. Thank Heavens I didn’t also have to learn how to do what I do at the same time! Will I start a completely different business one day? Maybe. But now at least I’ve started down the path of entrepreneurship doing what I know best.
In branding, I teach clients to minimize risk and keep things simple by starting with their strengths. What are you good at and what can you authentically deliver? You may think you want to build a chic, progressive, high-end business because that is “hot” right now, but what if what you’re best at is casual and down-to-earth? There are markets and needs for those types of businesses, too. Brands grounded in truth are much stronger than brands that try to pretend they are something they are not.
Minimize unnecessary risk and play to your strengths. It’s not taking the easy way out: it’s just smart entrepreneurship!
This post was written for The CRAVE Company by Maria Ross. Maria is the founder and chief strategist of Red Slice, a branding and marketing consultancy based in Seattle. She has advised start-ups, solopreneurs, non-profits and even large enterprises such as Microsoft, Discovery Networks and Monster.com on how to craft their brand story to engage, inform and delight customers. Maria is the author of Branding Basics for Small Business: How to Create an Irresistible Brand on Any Budget (2010, Norlights Press).
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January 5th, 2011 at 2:05 pm
I couldn’t agree more Maria! I started my current company to assist entrepreneurs who are overwhelmed with strategy, online marketing, but most importantly, planning. My past experience running a boutique event planning firm for 3 years provided first-hand knowledge on what every entrepreneur struggles with, no matter what the industry. I’m tapping my strengths of problem-solving, business development and implementation, and empowering others to do the same. Focusing on what you know just smart business!
January 6th, 2011 at 1:39 pm
GREAT article! I also started my own consulting practice a few years ago and one will be much stronger and resourceful having sat on both sides of the table! You are correct that people sometimes jump into the idea that they want to start a new business and don’t think it completely through. Being on the accounting side of things, I try to teach the “creative” people who want to start a new business to seek out staff or friends that can help them through the different aspects of building the business in the beginning. It will feel less overwhelming when working with a great, well-rounded team and will give them time to focus on the creative vision that they wanted!
February 10th, 2011 at 9:47 am
Thank you for such a well-stated, no-nonsense article. This holds true. I just launched my travel business, and this further validates why I started my own business doing what it is I love, and it really is who I am.