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The Life of Business
The meticulous conception, Part One of DAME's guide to launching a business
By Jennifer Reitman
Published: Dec 01, 2007
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YAHOOCommitment comes in a variety of shapes: Marry that man, move to that city, buy those shoes? Most decisions require energy, planning and devotion to see them through, with new challenges arising every day. Even after you’ve done “this” and conquered “that,” a big decision may arrive when you least expect it. At “a certain age,” one of the toughest commitment decisions to tackle may suddenly be upon you: Have a baby?
There are some of us whose biological clocks tick to different beat, but we’re faced with an equally life-changing, all consuming, wrinkle-making decision: Should I launch my own business?
With 40 looming, like many of my friends of a similar age, I was faced with a profound sense of now or never. But instead of an infant, my stork would carry the DAME logo from its beak. For those of you who contemplated having a child later in life, you are perhaps thinking, “What a stretch –having a baby versus launching a business– please.” Sure, but I insist there may be some analogies worth exploring.
To confirm my suspicions, I reached out to Jeff and Rich Sloan, serial entrepreneurs, founders of startupnation.com – the largest online community of start-ups and authors of StartupNation: Open For Business. So, if the decision to launch a business is like deciding to have a baby, my question to them: “What are the some key considerations before taking the plunge?”
My analogy: The Bliss of Knowing. The light bulb goes off, you’ve got the winning idea and you’re going to make a quadrillion dollars. Think about you or your friends when first learning of a pregnancy – pretty damned happy, right? What now?
The Sloans say:
1) Write it down in enough detail that anyone could understand it. But don’t show this around at first. (Say, perhaps, for the first trimester?)
2) Get smart using the Internet to conduct research. You need to understand what kind of competition exists and how you could establish a foothold in the market.
3) Clearly define what you want to accomplish and how you want to spend your time each day. Try using our 10 Steps to Open for Business.
My analogy: Exhaustion. So now the work starts: pregnancy. Yes, both kinds. When you’re pregnant with your idea lots of things need to happen as it grows: business plan, research, financial projections, rewrites, more research. How do I know it will all be worth it?
The Sloans say: Before diving in headfirst, one of the simple but critical things to consider is, “What’s your goal?”
My analogy: Family Planning. They (the USDA) say it costs at least $10,000 dollars per year to raise an average child. Now multiply that by thousands or millions, depending on what kind of business you’re launching (or how you want to raise your child). Careful saving, forecasting and planning are essential. No more Manolos?
The Sloans say: Think about the impact a business may have on your life and the changes you’ll need to make to accommodate that business. They are entirely dependent on what kind of business you decide to pursue and what kind of business model is possible. Carefully consider the practical realities of your life that you will need to work around.
My analogy: Gearing Up For Birth Launch. Totally terrifying either way, squeezing a whole life out. Will it hurt, will it be beautiful, will people want to come and visit? Is it possible to predict success?
The Sloans say: Look at your market and what it will take to capture it. Is there a screaming need or will sales require education and lots of marketing “push?” This will help you better prepare for the road ahead.
My analogy: A Brand New Life. It’s all about sleepless nights, a loss of “me time,” trial and error, small triumphs, spilled milk, and negotiation. Where’s the balance?
The Sloans say: Focusing on what you are truly best at and assembling a team who will complement your skills will help you navigate the choppier waters. Launching a business can be both good and bad. While it can have an impact on relationships and responsibilities, ultimately it will fuel your passions.
Which brings me back to commitment. It’s a lot of work. Whether planning to have a baby or start a business later in life, a prospective mother needs to decide if she’ll have the physical energy, let alone the patience and resources to launch successfully, to then keep up with her creation as it makes its way into the world.
So, we persevere...Part Two: How raising money is like searching for your perfect mate.
Check out more tips for launching a business at www.startupnation.com
Jennifer Reitman is the founder of Dame Media, LLC. While she is relieved to have given birth, she can't believe "this came out of me" and is totally ready for the late night feedings.
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