Financial Times

A small business of your own: Is it worth the trouble?
By Nilooka Dissanayake
Only you can answer that question. Only you will know whether it is worthwhile to start your own business; and whether it is worthwhile to keep going on.

I am in the habit of asking such fundamental questions because I come across so many people who are dreaming of business. They are often clueless as to what they want to do and where they want go. All they know is that they want to "get into business". And it pains me to think that they will simply add to the statistics on business failures.

Going into business is a serious matter. It is an investment, not only of your money, but also of your time, energy and commitment. It is also a major lifestyle decision for you and your family. It should not be taken lightly as most people seem to want to do.

In contrast, there are a few persons who are seriously interested in getting into business. They have weighed their pros and cons on the decision to go into business and understand the magnitude of what they are about to do. They have built for themselves a firm foundation in their minds.

These people, once they have made up their minds, will not stop at anything. As a result of that mental reinforcement, they have the potential to go very far. And unlike their vacillating counterparts, they do not take their undertaking lightly. They will not "just try and see" when making decisions. They value their own money and time too much for that. They will try to read, do some research, talk to people they know and find information to help them decide if their decision is indeed the right one.

It is vital that they make the right decision. Once you go into business, you are there on your own. There will be times when it will seem like a long battle, against all odds. There will be times when you question whether it is worth the trouble. Once, a reader of this column called me, all the way from Jaffna and said: "Thank you so very much for the inspiring article. I was on the verge of giving up. But, your article encouraged me to go on." And I perfectly understand her situation. It is a natural one in business and you should be ready for it.

If you are already in business, and especially new to business, you will understand our reader's response. If you are dreaming of a business, think about it carefully. If you decide that it is worthwhile going into business, make sure you make a fortress in your mind to help you withstand the battles of the business world.

Business is not for the faint hearted. If you are faint hearted, just get a job or stay at home. Put your money into a bank account or some equally safe investment vehicle. As they say in Sinhala, do not build your house in a graveyard if you are scared of ghosts.

I would probably receive a lot of criticism for "discouraging" would-be-entrepreneurs. And those criticizing will not be businesspeople. Although I am in the business of helping entrepreneurs to start, manage and develop their businesses, my missionary creed does not include building castles in the air for your benefit. We believe in making you think before you leap. We wish you luck in thinking and then in leaping too once you make a decision.

If you need some assistance in deciding whether you have what it takes and are suited for business, we have a questionnaire that will guide you on making that decision. You can reach us on ft@sundaytimes.wnl.lk or call on 075-552524.
Recently a reader asked how he should access back issues of Business@Home. Most of these are available online at www.sundaytimes.lk. You will also find some early articles in www.smallbusiness.lk together with several of my other articles.

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