
If you’re a regular reader you know that I have written some business books under the heading of Success Paths. The first book was about placing a value on a small business. I was in the process of planning the launch of this new series of books when the pandemic hit. Decided it was best to delay that project until things returned to something more normal. Looks like that “normal” might be on the horizon. Let’s hope so. This brighter outlook has me working again on this new series of books. Going to preview some of the material in this blog on occasion. Maybe once a month or less. You may not be interested in the subject matter, but hopefully for some of you, it will have some value. I will place these blogs under new categories.
One of the books in the Success Paths series will be “How to Start and Run a Successful Small Business.” This book is based on chapters detailing “Keys to Self-Employment Success.” The first one was presented several weeks ago about the most important keys; capital and luck.
This presentation is not technical, and I hope it will be useful but also entertaining (where possible). My fallback position during my long career has always been self-employment. My instincts always ran towards a business venture as my best path to success. I think we are entering a new world economy where this will become the best option for an increasing number of people. I don’t have all of the answers, but my desire is to share some of my experiences, both good and bad, and offer my humble opinion on the best paths to achieve success in the small business world. You may disagree, which is most acceptable, but it is based on my experience and what I have seen over many years.
I’ve owned 15 small businesses; some were successful, some were not—but I learned a lot in each endeavor. My background is financial. Degree in Accounting, CPA, been a Controller/CFO of 5 different companies in diverse industries. Worked as a small business consultant helping small business owners achieve their dreams. My information/advice may or may not be what you need but it will be relevant and based on facts that I have learned over the years.
Success Paths is a series of blog posts outside my “normal” ramblings about art, writing and being creative. These posts convey my thoughts and experiences as an entrepreneur in starting and running a successful small business. This is real world advice not “book knowledge” about the exceedingly difficult world of small business ownership.

Self-Employment Keys to Success Part 2
Attitude and Planning
In part one I talked about the importance of capital (the more the better) and luck in achieving success. I’m sure many of you want to concentrate on your hard-work, industry knowledge, personal skills as more important than just money and dumb luck—but you’re wrong. The more capital you have the more likely you are to succeed, and dumb luck is almost always a factor in success of a small business.
But on the other hand, your knowledge and hard work fall just behind those other aspects of success. I’ve assisted many people in analyzing their business plans for their new venture; and almost always, they will say something along the lines of “I can do a better job than my boss in running a business,” or “I’m tired of working for someone else and busting my butt for no real gain,” or “I want the freedom in being my own boss.” All of those represent the wrong reasons to open your own business.
Anyone who owns their own business understands the fallacy of “independence or freedom” associated with that ownership. As an employee, you might have one boss or two, but as a business owner everyone is your boss. You need that key customer, you rely on that key employee, the bank tells you what to do, your suppliers have more control than you do; everyone seems to have some control over you and your business. Dreams of being “free” and doing what you want with your own business are not realistic.
I think one of the real keys to success, especially in your first small business, is to understand that you will need to be totally dedicated to that business. You will work more hours, you will take less money, you will never stop thinking about your business, you will sacrifice your family time, you will put everything at risk for success. That mindset will not make you the most pleasant person to be around; but if you want success you have to be totally committed.
In the past one of the first steps in exploring a new business venture would be to develop a business plan; today that is not necessarily so. Business plans can be a requirement to raise capital or to secure a loan—but often today investors and lenders are more focused on the key idea of the business and less so on the mundane details. This is a “new economy” trend that might not make much sense; but it is nevertheless true.
Doing a detailed business plan with complete financial support documents can be a luxury that many business start-ups will happily avoid. The business plan with its supporting documents still offers the new entrepreneur an opportunity to “test” the business model on paper before you invest much time or money.
In some ways the need for a business plan is based on what it is you’re pitching. If this is a business based on innovation, maybe all you need is an explanation of what the innovation is. If the business is based on your mother’s recipe for sloppy joe sandwiches, you might need more detail analyzing the market and establishing that Mom’s sandwich is something everybody wants to buy.
The other factor regarding a business plan is related to how much money you are trying to raise and/or borrow. If your total investment is $5,000 and you are pitching your plan to your family members or friends—you might only need a good story. Details might only get in the way of basically asking people who know you to trust that you know what you are doing.
On the other hand, if you are looking for $5 million a more detailed approach will be required with lots of supporting documents to support your assumptions.
To summarize this post, emphasizing the importance of attitude. You need to think through what it means to start your own business in terms of commitment in both money and time. Don’t go in with a rosy picture of a perfect life of money and freedom; recognize the unbelievable time most small business owners spend developing their businesses and the lack of control you will really have.
The other is planning. The best approach is to plan extensively. Not because it always required, anymore; but because it will help you see the weaknesses in your assumptions before they become realities. Planning on paper is cheaper than experimenting with real money.





















