Make It Your Business: The Definitive Guide for Launching, Managing and Succeeding in Your Own Business - Softcover

Schiffman, Stephan

9780671021795: Make It Your Business: The Definitive Guide for Launching, Managing and Succeeding in Your Own Business

Softcover

ISBN 10: 0671021796 ISBN 13: 9780671021795

Publisher: Pocket Books, 2000

This specific ISBN edition is currently not available.

More than 20 years ago, Stephan Schiffman launched his own business--D.E.I. Management Group, Inc.--and built it into a major financial success. Now, Schiffman reveals his innovative and business-building strategies--from conceptualization to cashing out--in one complete and concise guide written specifically for the entrepreneur and small business owner.

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Excerpt. � Reprinted by permission. All rights reserved.

Chapter One: Time For A Change

Working For Yourself

So you want to work for yourself.

Why? Did you wake up one day and know at once that it was time to make this change, or did you agonize over it for a long time before coming to a cautious decision? What motivated you to pick up this book?

Some people wake up in the middle of the night with a great commercial idea, one they believe will be a big seller and make them a millionaire. Other people are simply tired of the comfortable routine of their nine-to-five job and are eager to take some risks. Still others are dissatisfied with the hierarchy and lines of authority they associate with their own current working conditions and are eager to call their own shots. Perhaps you want more freedom to do what you want to do and to gain a real sense of satisfaction from your own work. Or perhaps other circumstances have dictated your decision to start working for yourself. Maybe you were laid off from your job and decided now was the time to see what you could do on your own. It could be you have a particular talent that you want to exploit, perhaps a technical expertise in some area, and this has led to your conception of a new business possibility. Or is there another reason you've decided to consider entering the world of the entrepreneur?

Here's another important question: What do you expect? Are you anticipating that you will be immersed in your work for hours, weeks, and years on end -- in other words, do you thrive on challenges? Or is your goal to get the business launched and then fly off to Tahiti to relax while the underlings run everything for you?

Well, whatever your reasons for making this big change and whatever you hope to get out of it, you should closely examine its pros and cons before taking the plunge into self-employment and entrepreneurship. You have to know thoroughly -- both the advantages and the disadvantages of calling your own shots so that you can go into this venture with your eyes wide open. You must be willing to accept both the peaks and the valleys of what lies ahead of you. Smart entrepreneurs that I've spoken to know there is more to be gained from the whole process than large sums of money or influence. Even if you never become the next Bill Gates, there is still plenty of satisfaction to be found in owning and operating your own business, especially if you score a hit with the product or service you'll be offering.

First and foremost, there is your idea. It's all yours -- nobody else's. Whether it's a product, a service, or a solution, your idea must be exciting to you if it's going to get you into business on your own. (In fact, if you are truly going to succeed, your idea has to be nothing short of great!) And because it's your idea, you care about it the way you have cared about no other job that entailed working for somebody else. This can be highly motivating, and very energizing. The most successful small-business owners I've known have been those who have willingly and eagerly accepted the long hours and sacrifices that went with getting their business off the ground, simply because it was their business -- their baby, if you will. When you truly care about something, you will do whatever it takes to make it your business.

That means tending your dream, nurturing it, helping it to grow. Your total involvement in your work will motivate you like nothing else ever has, and that can be a very satisfying feeling!

Running a business yourself also allows you to utilize more of your talents than you ordinarily would in a "regular" job. Rather than being constricted by a specific job description written by somebody in the human resources department, you can set out your job description as you see fit. All those ideas you have had all these years about how you'd run things if you were in charge can now be put to good and satisfying use. You can do things according to your own lights and without the fear of stepping on other people's toes or doing something that runs afoul of some obscure policy manual. You write the rules now! And that makes it possible for you to become involved in all the different areas of the business you're starting, which can be both challenging and stimulating for you -- and daunting, as well.

One of the downsides to being in charge is that you have to do things you may not be very good at doing, or have a distaste for. Paperwork, for instance. If you thought you had lots of paperwork when you worked for somebody else, just wait until you start doing it all on your own! Either you'll get really good at filling out tax forms, or you'll have an ongoing relationship with your accountant, which, I will happily confess, is my method. For many that I know, paperwork is the bane of their existence. Others find ways to handle all the formal reporting obligations and still focus on the tasks that really interest them. Beyond suggesting that you find a good accountant, I would strongly advise you to follow a simple piece of advice that many beginning entrepreneurs ignore to their peril: Never ignore correspondence from the Internal Revenue Service! (It's easier to do than you may think.)

There may be other areas that will slow you down in the beginning. For instance, you may not be a financial whiz and will need to seek assistance in handling the monetary aspects of your start-up venture. Or maybe one of your employees isn't working out and for the first time in your life you are faced with the task of having to fire somebody -- a tough job. Being an entrepreneur also means that "doing your best" sometimes isn't good enough. When you were an employee and things got difficult, you could give a problem your "best effort" and perhaps pass it along to someone else if things didn't work out. When you run your own business, the ultimate responsibility for resolving a problem always resides with you. When a key employee gets sick or a critical piece of equipment breaks down or a manufacturer reports an unexpected delay, you're the one who has to come up with a solution. (Remember that sign Harry Truman used to keep on his desk: "The Buck Stops Here.")

This is not to say that you yourself have to be able to resolve every detail of every problem. But you do have to know how to get the help you need when you need it, and you have to be willing to follow up to make sure things are completed properly. You'll need other people to help you get over the rough spots in the early stages -- and believe me, there will be rough spots! -- as well as to provide a network that you can use to your advantage as your company grows. You'll need to learn the art of delegating -- identifying key goals and entrusting them to someone else whose methods you believe (with cause!) will be as effective and responsible as your own. At the end of the day, however, the responsibility will be yours.

So, when you're in charge, you're the one who determines the direction the company takes and provides the goals and the focus for your employees. You write the company's mission statement, you create the policies, you do the hiring, you oversee the finances, you solve the crises. In other words -- you do it all! You must be prepared for the advantages and disadvantages that come with this commitment, including, in all likelihood, occasional long hours and occasional sleepless nights. Your workweek will sometimes seem endless -- eight days a week, as the old song has it. You will be living and breathing your business day in and day out. It will follow you wherever you go, even when you think you've left everything at the office. If you're running the business out of your home, then it will always seem to be beckoning to you, even when you're trying to take some time off. If there's a serious crunch on to get your product out the door or a crucial deal that's on the verge of being closed or a cri

Review

Francine Proto, TV Production Consultant Stephan Schiffman's creative techniques and valuable insights enabled me to double my overall sales in one year. It's a system that's guaranteed to make any home-based business a winner. -- Review

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