At one time or another, everyone has fantasized about owning their own business. Some people even take the leap and venture out on their own. As the statistics go, 80% of new business ventures fail within the first few years. However, there are those few that thrive. What separates those who succeed versus those who fail?
Many people fail because they try to reinvent the wheel. Other fail because they lack experience running the day-to-day operations necessary to sustain a business. Let’s take the limo business for example. If you wanted to start a limo rental company, would you take a job there beforehand to learn the business? Would you consider volunteering or interning at a limo company? If you answered “no” to either of those questions, then you are not really ready to strike out on your own.
To actually reap the benefits of owning a business, you need to get in the trenches, see behind the scenes and develop an appreciation for all aspect of the industry. In our limo example, it may be tempting for someone to open a limo business in Missouri with the belief that their company will be the go-to for the wealthy and elite in the Saint Louis area. However, do the wealthy and elite crowd in your area rent limos for special occasions? Knowing a detail as small as that is necessary to building a business that will last.
Whether you decide to open a limo rental business or something else entirely, volunteering or interning in the industry to increase your knowledge base would be your first savvy decision as a future business owner.