WCIYP (How To Start Your Own Business)

Becoming an entrepreneur is no easy task. You have to posses a certain personality for it in order to be successful. You have to be willing to take risks, be your own boss, and be prepared to fail before you ultimately succeed. Nevertheless, What Color Is Your Parachute offers tips and a thorough explanation on how to start your own business, that is if you have the passion and determination to do so.

To begin, the book suggests that there are four main steps to consider if you plan on starting your own business, which are to write, read, explore, and get feedback.

1.)  Write

Writing in order to determine if starting your own business is a sound idea involves understanding what it is exactly that you enjoy doing. This can be achieved by completing the aforementioned Flower Diagram exercise that I have mentioned in previous blog posts. Upon completing this exercise, you should be able to clearly identify what you like to do and who you are as a person.

2.)  Read

Before you take the step of actually starting a business, be sure to read about the industry that you plan to enter first. By doing so, you will be able to determine if your passion towards a specific brand, product, or idea will actually be successful when launched as a business.

What Color Is Your Parachute recommends the following websites as important to read if you are thinking about becoming an entrepreneur:

• Free Agent Nation
• Working Solo
• Small Business Administration
• A Small Business Expert
• Business Owner's Toolkit
• The Business Owner's Idea Cafe
• Nolo's Business, LLCs & Corporations
• Home Businesses 

3.)  Explore

The book offers three areas to consider while exploring how to start a business, and are characterized as "A", "B", and "C".

• "A" involves exploring the skills, knowledge, or experience that is required to make running a business work.
• "B" relates to developing a list of the skills, areas of knowledge, or experience that you have
• "C" is derived by subtracting "B" from "A", and will help you determine the skills that you lack, or need to improve on

4.)  Get Feedback

Asking for and receiving honest feedback about yourself is a critical step in starting a business. For example, if you plan to start a business that is based off of selling goods, but you have no accounting background, then you will likely need to hire someone to help you with the financial aspects of your business.