Entrepreneurship is one of the most important keys to wealth creation. However, too many people—laid-off or forced to take a buyout, eager to leave jobs they hate, or hungry for fast money—start businesses without taking the time to really learn the industry related to their respective businesses first. At Black Enterprise, if we’ve heard it once, we’ve heard it a million times: “I’ve found a location, written my business plan, invested my life savings, and chosen the name for my barbershop (or fashion design firm, event planning business, music production company, etc.), but I don’t know anything about the business. Can you tell me what to do?”
What?! Come on, now! Memo to all you aspiring entrepreneurs: Learn before you launch. Even the editors of Black Enterprise, as expert as we are, can’t tell you everything you need to know about how to make a success of your business in a phone call or e-mail. You have to do your homework. If you’re thinking about starting a business (or, heaven forbid, you’ve already started one), but you haven’t done any of the following, you’ve got work to do:
Get A Job
Get at least two years experience by working in or for a business similar to or directly related to the one you want to start. Ideally, this would be paid, full time work, but if you have to take unpaid work to learn an industry on nights and weekends, do it. Also, this is the time to find out about any licenses, training, certification or degrees required in the business you’re interested in. This is also a great way to find out if you’ll even like working in the business every day. If your dream business is a natural hair-care salon, you don’t want to wait until after you’ve quit your secure job and taken out a second mortgage on your home to find out that you can’t stand being on your feet for 12 hours a day, six days a week, braiding hair. True entrepreneurs work to learn, not just to earn.
Read Industry and Trade Publications
Subscribe to and read trade publications, whether digital or print, for the type of business you want to start. This includes books, newsletters, magazines, blogs and websites. There are almost no businesses that do not have at least one how-to book on the ins and outs of success in that industry. If you don’t know what they are, you don’t know enough to compete in that industry. It’s time to get started with your research.