Forbes.com quotes Dr. Jeff Cornwall, director of the Center for Entrepreneurship at Belmont, in an article published online today, How to Be Your Own Boss, about the nuts and bolts of starting a business.
From the article:
Building and running a small business is a great dream. It allows you to use your talents, gives you a shot at financial independence and frees you from the yoke of bosses whose IQ is smaller than their shoe size.
But without detailed planning, flexibility, boundless energy, accurate financial records and enough cash to cover personal expenses for about three years, the dream is almost certain to become a financial disaster.
In short, you’ve got to outdo Captain Ahab for monomania. But total devotion to the business shouldn’t slide into tunnel vision.
“I often see people commit to an idea for a business much too impulsively,” said Jeffrey R. Cornwall, director of the Center for Entrepreneurship at Belmont University in Nashville, Tenn., and author of From the Ground Up. “Committing to a business is like falling in love – you get all excited and develop a blind romance for the idea. Think the business plan through with discipline and objectivity. If it’s not right, walk away and go on to the next – some people just can’t let go of a bad idea.”