1. A Primer for the Fledgling Entrepreneur on
Selecting the Right Business Venture
In order to give yourself the best chance of success in your new venture, you’ll want to
take some time and consider just what the ideal choice should be. This guide presents
some thoughts to broaden your perspective and help you make the right decision.
What’s Your Risk Posture?
How much risk are you willing to take? How determined are you? Many entrepreneurs
fail at their early attempts, but learn from them and ultimately succeed. Most run away
with their tails tucked between their legs after their first failure. Some people just aren’t
meant to be independent entrepreneurs. Others chomp at the bit to be independent
..and are willing to take all the inherent risks that come with it. Are you going to be
having 2nd thoughts after your first day? Be honest with yourself.
Are You Still Going to Like It in a Year?
Your best chance of success is to choose something you love doing. Business has it’s
ups &downs ..and there are lots of annoying little tasks to be performed .. andsome
times will be better than others .. so you want to choose a business that will have you
doing something you love. You want to be doing something that makes you get excited
to rise out of bed each morning and “have at it”. Getting into something you don’t love
will reflect in your attitude ..and your work .. and your success .. whereas doing
something you love won’t feel like work at all.
Skills Inventory
What skills do you already possess that would lend themselves well to a business? Why
waste a valuable skill if it can be put to good use? Is there somewhere you could go
work for awhile that would provide you the knowledge and skills you’re going to need?
Maybe it’s time to go back to school. Maybe you should be apprenticing at something
that you can ultimately turn into a business of your own. What you’ve done in the past
can also serve as a guide to your temperament ..which brings us to the next topic of
personality assessment.
Personality Inventory
No matter what business you choose, there are certain aspects that you willllove ..and
others you’ll despise. If you’re an introvert, you may find face-to-face selling
uncomfortable. Are you detail-oriented? If not, you’ll probably despise the countless little
details that must be tended to..especially when your business is new and you’re a “one
man band” (apologies to the ladies). Try to pick a business where the majority of your
time will be spent doing things in your comfort zone ..and minimum time doing things
you hate. Of course, we must all get out of our comfort zones somewhat to grow ..but
you don’t want to take on too much at one time. Our basic personalities are formed in
childhood, and don’t change much. Be honest with yourself about where you belong as
an entrepreneur. There are lots of honorable and profitable business scenarios. Do you
like working in an office with your mind? Are you the hands-on type? Do you love

2. working outdoors? Love books? Hate math? Like machines? Computer geek? These
are the kinds of things you need to be honestly considering. Lie to yourself ..and pay the
price.
Location ..Location .. Location
There are a number of other practical factors you need to address in choosing the right
business. How much demand is there for the products and/or services you propose to
provide? How much established competition is already out there? Is the market
saturated? How will you differentiate your business from your competitors? How will you
reach out to your potential customers? How much does location play into your need to
attract customers? Can a high-visibility storefront be obtained affordably? This is the
general topic area you should be spending the most time on. As a matter of fact, the
questions and answers you raise here will become the backbone of your business plan.
The questions are many, and sometimes complex. Do the research before you invest
your time and hard-earned money. Jumping into a new venture blind usually has painful
and expensive consequences.
Can You Afford It?
Starting a business takes money, and in this economic environment even big,
established, profitable companies are challenged to find capital. Have you anything
saved up? Do you have assets you can borrow against? Are you willing and able to risk
them? Have you analyzed how much you’re actually going to need? I can almost
guarantee that whatever figure you come up with ..no matter how well thought-out ..
should be at least doubled. You’re probably not going to make a profit right out of the
gate. What will you live on? Maybe you can start a business part-time out of your home,
and keep your “day-job” until the business grows enough to take the plunge.
Consider a Franchise
Most franchises don’t come cheap, but they do provide an opportunity to get into an
established, proven business formula where you’ll have help with such things as
location selection, setup, and training. You’ll be giving up some freedom, because they’ll
dictate certain rules and conditions to you ..and of course you’ll be sharing profits with
them .. but franchises work well for some people. If you’re the hard-core independent
type, a franchise is probably not for you.
Beware the Get-Rich-Quick Hucksters
There are lots of “offers” out there to teach you the “secrets of success” for a price.
Usually the only ones making money from such “deals” are the hucksters. They appeal
to our greed and laziness by offering a “fast track” to success. Buy in at your own risk.
As P.T. Barnum famously said: “A sucker is born every minute”. Don’t be another victim.
The Internet Panacea
Lots of people think nowadays that all they have to do is set up a website, do a little
SEO tweaking, and money will fall in their laps. Good luck with that. The trail is littered
with the bodies of other well-meaning but failed internet ventures. The internet is just

3. another form of media. You still need to take into consideration all of the other questions
I’ve raised in this primer ..or suffer the consequences.
I could go on and on with ever more detailed questions that you should be asking
yourself ..but hopefully this primer will expand your perspective enough to help you
raise those questions on your own.taking the plunge.
It costs little or nothing to ask questions. Failure to do so can get costly. Do yourself a
big favor and prep properly before taking the plunge. Luck plays a role in business, but
I’ve found that people usually create their own luck by doing things properly.
Good Luck!
Alan Walsh, Owner
Huntington Consultancy
http://www.huntingtonconsultancy.com
(714) 465-2749