Previously I reviewed the book Start a Profitable Business in 90 days or less by Dr. Vanity C. Barr-Little (You can read the review here). Here are three side hustle bite-sized lessons from the book.
Previously I reviewed the book Start a Profitable Business in 90 days or less by Dr. Vanity C. Barr-Little (You can read the review here). Here are three side hustle bite-sized lessons from the book.
This book sub-titled The straightforward Business Planning Guide is focused on encouraging people to take the step and start their own businesses. In the books introduction, Dr. Vanity, the author, lets us know that her goal with this book is to make the process of starting a business easier for us. Specifically, she writes that:
In this straightforward business planning book, I simplify, organize, and sort out business planning for you so you can clearly see the path that leads to a successful, profitable business of your own. As someone who is a business scholar-practitioner and has been involved in starting and operating new businesses across several different industries, I look forward to imparting my knowledge to you.
This is not a big book. It has just 44 pages and 7 chapters. You can read through it in one sitting. Following is a brief review of each chapter.
In this chapter Dr Vanity explores two factors that hold people back from starting their own businesses. These factors are reviewed as follows;
Any safety you have in your current situation is likely an illusion. The truth is, as a business owner, you won’t be any less secure than an employee. The only security comes from you and what you are willing to do and the risks you are willing to take. The bottom line is that there is no such thing as safe, and if you are like most people, you have likely never enjoyed much of a safety net anyway.
Failure can seem like the worst of possibilities. We think of the unbearable embarrassment, and the agony of loss. But let’s also be honest, fear of failure is often rooted in pride. If we fail, everyone who doubted us will have been right. Here’s the thing. You can’t worry about what other people sitting on the sidelines will think if you fail. Don’t let that be the reason you don’t put yourself in the game.
A way to overcome the fear of starting a business is suggested which is to gain knowledge.
Learning can be a powerful antidote to fear. Research studies analyzing the fear of failure in entrepreneurship have found that one of the ways entrepreneurs overcome feelings of fear is through knowledge and information-seeking.
Dr. Vanity advices us to take time to learn to deal with our fears and believes that:
Through knowledge and information, it is possible that fear can motivate you rather than hinder you.
If you are used to a comfortable job and a stable paycheck then opening a business requires a mindset change. According to Dr. Vanity:
Here’s the truth. Wealth can only come from value that you add or products and services that you create. This is true whether you’re working for a company or as a business owner. This is why mindset, entrepreneurial mindset specifically, is everything for the successful business owner.
She also writes that:
An entrepreneurial mindset is a way of thinking that enables you to continually improve yourself and your business, take action on your ideas, and learn from (rather than be defeated by) mistakes. Anyone willing to do the work can develop an entrepreneurial mindset.
So how can you develop an entrepreneurial mindset? Here are some suggestions from Dr. Vanity:
There is a direct connection between how successful you are in business and your personal state of mind. Everything you do, including how you run your business, is an extension of who you are. This is why making a commitment to personal self-improvement is so important and will undoubtedly influence your ability to start, grow, and scale your business.
It is possible that you don’t have all the qualities of an entrepreneur yet, but you can start thinking and acting like one. Be a self-starter, be open-minded, and a problem-solver. Be deliberate about doing this repeatedly, and you will see your thoughts crystallize into who you are becoming – your best self.
This chapter passes on a very important message and it is that, you should not follow your passion when it comes to starting a business. Here’s how Dr. Vanity puts is:
I’m going to share something with you that’s probably going to shock you. But it needs to be said prior to business planning, because this will probably change everything for you. You would probably be better served by not following your passion.
She lists three reasons for saying this:
She states that:
Consider, then, changing the way you think about “doing what you love.” Consider developing a passion, or passions, based on the unmet or unsatisfied needs of the market. Meeting the demands of the market is where passion can really come into play for the successful business owner, not necessarily in the product or the service.
She challenges us to have an open mind about starting a business and not fixating on passion. She also writes that:
Ask yourself: What business can I start to be a solution or to fill an unmet or unsatisfied need in the market?”
This chapter is about getting us to think about the kind of business we can start. She writes that:
…I suggest you explore opportunities that meet your comfort zone, give you the freedom to spend time with your family, and at the same time, stack the odds of success in your favour by catering to a problem or meeting a need that a large percentage of people are known to experience.”
She goes on to describe three business ideas that we can start, which are:
She makes it clear that she didn’t describe those three businesses to suggest we should start any of them but to encourage us to use an open-minded approach to select a viable business idea to pursue.
Towards the ending of the chapter she describes two businesses that she started. One was a vocational school for allied health programmes and the other a biometric finger printing businesses. She makes it clear that she didn’t have any prior experiences in any of the sectors that these businesses operate in but rather she spotted a need, did her research and launched these businesses.
In this chapter Dr. Vanity jumps straight into branding and marketing and she discusses the usual stuff you would associate with branding and marketing. What she writes about here includes:
Other aspects discussed about marketing are the importance of:
Another recognisable topic in lots of business books, this chapter deals with business ownership structure. So what kind of legal entity do you want to set up your business to be? The legal structures discussed are:
The chapter ends with a question;
Ask yourself: What form of business entity will I establish for my business?
This is the largest chapter because it goes into considerable detail about what a business plan is and the components of a business plan. If you are interested in some quick learning about a business plan, this is a good chapter to read. Here is an overview of the aspects of a business plan discussed:
So why should you even bother to have a business plan. According to Dr. Vanity:
You’ll be able to explain your idea better. When you’re looking for business partners, vendors, or even your first employee, it can be hard to convince people of the merits of a business that doesn’t yet exist. A business plan can show people what you’re planning to do so they’ll have a better idea of whether they want to be involved.
Dr. Vanity ends the book by applauding those opting to start their own business. She encourages us to take the step and no believe in the comforts of the moment. She has outlined some steps in the book which she believes can make it relatively more straightforward to start a business