Starting a Small Business? You may fail without these 3 simple things.

So you have decided to start your own business. Perhaps, like me, you spent nearly 30 years as a sole contributor or manager at a mid to large company and you need a change. Perhaps you are at the beginning of your career and you want the independence of being your own boss, but you don't have experience either in running or being in a leadership role. If that is the case, you are presently 'winging it' based on what you know and what you think.

There are a number of stereotypes with being a business owner. These stereotypes may be leading you to 1. decide to start this business and 2. may lead you to failure. There is that ugly word again.

So let me get right to it. There are three simple rules that you need to follow if you expect to succeed.

1. Humility

You do need to believe in yourself. In fact I started and still have the attitude that I'm smart enough to run a business. There are so many companies! I am likely as smart as half of those who have succeeded. Right? So why not?

But what you need to remember is that there is a ton you don't know. Don't beat your chest and insists that you are the architect of everything in your business. You don't know everything about business. You don't know everything about managing people. You don't know how to manage the changes you will create for your family! You don't know how to grow at each growth step. You just don't know.

So humbly turn to others that have been there and done that and done it successfully. Be humble. Pride will get you into trouble. You'll make decisions and operate your business based on stereotypes and assumptions and not based on what works. Yes there is a system but you will not learn it over night. So leave your pride at the door. Be humble and recognize there is a lot you need to learn. That brings us to item 2.

2. Mentors

Soon after I started my company, I got myself an accountant. He then went through his contacts and recommended I use one of his clients who had a coaching firm. This is not free and you get what you pay for. Going with your 'Uncle Jack' who runs his own company is not the same as using coaches skilled in the art of coaching!

Find someone or a team, that you trust. You can find them using a method called KLT, Know, Like and Trust. Basically I know, like and trust my accountant and he recommended this company that he knows, likes and trust and bingo.

3. Patience

Don't expect a quick win! Quick wins are published all the time by the media. But this is the exception, not the rule. You typically need to go through the 'school of hard knocks.' Get some 'scars on your back.' Even with coaches, plan on messing things up at least once very badly. Rely on your coaches to get you out of the mess you created. Recognize that it's probably a lack of humility and your own pride that got you into that mess. That happened to me. I got cocky, didn't keep my coaches well informed and they did an amazing job of teaching me how to recover.

Wait 7 years. One of the stereotypes is that heck, you must be rich if you own your own company, right? Oh my no. This is an investment and patience by you and patience by your support network, will be critical. Don't expect to make money for about 5 years. I'm not kidding. Then expect to make very little.

It's just safer to have this mindframe. Be patient. If you continue to hold to your values and mission, expect to start making consistent money after 5, and real money after 7. What real money will get you is a salary again, and a chance to clean up your balance sheet. Once your balance sheet is in great shape, the sky is the limit.

So in summary

Have some humility. Be humble enough to hire a coach or coaching team, and then be patient. This is kind of common sense. These are lessons our parents team us. Don't be cocky, have some humility, listen to others who know better, and be very patient.

Bob Scaccia is President, CEO and Founder of USA Firmware. USA Firmware leverages its expertise in firmware and IoT to turn smart ideas into smart products for the worlds most respected brands. Bob is a recognized thought leader in Firmware Engineering and is a former IEEE Computer Society Chair for Cleveland, Ohio, and a regular contributor at www. Embedded.com. His company has grown every year but one since it's founding in 2011. They made the Inc 5000 in 2018 and the local Cleveland award, the presiguous Weatherhead 100 where they were recognized as the 27th fastest growing company in Cleveland. You can learn more about Bob and USA Firmware at www.usafirmware.com. Reach out to Bob at [email protected].