Tips for starting your own business Wednesday, Jul 7 2010
Start-Up Tips 4:43 pm
When you make the decision to start your own company, one can assume that you’ve already gone through a long decision-making process and have strong reasons. Maybe you’ve been laid off and don’t want to commit to another company where you don’t call the shots. Or maybe you still have a job, but want to strike out on your own nonetheless. Whatever the case, you now have some more important decisions to make. There are a few tips to make it easier.Before you start, take a Myers-Briggs Type Indicator test. This will give you a four-letter code for your personality. Some things you’ll learn are whether you’re extroverted or introverted and whether you make decisions based on logic or emotion. Another thing to consider about your personality is whether you have a knack for versatility, since heads of companies will have a lot on their plates. Even for a specialized IT company, this could include paying your employees and dealing with software compatibility issues.When starting the company, you will also want to think about the difference between vertical and horizontal markets. Since software is such a popular market now, companies like Microsoft already have an advantage when it comes to basic software like spreadsheet programs. They can offer it more cheaply, and everybody needs it. If you choose to focus on a program used only by a specialized profession, like doctors or dentists, you will find your job a lot easier.One of the most important decisions you will have to make, though, is what people to bring along with you. You will want to find people who take what they do so seriously that it’s a little scary. This will require you to decide what you’re really looking for in your employees, and what tests you can devise to filter them out from your applicants.