I recently posted about a talk I gave to Entrepreneurs of Valdosta, a South Georgia based incubator of individuals that have or are interested in starting a business. There are similar organizations like this one all over America, even in some smaller, rural areas. And it makes sense; the fuel of job growth in the U.S. is not in factories or large corporations, it’s small to medium businesses (SMBs). It’s somebody operating a food truck or creating a lawn care business or home health care and so on. People with a dream. Or perhaps a cause. Or maybe making lemonade from a lemon (such as being laid off from your job). Regardless of the initial reason, starting a business is hard work and most who attempt it are not skilled in the myriad of tasks they will be required to perform in order to achieve success.
So this was the group of people I stood before, interested enough to come out on a Monday night to hear what I had to say. I framed my talk on the word ABILITY. There are literally hundreds of words that end in some form of ability and frankly, many of them could be attributed to traits that entrepreneurs should have. Words like Likability, Responsibility, and Dependability. But I chose the following 5; Capability, Credibility, Adaptability, Durability, and Culpability. I’m going to elaborate on each of these individually over the next five days. Let me start with examining key ability #1 – Capability.
If you are going to start a business, you must have Capability. Perhaps you will be a professional; a doctor, accountant, or esthetician. You will be required to not only receive the requisite training but also pass tests and acquire certifications required by your state. Even if you are operating a lawn care business, you have to be able to operate the equipment and know the difference between weeds and a customer’s prized lilies. Separate from the skill needed for your chosen product of service, you will be required to keep a set of books, to interface with accountants, attorneys, procure appropriate insurance, hire employees or contractors, market your product or service, and the list goes on and on. If you don’t have the capability for these activities or have the resources to have these capabilities provided on an outsource basis, you are not ready to start your own business. Instead you should work towards acquiring all of the base capabilities you need, even if that means delaying your dream for a couple of additional years while you augment your skills in the deficient areas.
Do you have a dream, goal, or desire to start a business? Great! Now, examine your skill set. I mean really introspectively look inside and be honest about your strengths, skills, and abilities. Be equally honest about your weaknesses and fail points. Hopefully, you have people who will be honest with you in making this critical assessment. With an honest assessment in hand, compare the skills you will need for the particular endeavor you want to start with your list. If you see a significant disconnect between the skills you have and skills you need, then it would be prudent to undertake a construction project first: building up the necessary skills before you embark on the entrepreneurial journey.