The Small Business Bible: Everything You Need to Know to Succeed in Your Small Business, 3rd Edition

Chapter 1

In the Beginning

If one advances confidently in the direction of his dreams. . .he will meet with a success unexpected in common hours.

—Henry David Thoreau

It is a huge step. Deciding to go into business for yourself is one of the most important decisions you will make in your life. Ranking right up there with picking a partner and buying a home, becoming an entrepreneur is one of those life-altering events that will have repercussions for years to come. No, there are no guarantees, and yes, there will be obstacles. But do you know what? If you do it right, if you start the right small business—one that is suited to your strengths, one that you are passionate about, one that allows you to make a nice profit—then there is no telling how far you can go. John Nordstrom, founder of the eponymous department store, said of his roots, “I was not certain what I wanted to do. I started looking around for some small business to get into. Mr. Wallin the shoemaker suggested that we join a partnership and open a shoe store.”

Assessing Your Strengths

Not everyone is cut out to be an entrepreneur. Although there is a common perception that entrepreneurship is exciting, and indeed it is, many other words equally describe the life of the self-made small business person: nerve-wracking, liberating, difficult, challenging, time-consuming, overwhelming, fun, joyous, productive, uncertain—and that's just for starters. Any small business person could expand at length on any one of these ...