Getting your player ready...
Dear J.T. & Dale: I just graduated from college and can’t find a job. I want to start my own business, but everyone says I shouldn’t do it. I have some money saved and an idea for a company. I have no experience in running a business and didn’t take any classes about it at school, but how hard can it be? Do you think I’m crazy, too? – Keith
J.T.: No, you’re not crazy, but you need to understand that the majority of first-time business owners fail.
DALE: Which answers your question, Keith, the one about how hard can it be. Every successful business is a long shot. But then again, so are many of the best things in life, like finding a terrific job or a wonderful spouse. Just because they’re long shots doesn’t mean it’s crazy to try; rather, it means that when it’s a long shot, you have to put yourself in a position to get better shots, or more of them.
J.T.: You increase your odds by taking advantage of all the free resources available, including literally thousands of websites about starting a business. As a small-business owner myself, let me summarize my own personal experience: It will take four times the money you think it will to start your business, and twice as long. So you need to start with the lowest-cost business model and with a part-time job to supplement your income. That will give you more time and money to get your business going.
DALE: My best advice on how to increase your odds of success is that you need to realize that while it might be YOUR business, it’s not about YOU. Critical principle: You don’t go into business when you set up a website or get business cards printed, or even when you open the doors to a new retail shop; you go into business when you have your first customer. Start there. Going through friends and friends of friends, you can find business owners who might need your service. Ask for advice. Let them tell you what you would need to do to get an assignment from them. Do it right, and you’ll have customers and be in business before you start the business, if you follow me.
Dear J.T. & Dale: When a company says “five to 10 years of experience” in the job description, does that mean you should have only that much experience? I have far more years of experience than people are asking for. I recently applied for a job and heard nothing. I called and found out that the job had been filled, and I got the name of the person. I looked him up, and he had half my years of experience. What gives? – Frank
DALE: Experience isn’t what it used to be. In a time when jobs were relatively constant, young employees would master the required job skills, then gain insight and wisdom through the years, ultimately getting to where they could say, “I’ve seen it all.” In a time of constant economic disruption, however, there is not one long learning curve, but many shorter, faster ones. So employers worry about hiring someone who learned the old ways and got stuck there.
J.T.: Even if you keep up on the latest techniques, there’s also the assumption that you will expect more money than someone with less experience; or you’ll agree to less now but be looking to leave for more money. Given all of that, it’s tempting to try to hide your experience. Don’t do it. Instead, leverage your experience. All your time in the field should have given you an extensive network that you can use to get in front of hiring managers and show them your experience is a bonus, not a worry.
