15 THINGS TO REMEMBER

WHEN STARTING A

BUSINESS

And some minutiae details that are actually important – but we

won’t drag them out in a power point presentation.

BEF ORE WE GET STARTED: WHY

SHOULD YOU R E AD T HIS?

Hi, we’re Jareen and Alan.

We’re entrepreneurs trying to live

outside of the 9 to 5 life and become

financially independent.

BEF ORE WE GET STARTED: WHY

SHOULD YOU R E AD T HIS?

We started an online business called deco rouge and we

have a business and lifestyle blog called Two Chic Notice –

it’s not just for women, we promise.

BEF ORE WE GET STARTED: WHY

SHOULD YOU R E AD T HIS?

Starting a business can feel daunting and

overwhelming at times. But we like to remind

ourselves why we want to be entrepreneurs, business

owners, makers or whatever else you want to call it.

1 . IF YOU KNOW YOU HAVE A

CHANCE, TRY IT

Despite what others may say, start your business if you:

• Found a successful trend for your product or service

• Have the money to invest in a project/business

• Have something to offer that people NEED and may also

WANT

• Found a niche to market to

• Have someone to support you, not just financially, but

EMOTIONALLY

2 . YOU MUST WANT SUCCESS

“In order to succeed, your desire for

success should be greater than your

fear of failure.”

-Bill Cosby

3 . BUT BE REALISTIC ABOUT

SUCCESS

Most small businesses fail because:

• Not enough demand for a product

• Owners self-sabotage

• Over expansion and over promising

• Not enough of a cash cushion

• Lack of proper accounting/bookkeeping

• Lack of plan for revenue and successful growth

• Poor management

• Bad economy

Source: Jay Goltz, writer for Business Day & owner of 5 businesses in Chicago.

4 . ROMANCE VS. THE REALITY:

REGULAR JOB PROVIDES P ’S

A regular job provides: peace, prestige, perks – and people.

• You can leave your corporate job once office hours are over.

• You can find peace in numbers, corporations have lots of

employees.

• Your company contributes to retirement and healthcare packages

• You can actually surround yourself with people.

Source: Alexandra Levit, New York Times writer.

5 . YOUR OWN BUSINESS

PROVIDES INDEPENDENCE

Starting your small business provides: self-reliance and

eventual financial dependence – if you don’t fail.

• But you handle all the responsibilities yourself.

• You are always working, there are no “office

hours.”

• You cannot hide in numbers

• It can be lonely, if you work alone.

MOST BUSINESSES FAIL

According to the Small Business Administration’s Office

of Advocacy, three out of 10 new firms with employees

fail to survive for more than two years, and about five

out of 10 close up shop within five years.

-Lee Polveoi, Intuit Blog

6 . BUT FAILURE DOES NOT

MEAN DEFEAT

“Success is not final, failure is not fatal:

it is the courage to continue that

counts.”

- Winston Churchill

7 . BE GENUINE, BE ORIGINAL

There is nothing new under the sun, and you may

end up selling the same product/service another

person or company does.

But to be successful, you must be yourself.

You must be original.

8 . YOU ARE YOUR GREATEST

ADVOCATE

Always be yourself, express yourself, have

faith in yourself, do not go out and look for

a successful personality and duplicate it.

- Bruce Lee

9 . SUCCESS DOES NOT HAPPEN

ALONE

All success stories and the people behind them, such as Bill

Gates, Steve Jobs, had someone fighting and believing in them.

No one makes it on their own.

We all need help. We all need communities to thrive. When you

need help, seek it.

But seek help sparingly. Support comes naturally.

Source: Malcolm Gladwell, Outliers: The story of success

10 . FIND GREATER MEANING

THROUGH YOUR WORK

“Autonomy, complexity, and a connection between

effort and reward - are, most people will agree, the

three qualities that work has to have if it is to be

satisfying.”

- Malcolm Gladwell, Outliers: The Story of Success

11 . THIS IS A MAKER’S

MOVEMENT

Those who make in this economy, will succeed.

Having a business means you are adding to the

economy.

NOW IS THE TIM E TO BE A M AKER

“More and more Americans are becoming Makers, a

growing community of young people and adults who are

designing and building things on their own time…

President Obama believes we need to give more young

people the ability to become Makers.”

Source: www.whitehouse.gov

INSTEAD OF APPLYING FOR A

JOB, MAKE YOUR OWN

According to the National Association of Colleges and Employers,

only 24.4 percent of 2010 graduates who applied for a job had one

waiting for them after graduation (up from 19.7 percent in 2009).

- Hannah Seligson, The New York Times

12 . THE WORLD CAN BE ON

YOUR SIDE

Think outside your immediate friends and family circle to

spread the word about your business.

Use your social media network. Market your business.

ADDITIONAL INCENTIVES:

Tax breaks. Specifically, deductions for qualified business

and start-up expenses – hooray.

Tax incentives, like:

• Built in gains tax

• Research and experimentation tax credit

• Work opportunity tax credit

13 . BE FAIR TO OTHERS, AND TO

HONEST YOU RSEL F

“Fairness means everyone gets what they

need. And the only way to get what you need

is to make it happen yourself.”

- Rick Riordan, The Red Pyramid

14 . YOU WILL LOSE BATTLES…

My overly expensive CPA once told me: The first year you start a

business you usually lose money…

“Self-pity is our worst enemy and if we yield to it,

we can never do anything wise in this world.”

- Helen Keller

15 . IT ’S NOT ABOUT MONEY,

IT’S ABOUT HAPPINESS

“It's not how much money we make that ultimately makes us

happy between nine and five. It's whether or not our work

fulfills us.”

-Malcolm Gladwell, Outliers: The Story of Success

CONNECT WITH U S, WE WANT TO

KNOW ABOU T YOU