Fri, February 19, 2010 - 2:33:44

Should You Strike Out on Your Own?  Think Small First.

Given the current economic climate and tough job market, more people than ever are using their unexpected unemployment situation as a chance to explore areas they may have otherwise not considered and for many Americans that means striking out on their own as entrepreneurs.  In a recent Harvard Business Review blog post by Daniel Isenberg, he advises prospective business owners to think long and hard before making the leap from job seeker to possible job creator, and specifically asks them to play a little game of 20 questions before jumping in with both feet. 

Isenberg’s list of true/false statements, including “I like to win,” “I always look for new and better ways to do things,” and “I think old dogs can learn — even invent — new tricks” can provide potential entrepreneurs with valuable insights about their own abilities to take on the unique challenges of being your own boss.  But, there’s one important point he missed, which we would like to add: “I sweat the small stuff.”

As we discovered through our own experience, approaching your business with micro-focus and intense attention to detail can help you differentiate yourself from your competitors, and sometimes to achieve the biggest successes, you have to literally do things in the smallest possible increments.  For example, one mistake many new businesses make which cause them to fail is over committing to space or inventory.  When we started The Kaplan Thaler Group, we purposely worked in a space that was too small for us.  Unburdened of the anxiety of being able to pay the rent every month, we could better focus on the business of creating great ads and winning new business.  Yes, it was a little close for comfort, but that was actually a good thing.  We learned that when people work together in small spaces, it inspires collaboration.

But perhaps most importantly, “thinking small” prevents the problem that renders many entrepreneurs incapacitated: fear.  When confronted with the enormous challenge of starting your own commercial endeavor and attempting to turn a profit, it’s easy to become overwhelmed by the grandeur of it all.  But, by taking the journey one small step at a time, you can accomplish even your biggest goals through a series of mini-tasks. 

Throughout our lives we’ve all been told that if we want to achieve big, we have to think big.  But in this new era of business, we think it’s time to forget about the conventional wisdom and think small.  And if you’re with us, then perhaps it’s time to make that little dream of yours a reality.

Posted by Linda and Robin