Business Startup

Yesterday I read Kelly Spors’ “Small Talk” column in the Wall Street Journal where she answered a reader inquiring where to find new business ideas. Co-incidentally, an hour later I received a call from a prospective client who wants to buy a business, but needs help in selecting the type of business to buy.

Kelly’s response, in part, was that it will be difficult to compete if you do not have a unique skill set in a market space.

I would have to agree. At best, starting a business is risky. And if the entrepreneur does not posess both the passion for, and core competency of, the type of enterprise being founded or purchased, the odds of success are greatly reduced.

Of course, a passionate entrepreneur with sufficient capita can buy the technical talent for any industry. But if the passion is not there, the budding entrepreneur should keep looking.

When I meet with my prospective client, I will want to learn where his skills lie, what his passions are, and what his goals are. Only then will I be able to guide him in his decision to purchase a business.

WIll Limkemann
Limkemann Business Advisors
440-871-0976
www.neobizadvisor.com
will@limkemann.net