Entrepreneurial Seizure and Small Business Expansion

An element related to small business expansion is called "entrepreneurial seizure." Entrepreneurial seizure, as defined by E-Myth's Hasan Luongo, is a phrase that describes the belief that because an employee understands the technical work of a small business, he or she is qualified to run a small business that does that particular kind of work. For example, a plumber who's been working for 20 years who decides that he no longer wants to work for someone else, and wants to go into business for himself. As anyone who runs a small business quickly finds out, there is a lot more to doing the work of a small business owner than knowing the technical details of how to do the job. Part of small business expansion is expanding business knowledge.

While previous experience in the field can be one of the greatest attributes you can have, you should never rely only on what you already know to influence your decision to start your own small business. Not only do you stand to lose your job if you quit, thinking you can run things better our way, but you may lose a lot of money and time in the process. What is truly important in deciding whether to start your own business is what you learn, or are willing to learn, in order to do it. Businesses don't just materialize out of nowhere - they are formed by individuals with the knowledge, tools and motivation to persevere. Someone with no experience as a plumber but a lot of experience running a small business can start a successful plumbing business; however, someone with a lot of experience as a plumber and no experience as a business owner cannot necessarily start a small business on his own.

Preparations required before starting your small business or considering business expansion are things like research, legal advice, paperwork, developing a solid business plan, securing your financing and, most importantly, asking yourself if you are ready and able to run the business. Don't think about being a plumber, think about owning a business. It's easy to get lost in the complexity of it all, but with hard work, the right people backing you up, persistence and patience, you can apply your job experience to your business. Your experience in the field your business serves should be used to enhance your small business, not to run it. Please contact us for more information about enrepreneurial seizure and business expansion.