0816_TOEFL-Test-and-Score-Manual-1997

12 ● 201 Great Ideas for Your Small Business
Before you take your job and shove it:
• Do extensive research on businesses and industries that appeal to you.
• Speak to as many entrepreneurs as possible to get a sense of what it’s
really like.
• Work part-time for a similar business or be the world’s oldest unpaid
intern.
• Make sure you have enough money saved to live on for at least a year.
• Be sure you have the support of your spouse or significant other.
• Be aware that starting or buying a business is extremely stressful.
• Accept that things usually take three times as long and will cost you at
least twice as much as you expected.
GREAT
Create an Informal Advisory Board
The largest companies in the world have all sorts of
IDEA
advisory boards, but entrepreneurs are often reluctant
to ask outsiders for help. An advisory board made up of industry leaders,
deep thinkers, and trusted colleagues can steer you and your company
through the choppiest waters—at very little cost.
Unlike a board of directors, which has legal and fiduciary responsibilities,
advisory boards can be set up as formally or as informally as you like.
You should offer to pay people a modest sum, perhaps $1,500, to attend one
meeting every quarter or twice a year.
Years ago, I served on a small business advisory board created by the
American Express Corporate Card group. About a dozen movers and shakers
in the small business world met once or twice a year to brainstorm about
new Amex financial products and services, review existing products, and
share our insights with company executives.
When times were good, we met in five-star hotels. Warm cookies, cold
milk, and monogrammed robes welcomed us when we checked into our
rooms. During lean years, we met at a hotel across from the office and ate
sandwiches. No matter where we met, we enjoyed the experience while
providing valuable services and making our own business connections.