(ThyBlackMan.com) In a time where job availability is at all-time record lows and people are scrambling to look for work or trying really hard to keep theirs, I felt guiltier than ever for wanting to get out of mine. Day after day, I’d trudge to and from my job, praying that some day soon I could just call it quits, but without necessarily having to call it quits. I definitely wasn’t straddling the fence in my decision – I had both feet firmly planted on the bottom rungs ready to jump, but after years of battling a vicious cycle of chronic job hopping, I knew I had to be a little more responsible than just up and leaving. I, at the very least, owed myself a solid exit plan.
More, I didn’t want to be viewed as some ingrate, the weird one going against the vein of her company and against the majority view that by not having a 
job, I was being an irresponsible citizen who wasn’t contributing to her country’s economic growth and progress. But I was sitting behind a desk! This couldn’t be my life! Devoting the rest of my life, another 40…err uuum…well, yeah…devoting the rest of my life to some employer? I knew there was something more for me.
job, I was being an irresponsible citizen who wasn’t contributing to her country’s economic growth and progress. But I was sitting behind a desk! This couldn’t be my life! Devoting the rest of my life, another 40…err uuum…well, yeah…devoting the rest of my life to some employer? I knew there was something more for me.I met Melinda about a year or so ago at one of her book signing that she held at Hue-man Bookstore in Harlem. I don’t even remember how I heard about her book – let’s just say that it was divinely placed, but nonetheless, I heard about this book, How to Become Your Own Boss in 12 Months: A Month-to-Month Guide to a Business That Works and decided to do a little digging. The idea sounded intriguing. 12 months was all I needed to completely liberate myself from my job? I could hold off for 12 months, if someone outlined for me all the things I needed to do.
Melinda is one of America’s leading African American small business experts and bestselling author of How to Become Your Own Boss in 12 Months: A Month-to-Month Guide to a Business That Works and is also speaker and CEO of MFE Consulting, LLC. Melinda has developed tons of audio, video and written content for the aspiring business owner to fulfill her mission to end small business failure, and has been featured in the New York Times, Wall Street Journal, The Washington Post, Fortune and Black Enterprise.
Why did you write Become Your Own Boss in 12 Months?
My mission as a small business coach is to end small business failure. I wanted to develop a tool for people who were unhappy with their jobs and wanted to start a business. I also wanted to discourage people from just quitting their jobs without a well-researched plan. Too often I got calls from people seeking my advice about starting a business – after they had already quit their jobs which was just too late to start planning.
I started out sending these would-be entrepreneurs a one pager with start-up tips. Then it expanded into a special report, 44 Things to Do Before Going Into Business, which was the basis for this book. Over the years I became a business coach and lecturer on small business best practices. Since the recession began, small business owners have even less time to hit it big with their niche target customer now. I thought the best way to help entrepreneurs would be to provide a step-by-step proven method to start a successful small business.
Why is 12 months your benchmark for starting a business?
12 months is an ideal time frame to start a business, but it’s not meant to be restrictive. I have been an entrepreneur for more than 11 years. Based on my experience, I believe the longer you plan, the more you research you will do, the more money you will save and the more likely you are to succeed in business.
What if you don’t have 12 months, what can you do?
Sometimes people are forced to start sooner. This is triggered by layoffs, getting fired, buyouts or retirement packages. I only planned for 3 months with my first business, but the challenge with that approach is that you learn lessons the hard way, which can be expensive. If you live by a budget, have your debt under control, and have a significant amount of savings, you will be able to start your business much sooner. Depending on your individual situation, it may take more than a year to get your personal finances in order.
Who should start a business?
Anyone with a solid, profitable business idea, willing to learn the business of running a business, can start a successful small business.
Why do small businesses fail so often?
No Life Plan – You need to develop a life plan and then build business around that.
No Network – People do business with people they like and people they know. Who do you know, and more importantly, who knows you?
Lack of Target Market Focus – You have limited time and limited resources. Choose a niche so you can focus your marketing efforts.
Undercapitalized – If you do not save enough money to run your household for at least a year and fund the business, you many not be able to hang on until the business can generate any real revenue.
Lack of Fiscal Discipline – Do you run your business with a budget? Do you just rob the cash register when you need some cash? Do you make business decisions based on up-to-date financial information?
Why is having a life plan so important to starting a business?
You need a life plan before you ever begin to write a business plan, because you need to make sure that the business you start is the right business for you.
You talk a lot about saving. Why is this so important to starting a business?
Your ability to save and live below your income will be the key to whether you are financially able to become an entrepreneur.
What are the “7 Essential Principles” to small business success?
Throughout the past five years, I have interviewed hundreds of entrepreneurs and business executives. After listening to what they said about running their business and observing how they did business, I realized that there were 7 things they all had in common. That included, having an entrepreneurial mindset, utilizing strict fiscal discipline, and having a kitchen cabinet of advisors. Also, they make use of a well-defined brand identity, have a niche market customer, excellent customer service and a firm understanding every day of their cash position by carefully managing their banking relationships. Using these principles can help any business run at its best. It’s the gold standard all businesses need to strive for from the very beginning.
Staff Writer; Veronica Young
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