Q: My friend and I have talked about forming a company together so we can work at the things we love to do. We have similar degrees, interests and creative talents, yet we have both always been employees at small-to medium-sized companies. Neither of us have financial backgrounds and never wanted to study math or accounting or even business. We just watch shows like the Shark Tank and love seeing regular people forming companies to sell the things they create.

Neither of us have family support or wealthy friends to borrow money from, so we don't know if forming a company is realistic or even advantageous. Many people sell their creations at arts and crafts fairs, but at what point do they know they need to turn their hobbies into businesses? We don't have money to hire business consultants and lawyers for advice. What we do know is that neither of us will ever advance into management positions with our educational backgrounds and work experiences. We also don't want to throw away money on a startup that's doomed to fail.

A: No one is guaranteed success, regardless of having credentials such as a Harvard MBA, Stanford law degree or a CPA after your name. There are areas, though, that you should read, review or seriously study to increase your chances of succeeding in business. Since you watch Shark Tank, you have likely seen that people who don't know how to estimate and interpret the numbers for their businesses — knowing the difference between assets and liabilities, profit and loss, net and gross, don't make convincing presentations to investors. Lacking that financial ability will be detrimental to creating and growing a business.

Since financial matters are not your strengths, consider meeting with a business banker to see if the bank has information pieces and recommendations on forming startups. Invest your time to find easy-to-understand books on the dos and don'ts of creating of a business and study them even if you dislike learning about finances. One book that stands out above many as a practical, easy-to-read and easy-to-understand is David Thomas Roberts' Unemployable! How to be Successfully Unemployed Your Entire Life! (Defiance Press, TX, $18.00). Roberts presents cases with a "Lessons Learned" section at the end of each chapter (you can't get more straight-forward than that). He addresses the state of one's personal finances, explaining what is needed to have and to understand before considering creating or owning a business. One's mindset to being a success is critical. One financial rule is, "If you can't live on 80 percent of your income, you are financing a lifestyle you can't afford." Ten percent of your earnings must go into savings, and you must have four to six months of your income in saved in an emergency fund. He says if this seems impossible, take small steps by developing a plan to get started.

Roberts recommends not using credit cards, because most people find it harder to spend cash than to use plastic. He knows people have a difficult time with delayed gratification, but differentiating between needs and wants will help people to succeed. His staunch words of advice are, "If you can't afford it (meaning buying it without financing it), don't buy it." This may seem harsh to many, but how one treats personal finances will affect how one understands business expenses. "If you have a home or a car you can't afford, it will be much harder to go into business. He even advises people to never accept a variable interest rate on a mortgage, because that uncertainty in the economy may help you when the interest is low, and crush you when it rises.

His glossary defining business and financial terms is a must for all who choose to swim instead of sink. You cannot win in business by saying "finances are not my area." Micro businesses are often the result of a hobby, which sounds like what you and your friend are considering forming. The US Census Bureau reports that micro businesses make up 95 percent of the 28 million businesses tracked. Turning a hobby into a business is among the easiest type of business to form, but it's important to know the difference between a business owner that loves working in his or her business compared with one who only loves owning it.

Email your questions to workplace expert LindseyNovak@yahoo.com and follow her on Twitter @TheLindseyNovak and Facebook at Lindsey.Novak.12. To find out more about Lindsey Novak, visit Creators Syndicate Website at www.creators.com. COPYRIGHT 2016 CREATORS.COM