Owning Your Own Business-do You Have What It Takes?
Believe it or not, One in ten adults in the United States is and entrepreneur.
Entrepreneurship is a major contributing factor to the economic well-being of a country both in terms of economic growth and job creation. Traditionally, entrepreneurial ability tended to focus on the following three attributes:
–>Decision-making – the entrepreneur makes the basic business policy decisions for the business, thereby setting the course of the enterprise.
–>True Innovation – the entrepreneur is the innovator, attempting to introduce brand new products and brand new ways of doing things.
–>The Risk-taker – the entrepreneur is willing to risks his or her time, effort,business reputation and invested funds in the entrepreneurial venture.
NEW AND MODERN ENTREPRENEUR
Until recently, the above attributes, innovation and risk-taking, were the 2 dominating factors that defined the characteristics of those who wanted to become entrepreneurs.
With corporate downsizing being a factual part of life and we not being able to control it, some entrepreneurs, by default, find themselves thrust into the role of owning their own business.
Entrepreneurs are not just “born”, believe it or not. Well, some, of course, seem to be naturally-born but for the rest of us, the qualities can definitely be acquired by hard work and application. For anyone either finding themselves in this position involuntarily or thinking about leaving corporate life for the heady world of entrepreneurship the question is, whether or not you have what it takes to be successful … in other words the “right stuff”.
HERE ARE SOME COMMON ISSUES
Planning, finance and implementation are the “common denominator” issues or questions facing most entrepreneurs.
=> Plan
Most entrepreneurs face the challenge of starting a new business,be it through innovation (inventing something new or doing something a different way), finding the right chance to get into, or buying a franchise. Whichever road you select, it will involve serious planning.
=>>>Finance
Unless you have saved money for your investment or have ready funds at your disposal,getting finance is the next major challenge and cannot be attempted until your business plan is in place. You will need to prepare funding proposals and applications for loans, venture capital,and funds from angel investors.
=>>Implementing
This will make or break you. People think that just getting started is the hardest part – and yes that’s true. But where some businesses might trip isn’t in the planning and financing stages but in implementing a business plan. The fact that implementation requires a broad range of skills that no one person can be adept at all of them.
Most of the areas to consider in terms of implementation are those encompassed by a broad definition of management: promotion (marketing and advertising), public relations, sales, communications, technology, personal systems, taxes, bookkeeping, finance, and the web.
A PERSONAL QUALITY
Equally important are the personal qualities of the entrepreneur.
Here’s a list of work ethics and character traits common to successful entrepreneurs. Although it might not be necessary that you possess all of them, you should possess most:
=>True Passion – if you don’t like what you do, you won’t stick it out when challenges come along, as the passionalte person inevitably will. Entrepreneurs have a strong passion for their idea or concept, so much so that their work is their play.
=> Professional – entrepreneurs are professional in their approach to work. They operate as they would in a corporate environment and don’t grant themselves to be distracted by outside influences.
==>True Curiosity – entrepreneurs want to understand and know how things work. They ask a lot of questions. Curiosity then triggers innovation.
=> Sponges – entrepreneurs are somewhat like sponges. They devour information about their industry or product and are always current on new and emerging trends and technologies.
=> Optimism – entrepreneurs think of problems as opportunities for improvements and new ideas.
=> Look forward- entrepreneurs are not satisfied with the status quo and are proactively carving out their future.
=> Self responsibility – entrepreneurs will take the initiative and personal responsibility for their success or failure of the business (which is usually a temporary state).
=> Competitive – entrepreneurs are naturally competitive and don’t let the grass grow under their feet.
=> Conscious of Time – entrepreneurs realize the value of time and how to make the ideal of it. That stated, entrepreneurs also recognize the value of downtime and time with family and factor these activities into their schedule
=> Nurture your entrepreneurial spirit – entrepreneurs should seek out and nurture the entrepreneurial spirit in their employees and reward them as needed.
=> You should be persistent – entrepreneurs persist until they succeed. They never give up.
=> Resource utilization – entrepreneurs make use of ALL of their available resources.
Look At The Future of Owning Your Own Business
As you know, increasing numbers of people are choosing to work from home either through telecommuting or running their own home business.While this trend has been attributed to the growth in the number of working women wanting to be home for their kids, a lot of people now working from home are men.
So, if you have determined entrepreneurship is for you, you can be confident that you are part of the wave of the future. But comprehend what it will demand of you and whether you’re prepared to give what it will take.
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