Owning Your Own Business-do You Have What It Takes?
In the United Says one in ten adults is an entrepreneur, can you believe it.
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:
–>What decision to make – the new entrepreneur makes the most basic business policy decisions for the business, with this setting the course of the enterprise.
–>Innovation – the entrepreneur is an innovator, attempting to introduce a new way of doing things and new products.
–>Risk-taker – the entrepreneur risks his or her time, effort,business reputation and invested funds in the entrepreneurial venture.
THE NEW AND MODERN ENTREPRENEUR
Until recently, innovation and risk-taking, the above attributes, were the 2 dominating factors that defined the characteristics of those who wanted to become entrepreneurs.
With corporate downsizing being a fact of life and us having no control over it,some entrepreneurs find themselves thrust into the role of owning their own business by default.
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’ve what it takes to be successful … in other words the “right stuff”.
THESE ARE COMMON ISSUES
The “common denominator” questions or issues that most entrepreneurs face are finance, planning and implementation.
=> 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.
=> Financing
Unless you have saved money for your investment or have ready funds at your disposal,getting finance is the next major challenge and can’t 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
The simple fact that implementation requires broad range of skills that no one person can possibly be adept at all of them. This is what will make or break you. Many people think just getting started is the hard part – and it is hard. But where many businesses stumble isn’t in the planning and financing stages but in implementing their business plan.
Some of the areas you need to think about in terms of implementation are the same as those encompassed by a broad definition of management: public relations, sales, communications, technology, promotion (marketing and advertising), personal systems, bookkeeping, finance, taxes, and the internet.
SOME PERSONAL QUALITIES
Personal qualities of the entrepreneur are as equally important.
Although it is not necessary that you possess all of them, you should possess most of these characteristics: Here’s a list of character traits and work ethics common to successful entrepreneurs.
=>Real Passion -most entrepreneurs have a strong passion for their idea or concept, and their work is their play. If you don’t like what you do, you won’t stick it out when challenges come along, as they probably will.
=> Professional – entrepreneurs are professional when approaching work. They operate as though they were in a corporate environment and don’t grant themselves to be distracted by outside influences.
=> Some Curiosity – entrepreneurs need to understand how things work. They ask a lot of questions. Curiosity therefore 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 areas for improvements and brand 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).
=>Must be Competitive – entrepreneurs are competitive and don’t let any grass grow under their feet.
=> Time conscious – entrepreneurs know the value of time and how to make the ideal use of it. That stated, entrepreneurs typically also recognize the value of downtime and time with family and will factor these activities into their schedule.
=> Nurture entrepreneurial spirit – entrepreneurs seek out and nurture the entrepreneurial spirit in their employees and reward them accordingly.
=> You must be Persistent – entrepreneurs must never give up. They persist until they succeed.
=> Resource utilization – entrepreneurs utilize ALL of their available resources.
Have you Looked At The Future of Owning Your Own Business
As you probably know, increasing numbers of people are electing to work from home either through telecommuting or running home businesses.While this trend has commonly been attributed to the growth in the number of working women wanting to be home for their kids, over half of all people now working from home are men.
So, if you’ve decided entrepreneurship is for you, you can be sure that you are part of the wave of the future. But please know what it will demand of you and whether you’re prepared to give what it will take.
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