What It Takes To Own Your Own Business-do You Have It?
Can you believe that one in ten adults in the United States today is an 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.
THE MODERN AND NEW 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 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.
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”. 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.
HERE ARE SOME ISSUES THAT ARE COMMON
The “common denominator” questions or issues that most entrepreneurs face are finance, planning and implementation.
=> Choosing a plan
Most entrepreneurs are faced with the challenge of starting a new business, whether its through innovation (inventing something new or doing something a different way), finding the right opportunity to get into, or purchasing a franchise. Whichever road you decide to take, serious planning will be involved.
=>>Financing
You will need to prepare funding proposals and applications for loans, venture capital,and funds from angel investors. 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.
=> Implementation
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 is not 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), computer systems, bookkeeping, finance, taxes, and the internet.
A PERSONAL QUALITY
Equally important are the personal qualities of the entrepreneur.
Here’s a list of character traits and work ethics common to successful entrepreneurs. Although it is not necessary that you possess all of them, you should possess most:
=>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 don’t allow themselves to be distracted by outside influences. Entrepreneurs are professional in their approach to work. They operate as they would in a corporate environment.
=> Curiosity – entrepreneurs need to understand how things work. They may ask many 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.
=> You must look forward – entrepreneurs, most of the time are never satisfied with the status quo and are always proactively carving out their future.
=> Your self responsibility – entrepreneurs take on the initiative and personal responsibility for their own success or failure (which is always a merely temporary state).
=>Must be Competitive – entrepreneurs are competitive and don’t let any grass grow under their feet.
=> Usually Time conscious -entrepreneurs typically also recognize the value of downtime and time with family and will factor these activities into their schedule That said, entrepreneurs know the value of time and how to make the best use of it.
=> Nurture entrepreneurial spirit – entrepreneurs seek out and nurture the entrepreneurial spirit in their employees and reward them accordingly.
=> Persistent – entrepreneurs never give up. They persist until they succeed.
=> Resource utilization – entrepreneurs make use of ALL of their available resources.
Look At The Future of Owning Your Own Business
While this trend has commonly been attributed to the growth in the number of working women wanting to be home for their children, over half of all people now working from home are men. As you probably know, increasing numbers of people are electing to work from home either through telecommuting or running home businesses.
So, if you have 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 are prepared to give what it will take.
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