Entrepreneurship-An Alternate Career Choice
If you are looking into commencing you own home based business or have recently started one then welcome to one of the fastest growing industries in the world today.Becom ing a home based entrepreneur is not just a career choice but also a lifestyle choice which more and more people are choosing day after day.
While many individuals go on their own internal reasons-a passionate need to be independent, a burning desire to turn a hobby into a profession, or the love of a challenge-others have chosen the entrepreneur route in response to external situations, including layoffs, frustration with their current workplace culture, or a need for greater flexibility in their lives.
Owning a business has become the twenty-first century version of the 1950s American dream of owning a home. But entrepreneurship is not for everyone.It's important to consider whether you have what it takes to start a business and run it successfully.
You've probably heard that start-up statistics are grim. The truth is that just 30 percent of business start-ups survive more than five years. I am sure you have also heard the instant success stories and the young millionaires out there. RARE,RARE,RARE! The dot.com era ended two years ago, and venture capital money is increasingly hard to secure. The hardworking, determined, visionary who dedicates long hours and endless energy to his or her business is the more realistic picture of today's entrepreneur.
Entrepreneurship comes with many hurdles both internal and external ones. Within their companies, they need to offer a superior product or service.Of course, they also need to have great time management, organizational skills and ensure that they are educated in managing cash flow to ensure profitability. Externally, factors such as access to financing, the economy, government regulations, and technological issues impact entrepreneurs on a regular basis.
Many small businesses fail because of weaknesses in general management, financial management, and marketing (Statistics Canada, "Failing Concerns: Business Bankruptcy in Canada"). Michael Gerber cites the "entrepreneurial seizure" as a primary reason for failure in his book "The E Myth, Why Most Small Businesses Don't Work, and What To Do About It." Gerber says many entrepreneurs pursue the dream of being their own boss but fatally assume that an understanding of the technical nature of a business is enough to achieve success.
To avoid becoming a casualty of the start-up craze, it's critical to be aware of the pros and cons of running a business.There is no get rich quick scheme out there. The potential sure is there to earn a lot of money and a great residual income but you have to be willing to put in the hard yards and go through the dirty work needed to get there.
Are You an Entrepreneur?
One study that has been carried out in recent years was looking to rank traits and attitudes (in rank of importance) that are important for business owndership.
This is what the results showed:
" Perseverance
" Desire and willingness to take initiative
" Competitiveness
" Sense of Independence
" Strong need to achieve
" Self-confidence
" Good physical health
Filling out the bottom of the list were some surprising attributes, including a strong desire for money, patience, organizational skills, and a need for power.This shows that entrepreneurs in today's society aim more towards a sense of achievement than money or power.
So do you have what it takes to run a business? Ask yourself these questions to help you decide.
" Are you willing to work long hours and make the sacrifices necessary to get your business going?
" Do you want to bear the responsibility for all business decisions and responsibilities related to your company?
" Are you committed to your entrepreneurship goal and disciplined, motivated and positive?
" Are you ready to serve multi-roles within your organization?
Where Do You Start?
Gather as much information as you can about your idea. Learn about the industry, the best ways to deliver your product or service, your competition, and potential obstacles. Talk to people and read. Stay abreast of trends within your chosen field and keep current on issues affecting entrepreneurs.
Create a detailed plan for your business. If your venture will require any outside funding, you'll need a business plan.All successful businesses whether online or not have a business plan in place. Set goals for your business, then break the goals down into achievable steps. A good plan will help you maintain focus when things become overwhelming.
Networking can begin immediately when starting a business. If you've chosen to keep your day job until your business gets going, then maintain good relationships at work. When networking is done well it can establish mutually beneficial relationships.
Other aspects you also need to consider are :
Financial aspects such as amount of capital requirement to start-up and obviously if you can find an opportunity with low start up costs then that is great. However, remember that all businesses need capital to start.
It can be difficult to start from scratch and be assured that there are a lot of entrepreneurs out there who continued to work their initial job whilst starting their entrepreneurial business until things picked up. Be patient.
Starting a business can be overwhelming, especially for those who are maintaining other employment. Remember that you still need to spend time with your family and friends and ensure that you don't burn yourself out trying to make this work. If you can find a business that can help you along with things such as automated marketing systems, training and support etc then this will help you spend your time wisely and focus on building your business.
In closing, please remember that becoming an entrepreneur is not for the faint-hearted. If you are willing to work hard and learn then stop looking for the magic formula, which doesn't exist. Your dreams can come true with work and perseverance.
