Do You Have What It Takes? Owning Your Own Business
In the United States one in ten adults is an entrepreneur, can you believe it.
Entrepreneurship is a well know factor to the economic well-being of a country both in terms of economic growth and job creation. The traditional, entrepreneurial ability used to focus on the following three attributes:
–>Making A Decision - the business owner makes the basic business policy decisions for the business, therefore 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 for his business - the entrepreneur risks his or her time, business reputation, effort, and invested funds in the entrepreneurial venture.
THE MODERN AND NEW 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.
Some entrepreneurs find themselves thrust into the role of owning their own business by default with corporate downsizing being a fact of life and us having no control over it,
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 opportunity to get into, or buying a franchise. Whichever road you choose, it will involve serious planning.
=> Financing
Unless you have saved money or have funds at your disposal,getting finance is a major challenge and cannot be attempted until your business plan is in place and up & running. You will need to prepare proposals and applications for loans, venture capital, and funds from angel investors.
=>>Implementing
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. The simple fact that implementation requires broad range of skills that no one person can possibly be adept at all of them.
Most of the areas to think about in terms of implementation are those encompassed by a broad definition of management: promotion (marketing and advertising), public relations, sales, communications, technology, computer systems, taxes, bookkeeping, finance, and the internet.
PERSONAL QUALITIES
The personal qualities of the entrepreneur are equally important .
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:
=> Passion - entrepreneurs have a strong passion for their idea or concept, so much so that 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 inevitably 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.
=> Look forward- entrepreneurs are not satisfied with the status quo and are 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.
=> Utililize Resource - entrepreneurs utilize Most if not All of their available resources.
Looking 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 determined entrepreneurship is for you, you can be confident that you are part of the wave of the future. But understand what it will demand of you and whether you are prepared to give what it will take.
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