What It Takes To Own Your Own Business-do You Have It?
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Can you believe that one in ten adults in the United States today is an entrepreneur.
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:
-->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.
-->New Innovation - the entrepreneur is an innovator, attempting to introduce new products and new ways of doing things.
-->Risk-taker for his business - the entrepreneur risks his or her time, business reputation, effort, 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 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.
For anyone who either finds themselves in this position without volunteering or is thinking about leaving corporate life for the heady world of entrepreneurship the question is, whether or not you have what it takes to win success ... in other words the "right stuff". Believe it or not, entrepreneurs are not just "born." Well, some, of course, seem to be naturally-born but for the rest of us, by hard work and application, the qualities can definitely be acquired.
THESE ARE COMMON ISSUES
The "common denominator" issues or questions facing most entrepreneurs are planning, finance 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 opportunity to get into, or buying a franchise. Whichever road you choose, 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 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.
=> Implementation
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.
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
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:
=>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 allow themselves to be distracted by outside influences.
=> Curiosity - entrepreneurs need to understand how things work. They may ask many questions. Curiosity therefore triggers innovation.
=> Sponges - entrepreneurs are sometimes like sponges. They devour information about their industry 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).
=>Must be Competitive - entrepreneurs are competitive and don't let any grass grow under their feet.
=> Conscious of Time - entrepreneurs realize the value of time and how to make the best of it. That said, entrepreneurs also recognize the value of downtime and time with family and factor these activities into their schedule
=> Nurture the entrepreneurial spirit - entrepreneurs nurture and seek out the entrepreneurial spirit in their employees and reward them accordingly
=> You should be persistent - entrepreneurs persist until they succeed. They never give up.
=> Resource utilization - entrepreneurs utilize 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.
But understand what it will demand of you and whether you are prepared to give what it will take . If you have determined entrepreneurship is for you, you can be confident that you are part of the wave of the future.
Article Source: Articlelogy.com
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