What It Takes To Own Your Own Business-do You Have It?
Jennifer Thomas
In the United States one in ten adults is an entrepreneur, can you believe it.
Traditionally, entrepreneurial ability tended to focus on three attributes. Entrepreneurship is a major contributing factor to the economic well-being of a country both in terms of economic growth and job creation. Here are the three:
-->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.
-->True Innovation - the entrepreneur is the innovator, attempting to introduce brand new products and brand new ways of doing things.
-->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, 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 COMMON ISSUES
The "common denominator" issues or questions facing most entrepreneurs are planning, finance and implementation.
=> Planning
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.
=>>>Finance
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.
=>>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.
SOME 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:
=>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 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 sponges. They devour information about their industry and are always current on new and emerging trends and technologies.
=> Optimism - entrepreneurs think of problems as areas for improvements and brand new ideas.
=> Forward looking - entrepreneurs are never satisfied with the status quo and are always 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 best use of it. That said, entrepreneurs typically also recognize the value of downtime and time with family and will 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
=> Persistent - entrepreneurs never give up. They persist until they succeed.
=> 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.
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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