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 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.
-->True Innovation - the entrepreneur is the innovator, attempting to introduce brand new products and brand 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.
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 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.
HERE ARE SOME COMMON ISSUES
Planning, finance and implementation are the "common denominator" issues or questions facing most entrepreneurs.
=> 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
This will make or break you. People think that just getting started is the hardest part - and yes that is true. But where some businesses may trip is not in the planning and financing stages but in implementing a business plan. The fact that implementation requires a broad range of skills that no one person can be adept at all of them.
The areas to think about in terms of implementation are the same as 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
Personal qualities of the entrepreneur are as 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.
=> Some Curiosity - entrepreneurs need to understand how things work. They ask a lot of 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 - business owners think of problems as opportunities for improvements and new ideas.
=> Forward looking - entrepreneurs 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.
=> 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
=> Persistent - entrepreneurs never give up. They persist until they succeed.
=> Resource utilization - entrepreneurs make use of ALL of their available resources.
Have you Looked 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: http://www.search-raven.com
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