Entrepreneurship-An Alternate Career Choice
If you’ve recently started your own business-or if you’re thinking about it-you have a lot of company. Entrepreneurship is becoming an increasingly popular career choice in today’s marketplace.
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.However becoming an entrepreneur isn’t for all.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 image you need to keep in your mind is of successful entrepreneurs in society that put in a lot of hard work, continuous education, are determined and motivated and have short and long term goals set. This is the type of businessperson that will succeed today. The dot.com era no longer exists.
Entrepreneurs face a myriad of internal and external challenges.They still need to offer exceptional service and top class products like any other business.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.External forces also play a part such as economic issues, tax/government regulations and fnance.
It has been noted in a number of documents and studies that a lot of small businesses fail to succeed due to poor general and financial management and marketing issues. You need to look for a business that will give you training and support with respect to these issues. 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.” What is made evident by Michael Gerber is that many entrepreneurs fail in realizing their dream by assuming that understanding the technical side of the business is enough to enable them to succeed. There are many more aspects to a home based business than that.
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 the right person to become 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
” Desire to Achieve
” Self-confidence
” Good physical and emotional wellness
Other attributes that made the lower part of the list were things like desire for money, time management and organization, want for power.Today’s entrepreneurs are more interested in competition and 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 do that hard work and put in the time and effort required to get started?
” Are you willing to take responsibility for all decisions made regarding the business?
” Are you committed to your entrepreneurship goal and disciplined, motivated and positive?
” Are you willing to play a number of roles within your business?
Where Do You Start?
Research, research, research! Learn about the industry, the best ways to deliver your product or service, your competition, and potential obstacles. Talk to other entrepreneurs about what has worked for them, and read relevant trade journals, books, and business publications. You must be willing to learn daily and keep up to date with all current dilemmas facing this industry.
Create a detailed plan for your business. If your venture will require any outside funding, you’ll need a business plan. These plans are a key building block for any successful business.Goal setting (long and short term) and then breaking these goals down into manageable steps will also help you avoid feeling overwhelmed and ensure you remember where you are wanting to get to.
One thing that you can start immediately is basic networking.Don’t burn your bridges at your current job, keep good relationships with current workers.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.
Trying to decide when to give up your day job can be tricky.
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.
