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Preparing_to_be_an_Entrepreneur
| Preparing to be an Entrepreneur
I believe the free market economy and the wealth of a community
is built on the back of the entrepreneur Taking the
entrepreneurial business path can be exciting, exhilarating, and
an emotional roller coaster of ups and downs. There are a number
of factors you should consider as you consider, prepare, and
move forward into the world of the entrepreneur.
Consider your motivation for pursuing self-employment
Many people consider going into business for the wrong reasons.
– They want more free time (You’ll work longer hours owning your
own business) – They want to be wealthy and have their own money
(Remember, you as the owner get paid last) – They want to turn a
hobby into a business (Many times hobbies lose their enjoyment
when they become businesses)
Go into business because you love business. If you can combine a
love for business with another talent then you’ve got a shot at
making it. Some of the most talented hobbiests make terrible
business people because they don’t love business.
== personal note ==
I’m a great example of this. I love to write and I love to write
about success, business, growth, and development. I love to do
research and share that information with others. Unfortunately,
I’m terrible at business and don’t have a strong passion for it.
I’ve learned this the hard way by starting and closing a number
of micro businesses. So if you love business and combine it with
talent go for it.
== personal note ==
So if you believe entrepreneurship is right for you, what should
you do as you begin you entrepreneurial path?
1. Make a long term strategic plan You won’t be able to jump
right in. You’ll need to look into the future and set some time
tables. Consider the next year as a year for planning and
preparing. – How will you obtain funding? – You’ll need to
develop a comprehensive business plan – You’ll need to garner
the support of family and friends – You’ll need to develop
leasing, licensing, and facilities – You’ll need to prepare for
the emotional roller coaster of small business – You’ll need to
develop a debt reduction plan – You’ll need to develop your
product and/or service – You’ll need to do some market analysis
– You’ll need to do some feasibility studying.
== note ==
I understand that some business people don’t do all this and are
successful but I also understand that the successful business
people I know who’ve started their business from ground zero
have done as much of this as possible to ensure greater chances
of success. The more up front preparing you do, the better your
chances of success and wealth creation
== note ==
Finally, there are a few educational issues that small business
owners should consider. I think every potential entrepreneur
should gain some level of proficiency in areas of:
– Accounting If you know what the books are saying and can speak
the lender’s language this gives you an advantage. There are
many home study courses, computer tutorials and good old fashion
books that you can use to learn some basic accounting.
– Sales and Management Supervision Selling a product or service
is the life blood of business. Developing some basic skills in
the areas of sales, management, leadership, and supervision will
greatly enhance your ability to grow your business. Don’t be
afraid to take a sales seminar or class. Spend some time
studying good leadership and marketing.
– Continuing Education It is vital that you stay abreast of your
business and industry. You don’t want your business becoming
obsolete because you are not staying current. Take the time to
join business and trade organizations; read the journals; and
study your ongoing local business climate. Also, take the time
to learn about complimentary markets as well as in other areas.
Study areas of personal weakness. Perhaps you’re great with
numbers but struggle with marketing creativity? Spend some time
studying marketing and creative development.
If you are willing to invest the time and energy into a long
term plan for the right reasons I believe you can be a
successful entrepreneur. Remember, success is the ongoing
achievement of a worthy goal or ideal. If you’re moving forward
you’re a success.
About the author:
Darrin Coe is a weekly columnist and the author of Micro Loans:
Finance Your Dreams at http://dcoe1.tripod.com/microfinance
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