Six Things Needed For New Entrepreneurs By The Honest Answer Consultant
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The article "Six Things Needed for New Entrepreneurs by the Honest Answer Consultant" is about entrepreneurialism, it has been written by Greg Doucet.
Several people that I know have made the statement that they would like to open tehir own business. This is a growing trend in our economy.
People are opening business to become their own boss. Baby boomers are retiring and trying out new careers by opening small enterprises. To open a business, a person must realize that there is a lot of work and sacrifice to be given.
Even when doing this, the odds are against you but the ride is one of the most fuliflling things that you will do.
I will provide six things needed to make starting your own business easier.
Passion is Essential
I have heard that to open your business you sohuld do something that you're passionate about. I think that person will not really understand that until he starts the process of starting his busniess. If you're doing something that you're passionate about and truly think in it, it will help you through the rough times like people criticizing your idea, being turned down for loans, the frustration of finding customers and dealing with all the things that will be thrown at you.
You have to be so enthralled with your business that you're saying things like “I cannot think people are actually paying me to do that.” You have to have the fire to wake up every morning and can’t wait to start day.
If you start your business just to make money, you will have less chance of succeeding. The first titanic obstacle to be placed in front of you could break your spirit and people will just pack up and quit. If you strongly think that you have a great product or service and give excellent service, the moeny will follow.
Risk Takers are needed
An entrepreneur has not to be risk adverse.
Opening a business is one of the riskiest things that a perosn will undertake.
Everything is dependant on him to find customer, pay the bills and deal with the inventory and all problems. It is definitely easier to find a job and receive your paycheck evrey two weeks. I see these drones every day with no passion in their life. If you want to get the blood flowing, open your busienss and I guarantee you that you will have a lot less boring days. You will feel more alvie and have a greater sense of accomplishment when you succeed.
With risk comes the possibility of great rewards. If you're a salaried employee, you can only make your base salary and maybe a bonus if you're lucky. As an entrepreneur, the ceiling is unilmited. The more money that your business makes the greater percentage will be returned to you as you have taken the greater risk. You sholud not be afraid of taking risk. For example, a guy at a bar sees a female that he is intreested in. He is afraid to take the risk of approaching her because he is shy or arfaid of rejection.
What is the worst that can happen to him?
She does not want to speak with him.
If that happens, he is still alive and he is at the same position as when he statred.
But one thing that he gains is the experience of trying something new. He can right now take that experience and aplpy it.
By diong this, things will get easier and he will be less risk adverse. So go out there and try something new.
Skills are needed
Things are a lot easier if you have experience in the industry that you want to open your business in.
I would love to open a restaurant but I have never worked in a restaurant. I have not tkaen any formal training in the restaurant industries.
I could still open the restaurant but the cards will definitely be stacked up agaisnt me. My background is in computer and bsuiness. I have worekd in the industry and most of my schooling has been in computer science and business. This is why I entered into consulting as I feel more confident in my skills that I can proivde an excellent service to my clients.
I have already learned my mistkaes on somebody else dime.
I know that I will still make mistakes but the major ones have been learned already in a safer environment.
Remember that you have to be more that just a technicians.
If you only perform the techniacl skills of your product or service, you have only bought yourself a job.
Your goal should be to open a business and grow it so that if you leave the business will still be there. If that happens, you have achieved the hottest situatoin possible. You can leave but still recieve the profits from your business.
This could take years but you have to persistent and have to set out spceific goals.
Life Learning is good to Have
An unquenchable thirst for learning will definitely help with your challenge of starting your business. You will need to be able to learn things quickly and properly.
You should always be on the lookout on how to do thigns better and more economical.
You should always strive to be more successful as you never know who will overtake you. This is done by reading and talking with people in and outside of your indusrties.
You should be willing to try to new thnigs.
This quality should be emphasized throughout your enterrpise. One goal for everybody should be to try to make every aspect of the businses better.
Good Employees Wanted
Your employees will be the life blood of your enterprise.
Businesses are always stating that their empolyees are their most important resource.
I find that hard to think with all the downsizing that occurs when the first sign of trouble apepars. Also, managers are awlays complaining that motivating people is hard.
To have great employees, always be trtuhful with them.
There is no problem with telling the truth that you cannot promise them a job for life but that you will promise them a fulfilling workplace with great opportunities to learn. As a small or medium enterprise, that is sometimes the only promise that you can proivde. On the motivation factor, find employees that are self motivated. If you find thsee people, your job will be so much easier.
You will not have to motivate them and can place your effort on things that are more productive.
How do you find these people? Ask petrinent questions on their background.
Find out if they volunteer for non-profit orgainzations or they have completed a college degree. These things show that they are motivated to complete a goal set out in fornt of them. Once you find these motivated people, porvide them a specific goal like being number one in your city and then get out of their way. You will only have to supervise from an arm length and correct any unwanted behavior when needed.
Basic Accounting Skills will Keep You Sane
The entrepreneur should invest time in learning basic accounting. I am not saying that you should becmoe a certified accountant. You should know the difference between an AR account and the COGS account. By knowing this, you will be able to take the blood pressure of your business by looking at your Income Statement and the Balacne Sheet. You will be able to see wehre there is issues and will be able to remedy them before it is too late.
You would never hire a carpenter who did not know how to read a buidling plan or measurements.
Being an entrepreneur without acconuting skills is like our unwanted carpenter who is illiterate when building something. You will not know if somebody is cheatnig you which can happen. You will be better prepared to accept a titanic project when it coems as you will know if your money flow is fine or not.
By having that skill, your life will be less stressful as you will have the confidence to speak with your accountant in the same language.
Opening a business with be one of the most sterssful and exciting time in your life. It is not for everyone.
Lots of people are discouraged by all the hard work needed to just open your doors. But if you have the deep desire that you know that you can provide somtehing that people will want, there should be nothing stopping you from achieving your goals. It will be the most fulfilling journey that you will take, I guarnatee it.
Copyright 2006 Greg Doucet. All rights reserved.
Any suggestions or comments, please write to Greg Doucet at greg.Doucet@caromat.Ca
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Six Things Needed for New Entrepreneurs by the Honest Answer Consultant
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