entrepreneur

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Starting A Business

Online Entrepreneur: To Be or Not To Be

May 12, 2022 Comments Off on Online Entrepreneur: To Be or Not To Be

Millions of people from all over the world have taken the entrepreneurial challenge and won. Successes have been documented of businesses owned by Asians, Pacific Islanders, Native Americans, and Alaskan natives. Women now own over a third of all businesses.
There are two ways to make it in business. One is to rise through the ranks of a large corporation or company. The other path is to become an entrepreneur and start your own company.
Starting your own company gives you more freedom and allows you to reap the profits as opposed to working for a salary or wage and someone else getting all the profits.
But freedom to succeed also means freedom to fail, and many small businesses fail each year. It takes a lot of courage to start your own business. It can be done.
One of the benefits of starting an online business is that it can be done in your spare time from the comfort of your home while you still keep your day job. A person can begin building a second (business) income that will eventually earn enough profit to replace their salary and at that point they could leave their job and focus entirely on their own business.
In order to succeed as an online entrepreneur one must have three things; one, knowledge of a great industry or business idea; two, enthusiasm to go after it and; three, a strong desire to be a success.
The internet is a perfect venue for individuals who want to start their own business, who like using computers, and who believe cyberspace is the place to do it. With each month that goes by, the number of Internet users increases exponentially which means an online business provides an entrepreneur with an excellent opportunity.
It’s simply a matter of getting yourself set up online to accept income or profits.

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Business Website

Is Becoming An Entrepreneur For You?

April 26, 2022 Comments Off on Is Becoming An Entrepreneur For You?

Anybody can start a business, but being a small business owner is not for everybody. Each year more than half a million new businesses are created. But the risk of failure is high, with a big number of those closing during the first 12 months and many more not making it past the first 5 years. Starting a business is, without a doubt, a risk, but in many cases it can be very much worth it. Is it worth it for you?

Can You Answer Yes To This?

Starting up a home based business is a good idea if you can sincerely answer yes to the next sentences:

You have conducted a feasibility study without letting your enthusiasm cloud your senses

Your business idea is clear on your mind

You have done market research

You are able to get your probable market share

You can live with little money for the next while your business is not profitable

You have planned other ways to boost your income until your first clients pay, or have enough saved up to pay the bills

You know your skills and shortcomings and how will they affect your new venture

You are independent and like organising your own work

The lack of financial stability doesn’t stress you out too much.

Does The Following Ring True

If you are establishing a business but can find yourself reflected on too many of the immediately following statements, reconsidering your plans may be a better idea.

You have absolutely no experience managing a business

You think your idea will be successful, but don’t have a solid business plan to prove it

You just left your job and want to prove to your family that you can be successful by yourself

You like busy office environments, under strong management

The idea of promoting yourself makes you uneasy.

You like knowing exactly how much money will be on your paycheck every month.

You really don’t have saved money and are not sure about how to finance your idea.

Starting a business is challenging. The first months will be unquestionably a bit of a test, both of your personality and your capabilities as a businessman. Sensible planning and a good business plan can be useful, but all things considered you may even need to be willing to quit or modify your strategy if your project is not giving the expected results.

If you are unconvinced about the negative aspects of establishing your company being rewarding enough, the best you can do is to control those risks as much as possible. Write a well thought business plan and try to estimate your company sales and costs for at least the next couple of years, search for people who can assist you with things such as sales if you aren’t good at them and put together a support network to aid you in making your business a great success even while you are learning.

You may possibly also consider partnering with somebody who has already been there. This could well help you avoid costly mistakes. Another option is requiring advice together with mentoring at your local chamber of commerce or business chamber. Being prepared for them is the best way of dealing with the risks involved in setting up a new business, and will give you peace of mind and tools to solve any problem that may come your way.

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Business Ideas

Should You Match Your Entrepreneur Personality With Your Business Startup Idea?

April 18, 2022 Comments Off on Should You Match Your Entrepreneur Personality With Your Business Startup Idea?

Did you know that the word entrepreneur comes from a French word “entreprendre” which means “to undertake? If you want to get more analytical and you speak French, you might think it comes from combining two verbs “entre” and “prendre.” “Entrer” means “to enter” and “prendre” means “to take” so combined they would mean “to enter to take.” That works too because a person following a business startup idea who enters markets to take advantage of opportunities for profits by assuming the risks is by definition an entrepreneur.
Let’s look at  some interesting facts about entrepreneurs:
People who become entrepreneurs either seek out an entrepreneurial life or they fall into it. Not everyone who becomes an entrepreneur grew up thinking that it was their dream to become a business owner.
Entrepreneurs fall into different entrepreneurial personality types–the professional, expert or pragmatist, and the inventor. Maybe as a small business owner, you have not given much thought as to the type of entrepreneur you are. You were too busy focusing on getting your business operating and profitable and not so much on what kind of entrepreneur you are.
Those entrepreneurs that are referred to as professional entrepreneurs start one business, and another, and another. They are very good at establishing a business and making it very successful in a relatively short period of time. Sometimes if luck would have it, the first business does well and they sell it. Soon they start another business because now being an entrepreneur is in their blood and they can’t go to work for someone else so they start another business.
Did you think that every person who becomes an entrepreneur set out to be one? Sometimes an entrepreneur comes looking for someone who is an expert in a particular field that is needed for their business such as accounting, finance, marketing, or sales. It can also be that they need an expert in a particular industry such as software, pharmaceuticals, or cosmetics. Then they go looking for someone who has that knowledge and ask them to join their venture by making them a partner. Voila! they are now an entrepreneur.
The expert entrepreneurs are often well-educated and become experienced in their trade by working in a corporate setting for a number of years. There they hone their skills creating the expertise that makes them so valuable as an entrepreneur.
The third type is the inventor. Bill Gates is an inventor type entrepreneur that has made this type very well known. This type of entrepreneur may have the classic inventor personality. You know the “absent minded professor” who gets so caught up in his technology and invention that they do not function well in a fully functioning business setting. As a result, they cannot function as a leader of a company because they have much too narrow a focus.
Instead, to become a success as an entrepreneur, they compensate for their shortcomings by surrounding themselves with experts that can provide the business expertise that they lack. In fact, they may hire the “professional” entrepreneur as a partner to focus on the growth aspects of the company so that they can continue in the inventor capacity which they do best.
There are blends of these three entrepreneurial types. It is possible to find a professional-inventor type who is fortunate enough to have both skills at their disposal. They can become super-creative geniuses who can invent and start businesses that do extremely well and become very profitable taking full advantage of their creative and business potential. They can become billionaires!
The blend pragmatist-professional entrepreneur is one that takes a combination expert who also understands the operation of a business. They use their expertise to develop an idea for a business that will lead to a very profitable business idea and set about hiring all the talent they need in every area to make it extremely successful. For example, someone who knows the pharmaceutical business very well comes up with an idea for marketing and managing pharmaceuticals in a new and more efficient way. His expertise as a professional entrepreneur allowed him to dig in and help with the startup process of the business while supervising the development of the pharmaceutical end of it.
Another interesting fact is that certain entrepreneurial types go better with specific types of businesses. You increase your chances of success if you choose a business that matches your entrepreneurial type. Often when you are thinking of starting a business, you do not give any thought to what kind of entrepreneur you are. Success often depends on your knowing your own strengths and weaknesses and your ability to find people that complement you.

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Financial News

7 Signs That You’re Ready To Become An Entrepreneur

March 24, 2022 Comments Off on 7 Signs That You’re Ready To Become An Entrepreneur

Have you been bitten by the entrepreneurial bug? Are you an 8-to-5 employee bored to death at work wishing you could do something more in your life? If you’ve already got a rough sketch of your business plan but still undecided if you will push through, here are some signs to check if you’re ready to pave the way to entrepreneurship.
1. You’re sure of what you’re getting into.
You have thought about the pros and cons of entering into business and have carefully assessed your suitability to the industry that you’re pursuing. You have also weighed the consequences of losing that constant paycheck from your day job and have calculated the risk-reward ratio of getting into business.
2. Family, friends, and relatives show deep support.
If you’re family, relatives, and friends have been showing support by devoting their time and resources to helping you set-up the business, then it means that they are very confident in what you’re establishing and believe that you have the right skills and dedication to go through the start-up phase.
3. Have learned enough from being employed.
After working for someone else’s business for how many years, you must have learned so much already. Much better if you were able to rotate across different departments so you’ll have an idea on how the operations, sales & marketing, finance, and administrative departments work hand-in-hand to accomplish the company’s objectives. It’s also better if you’ve had exposure in several companies as it gives you an idea of how different organizations deal with problems and issues they encounter.
4. You’re searching for that purpose in life.
You’ve suddenly lost passion in your day job and feel that you want to do something more in your life – something that you love doing and at the same time be a source of income for you. It may also be something that can help the community by giving jobs to people or making environment-friendly products.
5. You know a product or service not yet available in the market.
This is what marketing professionals call the blue ocean strategy. Identifying an untapped market and enjoying the benefits of being the only product to serve a specific customer segment or a specific need. Of course you would still need to ensure high-quality products, especially if the product concept can easily be replicated.
6. You know that the business idea is market- and technically feasible.
You have done both a market and technical feasibility, have found that the business has a potential market and have developed strategies to gain and expand market share. In addition, you have designed an operational framework that will serve as guide on how you’ll run the business.
7. You know where to find financial resources to start the business.
Last but not the least, you have to know where to get capital funding and sources of emergency funds just in case your business would need that additional cash to sustain itself. No matter how spectacular the product concept is, it will not succeed without properly planning the business’ finances.

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Business Week

8 Questions to Ask Yourself Before You Become an Entrepreneur

March 13, 2022 Comments Off on 8 Questions to Ask Yourself Before You Become an Entrepreneur

One of the biggest mistakes that aspiring business owners make is overlooking the importance of digging deep into what their true motivations are for starting a business and if their life is truly ready for this change. They get so busy in trying to figure out the logistics involved in getting their idea off the ground that they don’t pay attention to some of these very vital aspects that are crucial before you launch your business.
Following are the top eight questions you must ask yourself if you want to succeed –
1. “What are my motivations behind wanting to be an Entrepreneur?”
If you are toying with the idea of starting your own business, you need to begin by laying a strong foundation to your thinking and to your actions. The place to start is to question your true intentions and motivations behind wanting to undertake this endeavor. Your reasoning needs to be strong and meaningful in order to ensure that your business house won’t crumble with the ups and downs of the experience. We all know that running a business has its good and bad times; and when you go through the rough times, that (your reasoning and motivations) which propelled you to start your business in the first place, will serve as your sustaining power.
2. “Do I have a personal vision and a plan?”
Often we think that our work is somehow separate from our personal life. We forget that in order for things to go smoothly, our personal and professional lives need to be in alignment. The work that we do has a great impact on how happy or unhappy we feel. After all, we spend eight to ten hours each day, five days a week, doing our job. Your business venture needs to incorporate what you love to do, what you enjoy, and who you are. When you are making a conscious decision to become an Entrepreneur, you need to make sure that your personal vision has a place for that business and can make adjustments if need be.
3. “How will my family feel about me starting this business?”
If you do decide to pursue your dreams and become an Entrepreneur and you are married with a family, you’re going to want to discuss this with them. How would they feel about this change? Would they be ready for this change? Would they be supportive?
If you are single, how would your friends and family members in your support circle feel about this change? Do they feel this is the right step for you?
4. “Do I have the right personality?”
It’s a known fact that not all of us are capable of being Entrepreneurs even though we may have a desire to. People can have great ideas, even have a passion supporting these ideas, but being a successful Entrepreneur requires more; it requires very specific personality traits. Some of us are born with these; others may have them dormant and may need to develop them. Pay attention to your strengths and weaknesses ‘” determination, creativity, persistence, patience, flexibility, and ability to keep learning are some of these necessary traits.
5. “Do I have a clear business idea?”
Businesses cannot be built on a fuzzy idea. Your idea should be clear and well-defined. It can expand and evolve over time, but you have to start from a point that is sound and strong. Start by clearly defining concepts: what you want to do; what services and products are you going to be involved in; what the advantages are and benefits your business will provide.
6. “What would I like to do for the rest of my life?”
When you think about your ideal work, what comes to mind? Was there something you always wanted to do but didn’t get the chance to follow through? You will want to connect with your ideals.
7. “Do I have the background and experience for what I’m trying to create?”
Although it’s not always necessary to be skilled or have prior background with the business idea that you are working on, it is definitely important that you know what you’re doing. If you’re already experienced, that’s great; you’re ready to put that experience to work. If not, then you must work on acquiring whatever skills are necessary in the specific area needed for your business.
8. “What about my finances?”
Every business needs start up capital. How and where will you get yours? Will you dip into your personal savings or get a loan from the bank or somewhere else?
It takes a year or two, sometimes even more, to start bringing in money. It typically takes twelve to eighteen months to break even, and two to three years for profits. Do you think you are financially prepared for this? Do you think you are ready for giving up a steady check?