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Why entrepreneurship? The dream to be one's own boss didn't just develop overnight. A better question would be, do you have what it takes to run your own business? Being in business for oneself has long been a way for many to survive and make a living since the beginning of time. Opportunity usually arises out of tough times. Economic history has shown us from past trends that fortunes are frequently made during times of recessions. Many people are sometimes pushed into entrepreneurship simply because no other jobs are available so they create their own. No matter what reasons one may have or drives them to become an entrepreneur, it's most crucial to start with a strategic business plan. Check any government resources or do a search online and you will quickly discover that most new entrepreneurs fail within their first year of doing business due to three major areas of neglect. The three areas of neglect are, not having a business plan, bad accounting, and poor management or lack of leadership skills.
Having a well thought out business plan is an absolutely essential requirement for any start-up business. It will be needed to obtain credit or other financing for the business, even if you are just a one man company operating on a shoestring budget, a business plan will help keep you to stay focused on what you know will create your eventual success. Those who have ever been responsible for a successful major event recognizes that were it not for his or her mindful, methodical, organized planning and effort, achieving success would not have followed. The same could be said of the majority of small business successes.
Why are the odds so highly stacked against the new entrepreneur? Let us first examine our motive or reason as to why we want to start a business. Every entrepreneur needs to be truthful in regards to their own strengths and weaknesses. Being realistic about your reasons for becoming a business owner is a good place to start. Even with the best business opportunities, starting your business for the wrong reasons is a sure way to guarantee your failure. However if you start your business for the right reasons, you are well on your way to success. Let's examine the number worst reason for becoming an entrepreneur.
1. You dream of the road to riches and you think being an entrepreneur is your golden ticket. Sorry to break it to you, but there is no proof that suggests entrepreneurs will make more money than the average professionals. There is however much evidence that the risks of failure are higher for the business owner. If your motive is to make a lot of money and retire young, have more time with family and friends, and be your own boss so no one can tell you what to do than you will have a very difficult road ahead of you.
There's nothing wrong with having dreams of riches and I would dare to say that everyone has had them at one time or another. However, it is the wrong reason in wanting to become an entrepreneur and have failed many who have gone down that road time after time. Wanting to be rich before you add value to what you have to offer as a business is to ensure your own misfortune. Building a successful business takes hard work and dedication, unlike being employed by others where you just put in your time and leave your worries behind comes time to walk out that door. Your business is your own and no one will care for it if you don't. Jumping into the new role of an entrepreneur with both feet without testing the waters is always a bad idea, especially when it is for the wrong reason. Do your homework, thoroughly research your market and come up with your business plan, then proceed accordingly.
Having a well thought out business plan is an absolutely essential requirement for any start-up business. It will be needed to obtain credit or other financing for the business, even if you are just a one man company operating on a shoestring budget, a business plan will help keep you to stay focused on what you know will create your eventual success. Those who have ever been responsible for a successful major event recognizes that were it not for his or her mindful, methodical, organized planning and effort, achieving success would not have followed. The same could be said of the majority of small business successes.
Why are the odds so highly stacked against the new entrepreneur? Let us first examine our motive or reason as to why we want to start a business. Every entrepreneur needs to be truthful in regards to their own strengths and weaknesses. Being realistic about your reasons for becoming a business owner is a good place to start. Even with the best business opportunities, starting your business for the wrong reasons is a sure way to guarantee your failure. However if you start your business for the right reasons, you are well on your way to success. Let's examine the number worst reason for becoming an entrepreneur.
1. You dream of the road to riches and you think being an entrepreneur is your golden ticket. Sorry to break it to you, but there is no proof that suggests entrepreneurs will make more money than the average professionals. There is however much evidence that the risks of failure are higher for the business owner. If your motive is to make a lot of money and retire young, have more time with family and friends, and be your own boss so no one can tell you what to do than you will have a very difficult road ahead of you.
There's nothing wrong with having dreams of riches and I would dare to say that everyone has had them at one time or another. However, it is the wrong reason in wanting to become an entrepreneur and have failed many who have gone down that road time after time. Wanting to be rich before you add value to what you have to offer as a business is to ensure your own misfortune. Building a successful business takes hard work and dedication, unlike being employed by others where you just put in your time and leave your worries behind comes time to walk out that door. Your business is your own and no one will care for it if you don't. Jumping into the new role of an entrepreneur with both feet without testing the waters is always a bad idea, especially when it is for the wrong reason. Do your homework, thoroughly research your market and come up with your business plan, then proceed accordingly.
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