|| Track 7
Starting a Business
Are you an Entrepreneur?
It's a common dream-ditch the chains that bind you to traditional employment
and find your own road. However, by reaching for the perceived life raft
of entrepreneurship, be careful that you are not just attempting to run
away from present difficulties that might have simpler remedies. Your
evaluation should begin with an appreciation for the commitment and personal
qualities known to increase an entrepreneur's chances of success.
Tip 1: Successful entrepreneurs are innovators with a competitive
spirit. They believe in their abilities and have very positive attitudes.
Where others see obstacles, they see opportunities.
Tip 2: Starting your own business takes a tremendous amount of
time and effort. This is not for people who want to coast. Successful
entrepreneurs exude self-discipline. They are extremely hard-working people-giving
their ventures everything they have, 24/7.
Tip 3: Building a business requires patience. It can take a year
to organize and start a new business, up to three years for that business
to become profitable, and up to five years for it to become self-sustaining.
Tip 4: Planning is critical. It is essential to properly estimate
the amount of capital needed to operate the business, including sufficient
sustainable income for the owner for at least six months. Most experts
consider writing a business plan to be an essential ingredient for success.
In addition to helping you manage your cash flow by creating a budget,
the business plan will serve to crystallize the concept of the business,
helping you define how you will stand out from the crowd and find customers
for your product or service.
Tip 5: All the bases need to be covered with players in every position.
Before starting a business, determine who is going to be the salesperson...the
bookkeeper...the marketing expert...the publicist
the computer wiz...the
(you get the picture). Chances are you will not be
interested in, nor good at, wearing all of these hats. That's okay, just
figure it out before it becomes a problem.
If, after reading this you are still undaunted, start writing that business
plan and seek out as much professional advice as you can get.
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