Check for yourself, you will notice that nearly half of the world’s richest people are entrepreneurs. Thus, it would not be out of place to assert that opening a small business is the number one way to get rich and every so often, super rich.
This had also made owning one or more businesses that are profitable the aspiration of most people. The shrinking availability of vacancies among other factors is propelling people to look inward and do something for their selves. Nevertheless, as laudable as the idea of owning a business is, one need to give it a second thought before hopping into one business or the other.
Routinely, the thought that comes along starting a business is usually about more money than ordinarily possible as an employee which form an equable extra stream of income and superfluous profit that might come from a very successful business venture.
Surprisingly, not everyone goes into business for the money, what motivates others to go into business is the lack of restrictions from another master; they just dislike the thought of having some monitoring, supervising, and bossing them around, they just do not like interference in their day-to-day decision. No one can fire them; they have the sense of independence, simply put.
Others are in it for the favourable tax treatment, government specific incentives, self-esteem, and self-actualization or the idea of authorising their own salary increases, having a flexible lifestyle and greater freedom. Some are just born entrepreneurs; they will never be satisfy working for others, something will keep propelling them until they are able to make it as an entrepreneur; the internally motivated.
And there are others, that will just build up their business slowly and prudently, they take all the measure in the books and all those they can pick from skilled consultants and other sources. There are even other groups; their entrepreneurial energy can only be awake when their company liquidated or they are fired and they find their selves out of a job.
Some are even wise to get in part-time business when they notice that the uncertainty of the job is increasing day in day out or they are moving closer to the retirement age. The final group is that of fresh graduates who had realised that it is becoming difficult to get a job because of the scarceness of available job for people without some level of working experience.
By a hair’s breadth, do you see people who also consider the other sides of the above attractive side of business stories? But the reality is that one need to also know that start-up business fails and liquidate, thereby exposing the entrepreneur to probably more risk than what unemployment will bring.
Startlingly, no entrepreneur is really his or her own boss? He must answer to many people, including customers, investors, and employees. Experience had shown that no successfully start up business work short hours, someone has to work extra and that person is the entrepreneur, new business involves considerable pressure, long hours of work and a great lot of stress. Flexible lifestyle and greater freedom usually come later. With the great power come with great responsibility, thus, you will be responsible for any final decision you arrived at both negative and positive.
Entrepreneurs are the most important employees of their businesses, thus, they usually have to be able to access their strong point against their weak point and work on it while capitalising on their strong side. An entrepreneur that cannot be referred to as a great salesperson, usually consider one of these two options; learn or employ an experienced or talented marketer.
No matter the category or motivation, entrepreneurs are problem solvers, they take a curious look into their community, where they live or some other places, think through the problems they are facing there and see if they can solve the problem. If you too think you could do that then you are an entrepreneur who had just discover a new business idea.
An entrepreneur should clearly understand the concept of failure and fail both in life as in business. Forget that view that success is everything and everything has to produce a success. In reality, most successes came from a succession of failure from which the individual learn more about the activity. Remember the story about Edison invention of the bulb.
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Cash flow is everything. You need cash flow to be able to meet your obligations to your creditors such as suppliers, landlords/mortgage holder, and tax agency among others. Aside from the creditors and customers, you will have to deal with a lot another group like the fire authorities, health authorities; insurance people that will make sure that standards and regulations are met. You have to consider many days of loneliness and financial insecurity and the possibility of business failure. You need to developed culture and principles that reflect a unique attitude towards failure. Great entrepreneurs repeatedly tried to use the experience they gained from the failed venture in the subsequent businesses that might or might not fail.
Since nothing should ever hold a man back from his future, the serious entrepreneur usually weighs the benefits against the challenges and think about how to handle the situation. Thus, as an entrepreneur ,one must unlearn the way the society has thought us to relate with failure and thereafter work on how to learn from failure.