I have been speaking to people, and I do not know if it’s because we’re in the first quarter of a new year or if there’s more confidence within the economy, however I’ve realized that many more persons are looking to start their own businesses. As a business owner and social entrepreneur, I think that’s an amazing thing.
I’m often asked about my thoughts about starting a new venture, and candidly, I love the adrenaline rush, vision driving and strategy development of a new enterprise opportunity. If you’ve been thinking about starting a new company, there isn’t any time like the present to start to get yourself into the entrepreneurial mindset to consider if it makes sense for you.
If I had been speaking to someone right now starting off as a new enterprise owner for the first time, there are three essential things I would recommend they keep in mind:
Do You Really Want to Be an Entrepreneur?
The first question is the toughest, however you’ve got to sit with it for a while. I’ve spoken to many people along the way who have started a enterprise, and then have fallen flat on their face and returned to the safe embrace of a 9 to 5 job. Being a business owner just isn’t as “glamorous” as it may appear.
Positive, you will have a versatile schedule (on occasion) and are the ultimate decision maker on giant and small selections, however being an entrepreneur will not be for everyone. The truth is you’ll by no means work as hard as you do than whenever you’re a enterprise owner, particularly within the early years. Twelve hour plus days, including weekends, just isn’t uncommon.
Being a business owner means it’s all on you. You might have other people working with you. You may be a type of leaders who allows his crew of professionals to be the professionals they’re, but as an entrepreneur, your responsibility is to understand each area of your enterprise: sales, marketing, authorized, finance and accounting, administrative, marketing, research and development, product development, etc. It takes quite a lot of time to know all areas of your business and make sure they’re working correctly. It is an endless process.
Do You Really Need to go into Enterprise with Your Pals and Household?
Many instances, particularly with small companies, you’ll have associates or members of the family resolve to enter enterprise together. It makes sense to wish to go into enterprise with people you know and trust, however do you wish to do this? If there is anything that comes up your relationships might be affected.
An excellent state of affairs is this one: you’re working 12 hour days and doing great in your areas of responsibility. Your corporation partner, and good buddy, maybe is just not as hard working and as disciplined as you are and so resentment begins to build. That is a recipe for battle and the likelihood that your business will survive with inside friction exponentially decreases with the increase in tension.
One other possibility is that you don’t go into enterprise with any good friend or family as your partner, but maybe you determine to hire that same good buddy to be certainly one of your first workers because you trust him. Again, what occurs if he isn’t placing within the hours or work that you think is essential for enterprise success? There have been countless examples of business owners who partnered or hired buddies or family only to be in a situation the place the enterprise has suffered (as well as the relationship) because of anything from work kinds to fraud. It is very robust to separate what you are promoting from your relationships without probably ruining them.
Decide if You are the Cupcake Baker or the Business Owner
Many individuals have a passion for something in their lives, and that’s great. Maybe they love making cupcakes, or they love music and want to sell instruments. Whatever is your passion or curiosity, when you have one, you’ll not be only doing that work. As the enterprise owner, essentially the most crucial part of your small business is a vision, sales, etc. and the path the corporate as laid out in what you are promoting plan.
If you love painting and also you resolve to open up a paint shop, you’ll not be spending your day painting. You will spend your day selling paint, dealing with clients and managing the books. Similar goes for cupcakes or even widgets. The business owner that wishes to develop his or her firm is not going to be baking cupcakes completely but additionally running the business.
For those who’re looking to grow, you have to concentrate on the total “business.” As a business owner, the cupcake making, painting, music or widget making will probably be only one factor, however it’s actually not the “business.” The business is the promotion of your product, the price point, funds, clients, cash register, accounts receivables and payables, and payroll, etc.
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