Getting a move on is important so today we have Elaine Davis-Nickens to fill you in on some interesting thoughts.
By now you’ve taken many free online business courses, read all of the “how to” articles on how to start your own business, and talked to everyone you know who is in business. Now what do you do?
Before you sign the lease for your new office, or setup your home based business, take a step back to figure out if you’re really ready to jump out there.
First, assess whether you really have what it takes to be in business. Are you self motivated and resourceful? Do you have a positive mental attitude? How well do you bounce back from adversity? Do you plan ahead? Do you mind working long hours? Are you persistent? Manage money well? Do you have the technical knowledge to succeed? Are you realistic and do you have the ability to set achievable goals? These are some of the important traits every entrepreneur should strive to achieve.
Second, do you have the characteristics to be an entrepreneur? Do you have the courage and dedication to be completely devoted to starting your own business? This will be easier if you have a love for your intended business. Whether business is good or whether you’ve hit a rough patch, chances are you’ll stick with something you love. Life is too short to start a business that does not satisfy you.
Third, while degrees are important, business “smarts” mean more than academic achievements. As an entrepreneur you should have a working knowledge about the business you plan to start before you do it. You can gain this experience by “moonlighting” for another company, or working part-time in your chosen industry. Common sense, combined with the right experience, is what you need. Follow through and attention to details is very important.
Finally, you need enough money to maintain a positive cash flow for at least one year. Many business owners start their companies with their savings or by “bootstrapping”. Others start their businesses on a small scale with just a little money borrowed from family and friends. As the business grows and you gain experience, cash flow from the business can be used for growth. You can control your risk by placing a limit on how much you invest in your business.
Once you are satisfied you have the characteristics of a successful entrepreneur, that you definitely have what it takes to be in business, and enough cash to survive for at least a year, go for it.
This was a very good article – being prepared is always the foundation you should be striving to implement.
Keep the Entreprelution running!