Starting Your Own Business - The Pros and Cons to Consider as an Entrepreneur
The first thing you need to ask yourself before starting any new venture is - is it right for me? There are certain traits that are required to be a successful Entrepreneur:
* A love of the industry that you are branching into is a must. You need to have plenty of passion and enthusiasm for what you are going to do otherwise you are not going to enjoy doing it every day. * Do you have bags of self-belief? You need to be proud of what you offer and have faith in it. Your passion and belief really come across when you are speaking with potential clients. * You must be able to motivate yourself and have tonnes of self-discipline. If things are not going your way can you pick yourself up and dust yourself down and put on a brave face? * Are you reliable and consistent? You have to be ready to react and think on your feet and deal with anything that is chucked at you. * Do you have the power to motivate others? If you are looking to employ others (as you may wish to grow your business) you will need to have the ability to lead a team. * Are you a people person? You must be friendly, pleasant and polite at all times and that includes a great telephone manner. * Do you enjoy planning & development, goal setting, and seeking out new opportunities? As a successful business owner you must always be thinking ahead.
Starting your own business is not something to be taken lightly; there are many, many things to consider. Are you prepared for the following:
* There will be long hours involved as you set up and start to get into a routine. Are you willing to go the extra mile to make sure things are absolutely right for your customers? Are you willing to work hard to get things done properly? * You will need to take care of and manage your finances. Are you giving up a well-paid job? Think of the security that you will lose. Work out your living expenses and make sure that you have the means to survive. Can you afford to have a go at it right now? If not then maybe now is not the right time. * Do you have a family? You must consider the implications and discuss your plans with all involved. Is your partner in a position to support you and your family during the set up stage as it may be a while before you see any regular money coming in. It's not just the financial implications, a great deal of your time may be taken up in the early days too. Holidays may be put on hold for a while - do your family and friends mind?
I certainly don't want to be a party pooper but these things need to be seriously considered. Fundamentally your business can fail extremely quickly if you cannot commit to it 100%. Having said that, there are so many wonderful reasons to give it a go and you have to weigh up the pros and cons for your own particular circumstances. For some, being an entrepreneur is in the blood and nothing can shift it. The timing may never be right as there are always reasons to put off starting your own business but, if you can, it may just be the greatest thing you have ever achieved in your life! No one wants to look back and think 'if only I'd tried!' The feeling of working for yourself and controlling your own destiny is like no other:
* Knowing there is no limitation on earning potential, if you want to push yourself hard enough and grow your business. * Knowing that all your hard work, blood sweat and tears are for your own rewards. * Knowing that, if you have new ideas and inspiration, you can spring into action and you don't have to ask anyone for permission. * The feeling you get when you secure a new contract or complete an amazing sale and you know that you DID IT is pure elation. * Knowing that you are NOT grafting away so the CEO of your company is sunning his/herself on a yacht somewhere exotic. * Knowing that you are building something of true value for yourself and your family is priceless.
As you may have noticed I could carry on like this all day - this is what I mean about passion!
"All people are entrepreneurs, but many don't have the opportunity to find that out." Muhammad Yunus, 1940- If the timing is right and you have carefully considered all the implications involved and you still feel it's for you - then it's time to get out there and have a go. Hopefully this article will have given you some empowerment to know, that with the right advice, a bit of direction and a great dollop of hard work, you can do it! Good luck!
About the Author
Karleh Light has always wanted to be a successful Entrepreneur. She believed there should be another way of starting your own business - a middle ground between buying a franchise and going it alone - so Karleh went ahead and compiled a number of step by step business start-up manuals for the budding Entrepreneur. Check out http://www.itsyourownbusiness.co.uk for more details.
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