Surviving the Three Pitfalls of Business Ownership
While this idyllic life might be the reality for some entrepreneurs, it certainly isn't guaranteed. In reality, every entrepreneur has a unique experience depending on their decisions and plain, old luck. And while good luck may be hard to control, making good decisions isn't.
To maximize your decisions, you have to understand that entrepreneurship has its shadows-unforeseen challenges you may not learn about until you're deep in the trenches of operating your own business. The good news is that by becoming aware of these shadows as early as possible, you can structure your business for success. Let me then shine some light on the major challenges entrepreneurs face so that you can confront and effectively navigate them.
Think of your business as an experiment where the outcome is uncertain, but where you'll be sure to gain valuable experience no matter the results. Beware of betting the farm when you don't have to. In entrepreneurship, you create a hypothesis (that is, a product), and you test it by marketing it to a potential market. As you continue to experiment with different business strategies, you'll be able to create better products and a better business.
Since it's going to become such a huge part of your life, be sure to choose a business idea your passionate about, one that gives you a lot of enjoyment, one that you might even do for free, given the opportunity. Think about partnering with good friends. Pick an industry and business structure that fits with your desired lifestyle. If you're doing something you don't enjoy or that's terribly stressful, you may end up thinking of it as a chore, especially when times get tough.
Without the support of your friends and family, it will be that much easier for you to throw in the towel if the going gets tough. To help you find the resolve to continue, be sure to set realistic expectations and be prepared and committed to continuing on your entrepreneurial journey, no matter what. Reprinted with permission from Entrepreneur.com. Copyright © 2005.
Michael Simmons is the author of the best-selling book, The Student Success Manifesto: How to Create a Life of Passion, Purpose and Prosperity and an award-winning entrepreneur. He is also one of America's top youth motivational speakers for college campuses. Read his online journal at young entrepreneur journey or click on the following link to download his free success ebook.
From Employee to Entrepreneur: Taking the Plunge
Before you decide whether or not running your own business is right for you, start by pinpointing your area of expertise and assessing your aptitude for business.
Good Questions, good Answers; Bad Questions, Bad Replies
I'm convinced that asking the right questions is one of the most important skills you need to become a successful business person. Questions have the power to direct you or to distort you. The right kind of questions will direct you to success the wrong kind of questions will direct you to bankruptcy.
Strategies for Overcoming Obstacles to Discovering Your Gifts
What are the unique gifts that differentiate you from other solo entrepreneurs? The path to discovering your gifts may take a lifetime, but you can use the exploration process to begin to use your gifts NOW! Unfortunately, for many different reasons people get sidetracked or never even get started taking the actions that would help them discover their uniqueness. Here are some suggested strategies to help move forward and stay on the path of discovering your gifts.
Does It Really Take Money To Make Money (Online or Offline)? A Reality-Check of 2 Case Studies
The short and simple answer to this question is NO!
Increase Profits with No Pain, No Change Approach
Implementing changes, even when they're good for your business, can be tough. As the old adage goes, old habits die hard and it's just as true in business as it is in our personal lives. It's simply easier to take the path of no resistance and revert back to doing what we've always done. Here's a way to skyrocket your profit potential by linking change to pain and payoff.
Outcomes - Thats What You Need to Focus On
Successful business owners and managers need to be veryclear about what outcomes they want. Whether you call them goals, objectives or targets, theseare the factors that you're ultimately judged on. Outcomes determine whether your business is a success or afailure.
Start a Business Selling Government Surplus
Did you ever wonder what happens to all that government equipment that is purchased each year by federal, state, and local governments? They don't just throw it away! By law, all unused and out-dated equipment must be sold back to the public at a public auction! That's right. Everything is available to you and I the American taxpayer. There are primarily two ways that the government does this: on-site auctions or online auctions.
Cross Polination of Innovations in the Cleaning Industry
According to the latest edition of Pool and Spa news; the costs of maintaining a pool, maintenance service averages about $30.00 to $150 per month depending on competition, size of pool and area you live in. This seems similar to maintenance costs associated with cleaning of the family cars if you hire out a mobile detailing service or mobile car wash. For this reason we have been studying their industry for parallels and ways to incorporate some of their methodology, software for scheduling and other anomalies associated with that industry for ideas to incorporate into ours.
The Use of Common Stock in Venture Capital Transactions
When raising capital for a business venture, a company can either raise debt capital, equity capital or a combination of the two. Debt capital is money loaned to the company at an agreed interest rate for a fixed time period. Conversely, equity capital is money invested by owners (shareholders) for use in business operations that need not be repaid. Combinations include convertible securities which may be debt that can be converted into equity at some point in the future.
PTO; Justification of the Means and the Ends
Some would say about certain issues that the means do not justify the ends. Well more often the ends do not justify the means. For instance if you are trying to accomplish something and know that if you do use the most approved PC methods then you cannot get to the desired results, but use those methods anyway as to not appear to offend anyone, then in the end you offend everyone by wasting their time and by failure of the project.
Enterprising Route is to Go Your Own Way
DON'T talk to me about education for entrepreneurs. They're pouring far too much public money into it already - not counting the millions some well-known Scottish entrepreneurs are prepared to waste on it.
How to Be an Entrepreneur and Keep Your Sanity
Define for yourself what an Entrepreneur is:
Motivation and Commitment
Why do people start small businesses? The most frequently cited motivation for business start-ups is to allow the entrepreneur to achieve independence; money is secondary. Is this surprising? The other reasons named most often are that an opportunity presented itself, a person took over the family business, or the person simply wanted to be an entrepreneur. Identify your motivation.
Online Women Entrepreneurs Need To Pace Themselves
Saving time means pacing yourself, being organized, and always prioritizing your duties, responsibilities and efforts.
Ex-Yankee Pitcher Pitches Barter As Powerful Business Tool
Mission Viejo, CA - June 14, 2005 - Bob Meyer, a former major league pitcher in the 1960s who signed four-consecutive major league contracts with the New York Yankees, is now the most visible spokesman for the worldwide commercial barter industry.
Secret Revealed In The Business Code
? Beginners often rush into business without any planning.
How to Start a Franchise
The Fear Factor
I recently conducted a lil' survey asking my colleagues what were their biggest fears when thinking about starting a business or running their business. The following are the top three fears that resulted from my survey and some ways to combat them.
Prescription for the Future and Technological Revolutions
The world sure has changed in the last two-decades hasn't it? When I started out in business, there were no cell phones, fax machines, computers, etc. And I am not that old, having just retired at age 40. Indeed, in the better part of two-decades everything changed. And it is still changing and moving along. What will the next two-decades bring? You can probably figure it out with a little thought and watching the trends, new discoveries and think of what kinds of things the military, health care, entertainment and government industries will want. I recommend this book which foretold much of what we see now about a decade before we had it:
Compensating for Your Entrepreneurial Style-or Lack of Style
I recently took an entrepreneurial quiz which evaluated my answers and informed me I would do best as a hired hand! So why am I a successful home business owner? Because I've learned to fill the holes in my entrepreneurial style, and compensate for my deficiencies.
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