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Are you ready for entrepreneurship? |
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Written by Editor
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Monday, 08 August 2005 |
Are you ready for entrepreneurship?
Becoming an entrepreneur is an important step to take especially because of the need to remain flexible and patient in the ever changing, unpredictable nature of business. One of the important things to carefully examine prior to launching into this arena is whether you would be a successful entrepreneur. Attributes of a successful entrepreneur
- Must be a self-starter
- Must be able to work with various personalities
- Must be good at making quick, independent decisions, even under pressure
- Must have the physical and emotional stamina to run a business, including working long hours and high-stress, fast-faced situations
- Must plan and organize well because good organization can often help a business owner avoid pitfalls
- Must have a strong enough drive to sustain you during slowdowns and periods of burnout.
- Must ensure that family members will understand what to expect—that the business will take up most of your time and that there might be financial difficulties until the business becomes profitable.
In order to build and maintain a small business, the business owner needs to be cautious, patient, has to use discretion, and has to be in control of the all over business plan. Michael Ames writes in his book, Small Business Management, that small businesses fail because of lack of experience, lack of funds, poor location, poor inventory management, investing too much in fixed assets, setting up poor credit arrangements, using business funds for personal reasons, and unexpected growth. Gustav Berle echoes Ames’ factors and adds two more—competition and low sales.
While there may quite a few drawbacks and fears to starting your own small business, there are also a lot of advantages. A small business owner will be his or her own boss; the work and the hours you put in directly benefits you, instead of giving extra profits to someone else; there is greater earning and growth potential; a new venture is exciting in addition to being risky; and it will provide a never ending challenge and opportunity to continue learning. |
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Last Updated ( Monday, 08 August 2005 )
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