Am I an entrepreneur?   

If you are the type of person who likes to work for yourself instead of working for somebody else, or if you like to organize business ventures with the intention of making money you are an entrepreneur. Not everyone that gets in business for himself succeeds. Some people think that a good idea for a business is enough to make money and that if they decide to do it they will get rich. Unfortunately it does not work like that. 

More than 50% of the new businesses do not survive more than 5 years and one of the reasons why this happens is the lock of knowledge on how to operate a business and a missing market research. Many entrepreneurs had good ideas and got rich; others had a good idea and they failed. If you come up with an idea of a unique business and decide to put it in practice, make sure you get ready to start before you do. It is not a bad idea to try to learn from the mistakes that others made. Make sure you research the feasibility of the venture you are trying to create because you may learn a lot in the process. 

To start, you most first make sure you got what it takes. An entrepreneur most have the spirit of a sales person and should be willing to deal with people. If you are not afraid of rejection and can deal with failure you may have what it takes to start your own venture. You most be willing to scarify a lot of hours working in your project with out knowing if it is going to work for you or not. If you enjoy dealing with people or putting ideas to work, you have a better chance to succeed. 

Also, you most have an idea and be able to put it in practice. Not every entrepreneur has a unique idea. Some new business owners decide to start their new venture with a franchise. If it is what you want to do, make sure to do your homework right. Sometimes you may think that a business is going to work and you think about the different scenarios to put in practice. You may even have a calculation of the flow of cash that you will be getting but, donít get confused; it does not work like that. You most create your own business even if it is a franchise. Market research is a key point. You need to make sure there is a need for your product or service in the area in which you want to work. 

The financial part is another think you want to look at when making your business plan. You need to make sure you can afford to start the business right away or if you are going to need to raise money to keep going with your business idea. If you can not start with your own money, can you get financing? You most visit your bank and other financial institutions after your business plan is in writing. In order for you to get money from any financial institution you most prove that your business could be profitable because if you donít you may have to put some of your personal assets in the line to get the needed money to start. 

If you have a job and are tired of it, it does not mean that you are an entrepreneur. Try to get some knowledge about how business work before you leave your job. You could buy books and research the internet. Visit business web sites that could help you decide like Research businesses options and look at options that you could start while you are still working. After doing all of this you may find out that you rather look for another job instead of going on business for your self but, if you think that you have what it takes great!. This country needs more people like you because they are the base of the economy. In this country thousands of businesses are created every day. Those businesses create new jobs and help the economy. The USA is made with entrepreneurs like you! Good luck in your new venture!


Back to Articles Corner


Useful links: citizenship Test, The constitutuion, US President, Bill of Rights



web counter