Planning to start your own business: Do you have what it takes to become an entrepreneur?
Search within yourself if you are ready to take the plunge with your own venture. You might have been a good manager, but that does not ensure that you would be a good entrepreneur too. Not everyone is meant to run their own business. Following is the list of factors that is generally associated with service professionals turning into businessman:
>> Can’t seem to stick to any job or get fired frequently:
>> Business runs in genes: Their family lineage speaks of business. They might have chosen to work for someone else only for a brief period to gain experience before they choose to plunge into their dream venture. Such individuals also have the tendency to walk the less trodden ways and think nothing of taking risks when required.
>> Constant restlessness dogging their step: They feel they have gone as far as possible in their career and cannot grow anymore. They feel restlessness inside themselves and are on a lookout for higher challenges that comes their way when they start their own venture. They are ready to utilize the accumulated experience and skills gathered in their career to do something for themselves rather than working for someone else.
>> Necessary expertise and skills to run a business: Although a formal education is not a must to run a business, some basic skills that are must is; the ability to manage people, time, and money. They also need to undertake various business sales and acquisitions development activities, and have the technical knowhow of their product/service. Requisite business acumen is pre-requisite to run a business and a formal education degree might help along with necessary practical experiences.
>> They dream to own their own Limo and have a lavish lifestyle: Most successful entrepreneurs have admitted to seeing their dream cars, house or life much before they worked hard to make it possible. Basically this works as Rocket propellers for them and they are not easily bogged down till they own their dream one day. These are the people who know that a job simply might not let that happen or happen fast enough to suit them and thus they would be more inclined to setting up their own business.
>> They have a well placed family support system in place: To become an entrepreneur requires great deal of grit, determination, loads of hard working and sacrifices during the initial years of setting up the business. It is easier for people to strike out when they have an alternative source of regular income in the family, through a spouse or guardian or well placed financial nest egg for at least the first 2-3 years of starting their business. It is very tough to achieve success alone, without the proper family and financial support systems in place. The starting years are lean and tough. Most of the income generated needs to be ploughed right back into business, without much left over for personal support and comfort.
>> Good networking system and right help: No business can survive without a good networking system and expert help in place. Nobody can be an expert in all areas of business. One needs the right contacts in place, along with expert help in the form of good employees or consultants to help them overcome the various hiccups faced during running a business.
>>Self motivation, energy and determination to succeed: Last but not the least, an entrepreneur must have large amount of self motivation to bear the ups, downs and the lulls in business. They never shy away from hard work and have a positive outlook towards future along with high energy levels, time management skills and sheer determination to succeed.
The above points might work for self-assessment before one makes up a decision to plunge into business.
I've been thinking about buying a business. I know I'm ready for it, but I'm not sure where to start my search. Any suggestions? Thanks
hi jess,
Yeah would love to help you out, but would need some more details to try to guide you in the right direction. If you are really serious about buying your own business, or even need to talk it out with an expert to get things sorted out you can send your details at mark@sunbeltne.net. We are business brokers located in New England and catering to entire USA. Sunbelt is the largest business brokerage in US with +300 office within US and located in 9 other countries. Our speciality is helping small business enterpreneurs. So just email your details and you can talk to our experts who will be glad to help you sort our your problem. You can also browse our website www.sunbeltne.com to research on your own. Hope this can prove helpful. All the best!
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