So, You Want to be an Entrepreneur

During our life time, many of us want to break the chains and venture out on our own, become independent, and work for ourselves.  We are taken in by the allure of having the freedom to choose our hours, maybe golf a couple of times a week.  How hard can it be?

The reality is, approximately 75 – 80% of new businesses fail within three years.  We have all seen a business open and close its doors in a matter of months. There are many reasons for this but the over-riding factor is lack of sound preparation.  You need to have good market research, know your competition, and have adequate money reserves to meet expenses, personal and the business, for at least six months.

In my experience passion is the number one ingredient for business success.  Without it you likely will not have the tenacity to power through the obstacles you will encounter, and there will be obstacles.  Unless you enjoy what you do, it will be difficult to remain focused in times of adversity.

The needs and wants of the customer or client determine the direction of the business.  It may not be where you planned or thought you were going, but you had better pay attention if you want to retain your market share.  Get to know your customers!

You are the face of your business. You display your ethics and values, no matter where you are.  It is a double-edged sword.  You advertise your business wherever you go, but the message had better reflect well on you!  The temptation to post a rant on Facebook or respond to that idiot in the letters to the editor are best ignored.  Always present a positive face to your business.

Since you are always representing your business, take advantage of it and carry business cards wherever you go, have vehicle signage, wear your logo on clothing.  Network in the appropriate places to meet with your target market.

It isn’t easy, but it is worth it if you have the passion to succeed!  What might you do?

As always, feel free to share this post giving credit to the author.

About laurencerumming

Background in business management, in particular human resources. Business Management Certificate, Certified in Myers-Briggs Type Indicator®, and Strong Interest Inventory®. "Our passion is to raise the potential of organizations and individuals through the understanding of human interaction in the workplace and in life."
This entry was posted in Believe and Succeed Life Coaching, Business Coaching, Business Planning, Clients, Coaching, Communication, Community Futures, Customers, Elephant in the Room, Elephants, Entrepreneurs, Marketing, Networking, Sales, self-employment and tagged , , , , , , , , . Bookmark the permalink.

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