Being an entrepreneur is good and very rewarding, but it's also very risky, tiring and requires much effort. Owning and running a business into a successful empire is not a cakewalk, it requires hardwork and a lot of it. But with your determination to succeed plus a passion for what you do and your persistence to keep at it even when things aren't working the way you want, you will surely succeed.
Becoming an entrepreneur is not in anyway easy but do not let that discourage you. It doesn't mean it's not achievable. If others before you can do it, so can you. To be an entrepreneur is a fantastic experience. It's adventurous, challenging and inspirating, most especially if you have got a creative and optimistic mind. You will realise the benefits so far outweigh the risks.
SOME OF THE BENEFITS OF BEING AN ENTREPRENEUR
* Running your own business afford you the opportunity to plan your time accordingly. It gives you freedom. You have the time to think, plan, relax and do some other important things and adjust your plans accordingly.
As an entrepreneur, you can plan your time to have some quiet time, get creative, and also have time for family and other things. But then, being an entrepreneur doesn't in any way means you will have a lot of time on your hand to waste. In contradict, running your own buisness will demand a lot of your time, energy and efforts. But since you are the boss, you can create time out of your busy schedules to attend to other important things apart from business.
* You don't wait for anyone before you get paid. You are the founder, the owner and you call the shot. You set the stage and ask others to come perform. You are the decision maker, the almighty boss and you run the gamut. The success or failure of the business rests on you and you can as well decide what direction you want it to take.
* A lot of problems associated with being an employee is eliminated when you own your own business but remember if you don't work hard and make profit for your business there won't be any money to spend at the end of the day.
* As an entrepreneur, if you do your job very well there are chances that you will make more money than the amount your counterparts are being paid as employees in organisations they work for.
* A good entrepreneur who knows his onions and follows the rules of running a successful business will be making more money annually than if he was at a paid job. At a paid job, your salary is fixed and your boss decides everything you do. But as the boss of your own business, your salary will depend on how many customers you are able to service or how many sales you are able to make. The higher the sales, the more the profit. The more the profit that is made, the more money for you, to pay your staff and the more you can re-invest the remaining back into the business or channel it toward other profitable ventures.
WHAT YOU NEED IN STARTING OUT AS AN ENTREPRENEUR
Most people will tell you before you can start a business you need money. This may be true to some extent but not completely true. The first thing you need is an idea and not money. Ideas rule the world.
Everything you see around you today in the man-made world was once an idea in someone's mind before it was translated into a reality. Your idea holds the key to your riches. Idea is the foundation on which other business resources are built. A fantastic idea can generate you a lot of money even without you spending a dime first.You can make your idea work for you and fetch you money. You can sell your idea to others who are ready to pay for it or someone who may sponsor/ provide the money to make it a reality.
* Once you have got an idea of what you will like to do, a rigorous research is expected of you. You are to research well into the area you want to venture into and be aware of all the benefits and risks involved. Get yourself all the needed information. You shouldn't venture into a business you know close to nothing about. You can't afford to commit your money and resources on a fruitless venture. Be sure of what you are getting yourself into. Do a thorough research, read, talk to experts in that field and then make your decision based on your findings.
* After calculating your risks and rewards based on your findings, you can then decide to go ahead. Funding will be the next thing to consider. You need a financier or you can take the bull by the horn and finance the project yourself provided you have the means, and if you do not, you can seek it from other sources. You can also look for people who would like to partner with you and make your dream a reality.
* Another thing you need is the skill, the technical know how. If the field you are venturing into is new to you, you will need to arm yourself with every information and skills needed to run the business. Go for training, attend classes and seminars or get a tutor to teach you and show you what you need to know. Competence is a valuable key to becoming successful at what you do. Empower and develop yourself. With competence, you have confident and self esteem, you know what you can do and you are confident in your ability.
Excellence in your work will set you apart from others in the same line of business. Get all the skills you need, embark on self developing and empowering programs, keep researching and learning about your new field and keep yourself updated.
* Having the managerial ability is another key factor that is required. To be at your best and ensure you don't run your business at a loss, you must know how to manage your resources effectively. Your time, money, staff and other resources are precious, you need to use them judiciously.
Time is one luxury most entrepreneurs sometimes don't have because they have got so many things demanding their attention. For you to be able to attend to all the things on your to-do list, you must arrange them according to their order of priority and attend to them in like manner.
You can't afford to spend money any how when you are running your own business especially when you are just starting. A good financial plans must be in place to manage the business finances.
It's not advisable to employ many staff at start if the business is the type you can't run alone. Only employ the needed number of people that you know you can afford and manage, and ensure they are passionate about the job like you. Don't employ those that are just after the catch, but people that share the same zeal and vision of the business with you. People who can be trusted, are competent and can work with little or no supervision.
Never think of starting out on a business journey without first sitting down to think and do a thorough research especially if you are going to commit huge amount of money into it.
......to be continued
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