Thursday, March 20, 2008

You want to become a business owner? Read on...

Traits of Successful Entrepreneurs

  1. Passion
  2. Persistence
  3. Good Health, High Energy
  4. Communication and Listening Skills
  5. Creativity
  6. Self-Confidence
  7. Willingness to Work Hard

Personal Assessment

  1. Why do you want to start a business?
  2. What Special skills, experience, and knowledge do you have?
  3. How's your personal financial health?
  4. Do you have a mentor or advisor? Can you get one?

The Risks of Entrepreneurship

  1. Failure: Can you bear the emotional and financial risk of failure?
  2. Long Hours: 60 to 70 hours per week is normal
  3. Family Strain: Potential strain on relationships because of long hours
  4. No Regular Paycheck: How will you support yourself and your family?
  5. No Health Benefits: No employer provided health coverage
  6. Isolation: You'll be working by yourself much of the time
  7. Debt: you may have to take o additional debt.
  8. Responsibility: Everything may rest on your shoulders
  9. Stress: New emotional, financial, and physical pressures.

The Rewards of Entrepreneurship

  1. Success: You'll be able to support yourself, and hire others!
  2. Independence: You get to be your own boss
  3. Learning: No matter what happens, you'll have valuable new skills and knowledge
  4. Self-Respect: Few things are as rewarding as succeeding through your own talent and hard work.
  5. Recognition: It's always nice to be noticed... and it can lead to new opportunities, too!
  6. Family Benefits: You'll have something special to leave your children.
  7. FUN: You can make money doing something you really enjoy!

Why do Businesses FAIL?

The top two reasons are Poor management and Poor cash flow.

  1. Poor management
  2. Poor cash flow management
  3. Don't listen to customers
  4. No Business plan
  5. Don't set prices appropriately
  6. Don't ask for help.

Why Do Businesses Succeed?

  1. Careful planning
  2. Clear focus and purpose
  3. Offer a unique product
  4. Understand customers' needs
  5. Sell at the right price
  6. Seek and follow expert advice
  7. Get help when necessary
  8. Understand industry and competition
  9. Do regular bookkeeping
  10. Know how to keep existing customers, and get new ones.
  11. Understand cash flow management.

The above information: was Prepared by NxLevel Guide for Micro-Entrepreneurs. I use the above information in my lectures and I teach through A New America Community Corporation

No comments: