- Good Health, High Energy
- Communication and Listening Skills
- Willingness to Work Hard
- Why do you want to start a business?
- What Special skills, experience, and knowledge do you have?
- How's your personal financial health?
- Do you have a mentor or advisor? Can you get one?
The Risks of Entrepreneurship
- Failure: Can you bear the emotional and financial risk of failure?
- Long Hours: 60 to 70 hours per week is normal
- Family Strain: Potential strain on relationships because of long hours
- No Regular Paycheck: How will you support yourself and your family?
- No Health Benefits: No employer provided health coverage
- Isolation: You'll be working by yourself much of the time
- Debt: you may have to take o additional debt.
- Responsibility: Everything may rest on your shoulders
- Stress: New emotional, financial, and physical pressures.
The Rewards of Entrepreneurship
- Success: You'll be able to support yourself, and hire others!
- Independence: You get to be your own boss
- Learning: No matter what happens, you'll have valuable new skills and knowledge
- Self-Respect: Few things are as rewarding as succeeding through your own talent and hard work.
- Recognition: It's always nice to be noticed... and it can lead to new opportunities, too!
- Family Benefits: You'll have something special to leave your children.
- 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.
- Poor management
- Poor cash flow management
- Don't listen to customers
- No Business plan
- Don't set prices appropriately
- Don't ask for help.
Why Do Businesses Succeed?
- Careful planning
- Clear focus and purpose
- Offer a unique product
- Understand customers' needs
- Sell at the right price
- Seek and follow expert advice
- Get help when necessary
- Understand industry and competition
- Do regular bookkeeping
- Know how to keep existing customers, and get new ones.
- 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