Posted December 3rd, 2012 by bbsadmin & filed under General Business, Motivation.
If you want to start your own business, here are some things to think about:
1. Real entrepreneurs get rid of the 9 to 5 mentality
ClockSome people live is fantasy land imaging long vacation and cash to spend on the “good things in life.” Real entrepreneurs understand that while they have unlimited potential, they do have limits in the actualization of their potential. You have to work hard and smart. If you have worked for someone else, it is a very different ball game than working for yourself. You were probably able to look at the clock at about 5pm on Friday and have a small mental celebration thinking, ”I’m done!” – some weeks more than others. As an entrepreneur, you don’t have the same perk. You may have accounting matters that you need to attend to, inventories, payroll, tax, repairs, search engine optimization, marketing plans, and the list goes on. In short, as an entrepreneur, if something needs to be done and there is no one else to do it, you are the one who is going to do it. You can expect some late nights, early mornings and unexpected situations which require immediate attention. If you want to be a real entrepreneur, you must be willing to go beyond normal time constraints.
2. Aim above and beyond the status quo
Real entrepreneurs know that the market is competitive and that anything lower than a superior product or service is going to drive them out of business. They hate being considered average or doing the minimum; this would be too boring and unfulfilling for them. They don’t want their business to be like everyone else’s. If you are a real entrepreneur the status quo will not be your benchmark. You will have higher expectations than the average business owner in your sphere.
3. Real entrepreneurs have a strong drive for achievement
Entrepreneurs are not slackers by nature. They tend to be considered overachievers by their peers. If this describes you then welcome to the club. According to Northeastern University’s School of Technological Entrepreneurship, “innate drive” was the“number one motivator in starting [a] business” according to 62% of participants (Entrepreneur.com). It is not enough for you to love making cookies, bookkeeping, writing binary code, or repairing air conditioning units; real entrepreneurs develop a strong unquenchable competitive drive to achieve goals in general. No business has entitlement to getting or keeping customers. In most cases consumers have a choice between you and several other businesses. If the other business owners you are competing against love what they do just as much as you, it is obvious that your passion for your business will not be sufficient to compete. You must have enough drive to make your business the most appealing of its kind.
4. One step ahead of the crowd
Real entrepreneurs see how everything can be improved. They finish what they have started, but have an idea for the next step before they are finished with the first. They look at everything as a possible opportunity and recognize value when they see it. They see the world as a puzzle and know that when the correct pieces are put together they help people and get rewarded by making a profit. If you are a real entrepreneur you will have your eyes open for opportunity constantly.
5. Real entrepreneurs know the art of selling
As an entrepreneur you have a lot to sell to a lot of people starting with your idea. In fact that may be the very essence of all that you sell. You have to convince lenders that your idea is strong enough to produce profits and convince them that you are credible enough to repay them. You must sell your idea to your customers in order to get them to feel strong enough about it to put down their money. The most important part of selling your idea is selling it to yourself. If you are unable to convince yourself, you will not convince anyone else. Selling is what keeps a company alive and if you are not a good salesperson, you are unlikely to successfully keep your business running. Real entrepreneurs become masters of selling. They develop their skills and don’t shy away from opportunities to sell their ideas.
6. Real entrepreneurs manage risk
When starting up a business, risk comes with the territory. There is a lot on the line. Some of these risks include:
Financial risk: can you pay your debts and other obligations?
Market risk: what happens when the market goes awry?
Risk of reputation: can you deliver what you say you can?
Litigation risk: what if your product or service causes harm to others unintentionally?
Real entrepreneurs are able to find these risks in advance and plan for them. They understand that the real world does not always reflect what is in the triskextbook. One of millions of random events could happen to you at any time. A drought could leave you without a specific ingredient, your main supplier could go out of business, or unemployment levels could go up leaving the market with less discretionary income. Real entrepreneurs do what they can to prepare for and manage risks.
7. Real entrepreneurs are careful planners
Real entrepreneurs are able to prioritize. They decide what they want and figure out the best way to get to it. It takes a good business plan to get going, but real entrepreneurs plan continuously. They adapt to circumstances and know how to work on their feet, but don’t rely on working on their feet.
Entrepreneur.com. General Small-Business Statistics. n.d. http://www.entrepreneur.com/article/81974. 8 December 2012.