EIGHT ESSENTIAL ENTREPRENEURIAL TRAITS. 30 ENTREPRENEURIAL QUALITIES CHECKLIST. 12 Reasons WHY YOU ARE STARTING YOUR BUSINESS?

October 28, 2011 by · 1 Comment
Filed under: Entrepreneurship 

Are You Ready to Be an Entrepreneur?
Welcome to the wonderful world of entrepreneurship, one of the leading global trends. What an exciting opportunity to explore your creativity, be your own boss, and build a little gold mine—you hope. It is an exciting challenge, a whole new world of doors and knowledge opening for you. If you do it right, being self-employed can be the most rewarding experience of your life.
It’s hard work though, taking commitment, dedication, constant learning, and persistence to succeed. With the proliferation of home-based businesses over the last few years, some believe that you can sit in your pajamas and make a bundle. That idea is a fallacy. Whether you are home-based or operate out of a  storefront, being your own boss requires you to take your business seriously and work to maintain disciplined routines and deadlines.
The failure rate for small businesses is high—in the first few years, it is as much as 80 to 90 percent. The first two years are traditionally the most difficult. You have to establish a client base, an effective marketing plan, viable products or services, and a reputation within your community. This all takes time and patience.

So where do you start? Take a look at what is involved in being an entrepreneur so you can better assess whether or not you are ready. When you read about entrepreneurs who are considered successful, they don’t talk about money as the focus of their success. Instead, they talk about achieving a balance in their lives, freedom, passion, happiness, excitement, achieving goals, helping others, hard work, and focus.

EIGHT ESSENTIAL ENTREPRENEURIAL TRAITS

Do you have a real entrepreneurial spirit? Are you:

1. A risk-taker: Usually taking calculated risks, entrepreneurs will not hesitate to seize the moment and run with their intuition.
2. A decision-maker: The word “procrastination” does not exist in an entrepreneurial vocabulary. They are comfortable with their decisions and know where they are going.
3. A dream-maker: Entrepreneurs have their dreams and are aggressive at making those dreams become reality. They don’t say “I wish,” but instead “I will.”
4. A visionary: Instead of looking just one step ahead, entrepreneurs can visualize the whole big picture, both now and in the future.
5. Driven: Because they have a vision and a dream, entrepreneurs are usually driven and motivated people who let nothing stand in the way of their goals.
6. Passionate: Consumed as entrepreneurs are by their dreams, passion plays a large part in making their dreams become reality.You can feel the passion radiate from a true entrepreneur.
7. Confident: Entrepreneurs know where they are going and why, and are confident that they will succeed.
8. Energized: Full of drive and motivated by their dreams, entrepreneurs usually have an abundance of energy and thrive on seeing each step of their dream take them closer to a reality.

 

 

YOUR ENTREPRENEURIAL CHECKLIST
Answer the following questions to determine what business qualities you already have and which ones you need to develop.

1. Are you a timely decision-maker?
2. Do you trust your intuition?
3. Do you relate well to people on all levels?
4. Can you join in a conversation in a room full of strangers and feel at ease?
5. Can you pick up the phone and ask a direct question in an uncomfortable situation?
6. Could you call a client and ask for a late payment?
7. Can you direct others to carry out your orders without being too aggressive or overbearing?
8. Can you start a project and follow it through?
9. Are you a good verbal communicator?
10. Do you like yourself and who you are?
11. Do you start each day in a positive manner?
12. Can you maintain a positive attitude in adverse situations?
13. Do you have the appropriate technical expertise for the business you are considering?
14. Are you willing to expand on these skills?
15. Do you keep up with global and financial current affairs?
16. Can you cold-call or sell yourself over the phone?
17. Do you have a sound financial knowledge of how a business operates?
18. Can you express yourself well in writing?
19. Can you work without direction?
20. Are you willing to work long, hard hours?
21. Can you work without getting easily distracted?
22. Do you understand terms such as cash flow, assets, liabilities, equity, depreciation, and working capital?
23. Do you keep legible notes and pay attention to details?
24. Do you keep appointments and arrive on time?
25. Are you usually well-organized?
26. Do you enjoy people?
27. Do you have patience with people?
28. Do you enjoy meeting new people and networking?
29. Could you keep the pressures of business away from your family life?
30. Will you continue to pursue your hobbies and interests?

 

 

WHY I AM STARTING MY BUSINESS?
Answer the following questions honestly to determine why you are starting your own business.

1. I need more money; my wages don’t stretch far enough.
2. I am depressed because I cannot find a job.
3. My work situation is unbearable—my boss doesn’t appreciate me.
4. I was laid off and feel that I am ready to be my own boss.
5. I am tired of working for an incompetent boss.
6. I can better organize my family life by working at home.
7. I have to care for my aging parents at home.
8. I want to be my own boss. I’m tired of working for one.
9. I can start a technology-based business at home.
10. I retired early and have the funds and time to explore this option.
11. I have the experience and time to research this thoroughly.
12. I have the skills, time, passion and money to start a business.

Leaving the traditional workplace
With all these challenges facing aspiring entrepreneurs, why do so many people want to leave their traditional jobs? Here are the most common reasons—and the reality behind them.

More work, less pay
Wages have not kept pace with inflation in the last few years, and in some cases, workplace conditions have become unbearably stressful for many employees. Forced to take on increased workloads through layoffs, they have worked under these stressful conditions for long periods. The pressure to have material “stuff” and to keep up with the Joneses is media-driven and relentless. Just visit any shopping mall in the evenings and over the weekend and observe North American shopaholics in action.
There comes a point for many when the measly paycheck is not worth the job-related stress. People opt for self-employment with the vision of controlling their destiny and experiencing profitable returns. If your new business is well planned, you’ll profit only after a couple of years of hard work. If you don’t plan properly, you work harder than in a salaried position and make less money.

Stress-related illness and depression
More employees are now taking stress leave, which has been recognized by doctors and employers as a serious by-product of this new millennium. Heart attacks at an earlier age are often linked to work pressures. Marriage failures are on the increase, one factor being financial problems caused by cutbacks and layoffs.
Unemployment can lead to depression. I can relate, first-hand, to the feelings of worthlessness, futility, and good old self-pity. Many people hope that owning their own business will solve their stress problem. However, being your own boss involves a high level of stress, too. You have no corporate pensions and benefits, and in most cases, no future retirement plans all good reasons for you to set practical goals for your business and plan it out in detail. Planning will help to reduce negative stress by taking the guesswork out of your new venture.

Unappreciative employers
These days, people with secure positions are considered the lucky few. Some employees are treated abominably.
Verbal abuse, sexual harassment and low wages are common complaints in today’s workforce. Financial pressures of struggling businesses are passed on to employees who are not getting the rewards and positive strokes necessary for sustained job motivation. Some corporations are now aware of these effects on employees and are taking steps to increase employee motivation, but many are not. The time eventually comes when one says, “Enough! I’m quitting! I’ll start my own business! I don’t deserve to be treated like this.”

Layoffs, downsizing, or no work
The slowdown in the U.S. economy after 9/11 was felt for quite a few years. Many businesses did not survive, as is evident in the statistics on business start-ups and closures. When Business closures far exceeded business startups, it force many into self-employment. Government restructuring and changing technology both contribute to corporate downsizing. In these situations, many people turn to self-employment as an opportunity to generate income.

Fewer opportunities for youth
For educated young people, entrepreneurship is an exciting alternative to working for an employer for minimum wage when they have maximum qualifications. Young people have much to offer our economy with their new and innovative ideas, energy, and technological knowledge. There are many subsidized programs that encourage our youth to seek self-employment as a job alternative.
However enthusiastic they may be, it is crucial for young people to be business-savvy before they make this important decision, because although they have great enthusiasm, they may lack the necessary experience.Young people often face the added frustrating challenge of not being taken seriously by adults and other businesspeople.

Incompetent employers
Experienced employees often feel that their employers are not particularly competent. Some get tired of working under these conditions, feeling that they have the experience and ability to strike out on their own. However, being an expert in one area does not constitute expertise as a businessperson. When you switch from a job with one area of responsibility—such as head of human resources—to managing all aspects of your own business, it is quite a change of wardrobes.

Family juggling and home-based businesses
Operating a home-based business has become a popular way for people juggling family responsibilities to earn an income and attend to family needs. More women are operating from home and trying to achieve a balancing act.
Many find themselves caught up in a constant struggle for time, are usually stressed, and are always “too busy.” It works for some, but it takes discipline and commitment to strive for that perfect balance.

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