Are You Up to the Task of Achieving Entrepreneurial Life?
Being an entrepreneur can be very appealing. But not everyone can become a successful business person. One of the best options for becoming a successful entrepreneur is by working at home through a home-based business.
To begin, you objectively need to evaluate your strengths and weaknesses
After the self-evaluation, you should be able to determine if you can manage your own online business. But remember, self-appraisal can be a difficult task, meaning we might consider counseling from an experienced entrepreneur to give us the complete picture of our true potential in this regard.
Aside from the evaluation process, you must know how to plan, administrate a business including managing, organizing, staffing, budgeting, maintaining accounts, marketing, planning, and a large list of other duties required to assure business success. These are your responsibilities as an entrepreneur. With you, the “Buck Stops Here!” You should be comfortable working alone when required since you’re now the boss and all business decisions will be made by you.
Is running your own business easy, without any problems to overcome?
Some Internet gurus love to preach how easy it is to run an online business when you follow their sales funnel or business plan. Well, don’t believe it! You’ll have to deal with certain business problems, risks, bills, payroll, taxes, public relations, and they always seem to be just at the door, some annoying issues to deal with. You can’t eliminate such risks and problematic issues because they simply go hand in hand with any business undertaking, both for online and offline businesses. That’s just a fact of life.
I imagine some readers of this article might think they can emotionally deal with all this. As a business consultant, I’ve counseled many business owners on how to deal with serious issues that they felt overwhelmed about. That word ‘overwhelmed’ can be the primary factor many aspiring entrepreneurs are unable to calculate and foresee in their managing their new business.
However, you can reduce the risks that you’re bound to deal with in the future by gaining as much business education as possible before you start your new enterprise, and line up your “team” for having that support group that will have your back when needed.
I’m referring to your accountant, attorney, business consultant, banker, etc. The time to build your group is in the beginning when you are forming your new venture. It can be a frightful experience if you face a critical business issue that you need help with but don’t know where to turn for assistance. This can be very daunting indeed. In my early business days, I had to go through several consultants before I had a reliable competent backup team. This time delay can be quite expensive both in a financial and emotional loss.
Entrepreneurs must be self-starters
Organizing your time can be a difficult task, but if you want to run a home-based online business, you should be able to manage it effectively. Working at home has its challenges. Do you have young children needing constant attention, or friends that constantly stop by or call you regularly to simply pass the time?
Remember, you don’t have a boss that you can rely on. Outside secular work automatically creates the necessary pressure to make us get up at a certain time, getting ready for work, and start our job on time. In the cases where people punch a time clock or are reprimanded for tardiness, they make it their business to adhere to their employment rules.
You should have and need that same responsible pressure to work your business on a reasonable schedule. The work must be done on time. You may still be in your PJs and having breakfast while at your computer or on the phone.
But there are certain business imperatives you must adhere to regarding operational procedures. Treat your business as a real job. That’s the bottom line. This is your business, and you have to be responsible for it at all times.
Are you up to the task of dealing with a hugely diverse group of people?
Running your own business could mean that you have to deal with different kinds of persons. You will surely encounter demanding customers, moody vendors, and unreliable staff. To become a successful home-based business entrepreneur, you should know how to deal with them individually. You should know the quirks of every person that you encounter so that you can address them and the situation correctly. Are you up to the task?
Running an online business reveals much about your attitude and character.
According to some experts who conducted researches about the characteristics of entrepreneurs, there are certain traits that an entrepreneur should possess. As mentioned earlier, entrepreneurs are risk-takers, self-starters, and know how to deal with different kinds of people.
My definition of an ‘entrepreneur’ is an “individual willing to take calculated risk to achieve personal and financial business success.”
Those traits and characteristics alone are not enough. Another quality that you should possess is being an excellent decision-maker. Since you’re the boss, you should be able to make quick yet effective decisions. Some situations are filled with stressful pressures, inadequate resources, and a host of other issues, but despite all this, you still need to make informed and wise decisions. As the owner of your online business, you have no one else to rely on when it comes to business-related decisions.
To be an effective online business entrepreneur, you must have considerable energy and superior work ethics. Owning an online business may mean working late hours and on the weekends. However, you must deal with these tasks even if they may seem daunting at the time. View them as challenges and strive even harder to achieve them to the best of your ability. Your efforts will likely be rewarded once you see the profits rolling in.
If you are already aware of the responsibilities required of an entrepreneur, then you are equipped to assess your potential success in the online business world. Working at home through a home-based company requires dedication and hard work.
In conclusion, “Look below the surface of the water, before you dive in headfirst. You don’t want this act to be your last hurrah.” Bob Maverick Stanford