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Characteristics of a Successful Entrepreneur
Testimonial
Collette Paul
STM Media
Inc. Publisher of Trade Magazines
"Be able to sustain a
financial commitment to whatever
business you start."
Transcription
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Guts: Guts means you must have an
entrepreneurial instinct, which is an overwhelming
desire to have your own business. You must have the
guts and dedication to be completely devoted to
your goal. Incidentally, devotion to your goal is
much more likely if you have a love for your
intended business. Life is too short to start a
business that doesn''t give you satisfaction and
joy. And, through good times and bad times, you
will stick with something you love.
Brains: While appropriate
educational credentials are important,
entrepreneurial "brains" means more than
scholastic achievements. To become a successful
entrepreneur, you must have a working knowledge
about the business you plan to start before you
start it. Common sense combined with
appropriate experience is the necessary brainpower.
Prudence, follow through and attention to detail
are very important.
Capital: You will need seed money
of your own plus sufficient cash to maintain a
positive cash flow for at least the first year. In
a future session you will learn how to forecast
future cash requirements through cash flow control.
Many businesses can be started on a very small
scale with a small investment. Then, as the
business grows and you gain experience, cash flow
from your business can be used for growth. In some
cases you don''t need starting capital to hire
other people because you might start by doing
everything yourself. The "do it yourself"
start is a good way to learn everything about your
business and also makes you better qualified to
delegate work to others later on. You cantrol
your risk by placing a limit on how much you invest
in your business.
Step-by-Step
Approach
Testimonial
Transcription
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Decide if
you really want to be in business:
You will be putting some (not all, hopefully) of your
net worth at risk. You will run the risk of becoming
eccentric, meaning creating a life that is out of balance,
with working hours taking away from other family or
pleasurable activities. There may be levels of stress you
have not experienced as an employee.
Decide
what business and where:
Once you have decided you have the characteristics of a
successful entrepreneur and that you definitely want to be
in business, then you must decide which business is best
for you and where to locate that business. Selection
strategy is covered later on in this Session.
Decide
whether to start full-time or moonlight:
There are some interesting advantages and some pitfalls
in starting as a moonlight business. (That is, a business
you start in your off hours while still working at your
current job.) More often than not, the advantages of
starting as a moonlighter outweigh the risks:
You avoid burning your bridges of earnings, including
retirement, health and fringe benefits and
vacations.Your full-time job won''t suffer if you maintain
certain conflict of interest disciplines, including
compartmentalizing your job and business into completely
separate worlds.You can avoid conflict of interest with your job by
choosing a business that is appropriate for moonlighting,
such as: single products, real estate, specialized food,
e-commerce, direct marketing or family-run
operations.There are great advantages for operating a family
business. The family can run the business while you are
at work. You have a built-in organizational structure.
You can teach your kids the benefits of being in
business.
But there are also some pitfalls to consider in starting
a moonlight business:
There is a temptation to spend time at your job
working on your moonlight business. That is unfair to
your employer and should not be done under any
circumstances. (You may need a family member or some
trusted person to cover emergencies when you are at your
job.)Another problem may be competing with your employer,
which, again, is not right. Think of how you would feel
or handle this employee if you were the boss.Any kind of conflict with your regular work can
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