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Fundamentals of being an Entrepreneur....

Innovation is the specific instrument of entrepreneurship... the act that endows resources with a new capacity to create wealth.

Peter Drucker, Innovation and Entrepreneurship, 1985

Let's assume that you want to open a restaurant because, apparently you are great in your kitchen, and all your friends insist that the world should have access to your culinary talents. But what happens if you are not blessed with people skills? Well, folks the restaurant business is first and foremost, a people business. If you don't enjoy interacting with them, you better take a hard look at catering.

 Get the idea?

Various members of family have been involved with restaurants, manufacturing, real estate, insurance, building, printing, and consulting, among other businesses. To be sure, each one of these ventures that proved successful involved a loving relationship.

Playing ostrich when preparing for business ownership normally results in a death sentence. In order to achieve success as an entrepreneur we must first know ourselves. This is the first step. The Focus for Emerging Entrepreneurs helps prospective entrepreneurs know themselves better “before” leaping into business ownership. 

Getting free from dominating bosses and the possibility to make your own decisions is one of the lures of starting your own business. As attractive as it looks, not everyone is suited for self-employment. Before you go ahead with any plan to start a business it is important to take a close look at yourself and ask yourself some important questions.

 1. Capital Recourses and backup?
It takes money to make money, even if it is only a home business. Make sure that you have enough funds to equip yourself and begin marketing before taking the plunge. Also, don't expect to make a lot of money in the early stages of your business. You will need to set aside enough money to provide for you and your family during the initial start-up period for your business. Consult with other similar businesses and find out how long it took them to become viable.

 2. Are you an independent soul?
This is the key quality that separates an employee from and entrepreneur. If you need to wait around and be told what to do, then you would find it easier to get a job with a company rather than to launch your own business. On the other hand, if you are able to think of an idea and carry it out without prodding from someone else, then you may be able to succeed in your own business.

 3. Are you willing to work more than a standard 9-5 day?
When you work for someone else you are contracted to work a certain schedule. At the end of the day, you can often able to just forget about the job, go home and relax. When you have your own business you carry a load of responsibility on your shoulders and you will often end up working longer hours than a normal salaried employee. If you like what you are doing and if your business is financially rewarding then you may not mind putting in a lot of extra hours and working when other people are resting. Once again, there is no "right" or "wrong" here. It is just a question of looking deeply at yourself and finding out what you are best cut out to do.

 4. Is your family ready to back you up?
You may have a great idea for your own business, but before you begin you have to see if your family is ready to support your ideas. If you start your own business there may be an element of risk and an increased demand on your time. Owning your own business and having a lot of responsibility can also be very stressful. It is crucial that your closest loved one, the ones who share your life, also share your vision and will provide the emotional support and understanding that you need in order to be successful.

 5. Are you passionate about the business that you want to set up?
In order to be successful in your own enterprise you will have to be self-moving and you may have to work harder than an employee in someone else's firm. If you do not really like what you are doing you will find it hard to get the inspiration and drive that is required for such a task. Choose an activity that you know something about and choose an activity that you enjoy doing. The ideal business would be one where you have some prior knowledge and something which you enjoy doing.

If you do possess the qualities of an entrepreneur and really have a good idea backed by adequate capital and expertise, then starting your own business may be the best thing you will ever do.

By:

Preeti Darbari
copywrite : Preeti Darbari