What Does it Take to Be Your Own Boss?
By: Professor Stephen Onu.
Are you
thinking of starting your own business venture? Entrepreneurship can be a
rewarding and fulfilling experience with an opportunity to be your own boss,
set your own agenda and schedule, and make a decent living doing something you
enjoy. However, successful entrepreneurship requires thorough reflection and
market knowledge, in-depth planning, creativity, hard work, and determination.
Do you have what it takes? Let’s look at some of the characteristics and skills
commonly associated with successful entrepreneurs.
■Risk-taking Attitude:
Running your own business involves a certain degree of uncertainties. By
definition, entrepreneurship is about responding to business uncertainties. Do
you enjoy the thrill of taking calculated risks? Or are you the type that
avoids uncertainties and likes to have full control of all activities?
■
Self-reliance: Entrepreneurship can be very lonely and you have to make a
lot of decisions on your own. The ability to trust your instincts is essential.
You also cannot be afraid of rejection every now and then.
■Persuasiveness: Effective
entrepreneurs are persuasive. If you cannot persuade your customers, employees,
investors, or partners, you may find entrepreneurship to be challenging. The
ability to sell your ideas with ease is fundamental to bringing people on board
and closing deals. If you can persuade, you can sell.
■Ability to Negotiate:Due to the constraints on your business (time
and money), you have to know how to negotiate for everything – from leases to
contract terms to rates. Effective negotiation skills will help you save money
and keep your business running smoothly.
■Creativeness: Are you able
to think of new ways and ideas? Can you imagine new alternatives and creative
ways to solve problems? Entrepreneurs must be able to think creatively to
survive given the level of competition and limited resources. If you have
insights and the ability to respond to challenges creatively, entrepreneurship
may be a good fit for you.
■Plugged into a Support System:
Starting a business can be very stressful, lonely, and frustrating. Be
sure you have a strong support system in place.
As a business owner, you will make many important decisions, especially
within the first months of opening. A
key support person is a business mentor. A business mentor is someone who is
experienced, successful, and willing to provide advice and guidance.
20 Key Questions
for Start-up Business Owners
1. Why am I starting a business and what are my motivations?
2. What kind of business do I want and why?
3. Who are my ideal customers and how do I know them?
4. What products or services will my business provide and
what gap am I filling?
5. Am I prepared to make the level of commitment and spend
the time and money needed
to get my business started?
6. What differentiates my business idea and its products or
services from others in the marketplace?
7. Will my business be based on-ground, online, or both?
8. How many employees will I need in year one?
9. What types of suppliers do I need in terms of
partnership?
10. How much is my initial investment? (Are you assuming, or
do you really know?)
11. Will I need to get a loan from a bank, friends, family,
or investors?
12. How quickly can I bring my products or services to
market?
13. When is my break-even point and how long will I wait
before making a profit?
14. Who is my competitor and do I know my competitor
well?
15. What is my pricing structure compared to my
competitor?
16. What is the legal structure of my business – sole
proprietorship, S- Corporation, LLC?
17. What taxes do I need to pay, to whom and when?
18. What kind of insurance do I need – comprehensive or
limited liability?
19. How will I manage my business and what is my
organisational structure?
20. How will I advertise my business and do I have a
marketing plan?
By: Professor Stephen Onu. Virginia International University, School of Business USA.
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