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Thursday, April 5, 2012

Entrepreneurship 101: Are you Ready?

You’ve decided that you want to own your own business. You’ve got a great idea you’re sure will take off, and you’re pretty sure you have what it takes to become an entrepreneur. Whether you’d like to run a company on your own or with partners, your goal is to be a successful entrepreneur, and being a successful entrepreneur often depends on being prepared in a few key areas.
No matter what business you plan to start, working through these critical areas will vastly increase your chances for success. If you’re lacking in any of these areas, you might not be ready for the world of business ownership. So, review the list below and make sure you’re prepared to take on the challenge of entrepreneurship and realize the success you’re striving for.

Choose Well - Spend an adequate amount of time deciding exactly what kind of business it is that you want to get involved in. Of course you want to choose one that can make you money, but it also needs to be something that you truly enjoy. It’s also a good idea to go with something that you already know a lot about or can easily research and gain the understanding required to run your own business. Choosing an Internet based business is a great choice because they’re often very low cost and have high growth potential.

Remember the Money – Once you’ve decided on the type of business that you’d like to start, it’s time to figure out how to fund it. This may include getting a line of credit or perhaps even an SBA loan. You will need to bring any frivolous spending to an end as well. Of course there are plenty of success stories that include bootstrapping, so you might not need a ton of money, but this element is not something to overlook. After all, statistics show that the majority of business failures are the result of a lack of funds.

Find Customers Fast – It’s best to do what you can to land customers as early as possible. There are a couple of reasons for this. The first is obvious – money. The second, and actually more important reason is that new customers can give input which will help you build your products and services into something they would be interested enough to buy more of or even pay more for later. Customers can help us to build amazing products just by engaging them and listening to them. So think about where you’ll find your first customers and be ready to sell to them as quickly as possible.

Be Ready to Work – Working your butt off is the only way your new business will be as successful as you hope it will be. This doesn’t mean you can no longer have fun or that you should ignore your family. This is the time when you need to make like a Super Hero and do it all!  Others do it all the time, so you can too!

Check your Commitment – This is one key that most successful entrepreneurs site as most important to their success. Make sure you’re ready to go into this venture full-force. Stick with what you’re doing, even at times when you’re asking yourself if it’s all worth it. Backing out at the first (or tenth) sign of difficulty can be an epic mistake. Be prepared to stick with your new venture through good times and bad times.

Consider Partners – While many entrepreneurs prefer to work alone, having other people on board can benefit you immensely – especially if they’re more experienced or have skills you don’t possess. Consider bringing on a good, solid partner early on in the process. Leave your ego behind and realize that a small piece of something larger is so much more valuable than a larger piece of something that is small – or worse yet, non-existent!

Of course there are never any guarantees in business, but by being prepared in these areas, your new business will stand a much better chance at success. What else does a new entrepreneur need to be ready for? Share your experience in the comments and on our Facebook page!

Source: http://www.youngentrepreneur.com/blog/entrepreneurship-101-are-you-ready/

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