It takes a lot of courage to quit your job and run up your credit cards just to start a business. Some people would even say it’s downright risky. This is all before you even know if the business will be successful or not.
It’s normal to be risk averse. It usually means venturing out of your comfort zone. Most people like staying their comfort zone. Entrepreneurs can’t stay there. They have to take some risks.
A person’s risk-taking potential is influenced by several factors, including their environment, genetics, and their past experiences. What gives one person a thrill might make another run for cover. Some adrenaline junkies out there are hard-wired to take risks. You see them climbing up the sides of tall buildings or jumping out of airplanes. Most people will take small risks if they know there is going to be a good payoff on their investment at the end.
We all have an enzyme in our brains called monoamine oxidase (MAO). This is what keeps our impulses in check. People who have a shortage of it are more likely to be risk takers.
So, to answer the question about whether entrepreneurs are risk takers… it depends. Are you someone who always chases after the “get rich quick” schemes? Are you the kind of person who takes calculated risks to make your business better? If you don’t take some risks, you’ll never know your true potential. In that sense, all entrepreneurs are risk-takers. It just depends on the degree.
You can’t be stuck in neutral for fear of making the wrong decision. You might miss the best opportunity out there.
Entrepreneurs have to make decisions every day. Make the right decision and you could become very wealthy. Make the wrong one and you could become bankrupt. It’s enough to stress out the calmest of us. It’s always going to have some uncertainty associated with it. If we could predict the future we would all be rich.
A good entrepreneur will learn from the bad decisions and correct them quickly. They will also be less likely to repeat the bad decisions. And they will learn to trust their gut to figure out the right path.
Copyright (c) 2010 Julie Austin…
Millionaire Internet tycoons know exactly how to make money online. They’ve made it their business, and that’s how they made their millions. These are habits that are either innate to them, or ones they picked up along the way that led to their wealthy state. Below are 10 of them.
1. Develop A Stellar Plan
Without a stellar plan to start your business, your business will fail. It will fall flat on its face. Start with a well-thought out plan. Consider what your ultimate goal is and create sub-goals, along with tasks. Break down your plan to daily activities. Schedule in your planner and complete them.
2. Are Gregarious Goal Setters
In setting up your business plan, make sure you gregariously set up goals for yourself and your business. Don’t think small. Instead, think unreserved. In all your goal-getting, add ones that you only dreamed of. It is said that if you don’t write down goals, you’ll never achieve them.
3. Are Calculated Risk Takers
Being a calculated risk-taker is critical to becoming a millionaire. If you stay in the safe zone, you may make money, but not at the rate you will if you take calculated risks. Calculated is the key. If you are unfamiliar with an area of investment or risk, don’t jump in. Avoid it until you know all the ins and outs of the thing. When you become a subject matter expert on a topic is when you are qualified to take calculated risks.
4. Showcase A User Friendly Website
There are a plethora of free websites available, and your Internet business will never survive without one. Create one and set up shop. Keep your website understated with simple graphics, lots of white space, bulleted descriptions and brief statements as to your goals and offerings. Make sure you have a RSS feed and e-mail subscription capability to allow visitors to sign up.
5. Blog With The Best
Millionaire Internet tycoons make it an integral part of their business to blog with the best. They set regular intervals to blog and keep their Internet community and membership abreast of what’s going on in their Internet marketing world.
6. Have An In It To Win It Mentality
What does it mean to have an in-it-to-win-it mentality? It means you will do whatever it takes to accomplish your goals, and that you will not let anything stand in the way of your achievements.
7. Know How To Network
Networking is critical to growing your business. That’s how Internet tycoons turn into millionaires. They network by joining forums, social networks, blogging, sending regular e-mail distributions and using other media to get the word out about their business and draw new buyers.
8. Know How To Work The Social Networks
You have to know how to work the social networks to your advantage. After you register with several, send out at least one tweet or notification a week to let people know something useful about your business. Start and send out …
I did not always have an entrepreneurial mind; as a matter of fact, when I graduated college, I was very lost. I was working at a software company and for a few more thousand dollars, took a job at a large public company (you would laugh if I told you the name). I was doing account management for their financial clients. Because it was a work from home position, the only thing I managed was the couch and DVR. After trying to ruffle a few feathers and really make a difference in the company, I was gradually ousted from “the group” and was eventually pushed out. I wasn’t fired, but I was put in a situation where it was either / or.
Though, at this firm, I learned the true definition of the word “complacent.” This brings me to the first question which I will put forth to get your brain in gear. Please keep in mind that these questions are here to help you as they will give you some guidance as to whether owning your own business would be right for you.
1. In twenty years, one day your son or daughter will be asked about you. More likely than not, the first thing that will come up is your career. How do you think they will describe your career and your job? Does that answer resonate well with you?
If the answer is fine with you, there are two presumed scenarios. The first is that you were very successful and enjoy reading about entrepreneurs on the web. Thus, I am flattered you are reading my article. The second is that you, more likely than not, do not have an entrepreneurial frame of mind.
2. How much would you invest in yourself? If you had to put a net worth on your brain, would it be more or less than what someone else is paying for it? Also, is that someone even using your brain?
If you’re like many and are in this situation, you have to work harder to become an entrepreneur for a few reasons. The first is that your brain is not being put to work on a daily basis, so you have to get that going. Additionally, because of the economy, it is very scary to go off on your own. So choose your time wisely, but don’t put it off too long.
3. If somebody put you out on the street and gave you $10,000 – everything else is gone. How much of that money would you spend on books?
If the answer is less than $1,000, you probably are good where you are at. This is a great test as entrepreneurs don’t create something out of nothing, they create something out of learning. Books are such an important factor of business success. Remember, in this case, you do not have the internet which shouldn’t be relied upon too heavily anyway.
4. If somebody offered you a million dollars to never work again, …
How To Start A Business
Ever dream of being your own boss? Believe you might have what it takes to set up on your own? Don’t dream on!
There’s a reason why you have been looking for information on How To Start A Business. Maybe there’s an idea you’ve been kicking around for a while. It could be anything from running a corner shop or setting up a small community enterprise with a friend – to spotting a brand new business opportunity with a product or service no-one else is providing. You can!
The very first step towards starting your own business needs to start with you. You and your business are intertwined. Your business reflects you and your personality, skills and approach to life; your own personal objectives drive your business objectives. For success you need to be confident, focused, those attributes of entrepreneurs that you read about.
But you can’t just jump right in and launch any old business. The market these days are so saturated with everyone trying to make some extra money. Redundancies being made left, right and centre, so people are using their skills to set up small businesses and offer their service to the targeted market which means that competition is going to be fierce and there is not much room for error.
More and more entrepreneurs are being born out of necessity and not out of choice. Petrol prices are going up, food is going up, everything just seems to be increasing yet our salaries are staying the same. So we are now pushed into making it on our own, calling out own shots and putting 110% effort into making our lives successful.
To make it out there in the business world you need to understand that when it comes to starting a business, the starting line is you! No matter what resources, products, services your business has, without you it doesn’t exist. You can’t win a race if you don’t compete; you can’t win the lottery without a ticket; you can’t make an omelette without breaking eggs; just like you can’t have a business without you.
You are the starting point for anything in your business – whatever your stage of business, whether you are starting, growing or diversifying. The starting point will always be you. So let’s look at what you is and just exactly what you do bring to your business.
You and your personality are made up of your good points and your bad points. For your business to succeed, you need to make the most of your good points: your strengths; and minimise the effects of your bad points: your weaknesses. So you need to recognise what these good and bad points are. You need to develop your self-awareness; identify your good and your bad points so you can make the most of the good and develop coping strategies for the bad. You need to brutally honest with yourself. Be brave and find out how others see you.…
One of the most frequently asked questions we receive is, “How can I be sure my new business will succeed?” There is no crystal ball that can accurately answer that question. However, if you are serious about starting a business there are five steps you can take that will begin to give you a clearer picture. By following these steps you will gain tremendous insight into what lies ahead. Whether this reality-check convinces you to dive in, or hold back, you’ll be well served by what you learn. While we are huge proponents of founders developing a well written business plan, the steps below can be followed even before you start your small business plan.
Step 1: Write a simple elevator pitch to see if your business idea is compelling to others. If you haven’t created an elevator pitch before, you can stitch together the essentials very easily. Write a one sentence answer to each of the following questions. What problem will your company solve for its customers? Who has this problem and how large is that group? What will make your business unique so that customers will buy from you instead of a competitor? Finally, what are your qualifications to run the business? If you force yourself to write and re-write the very best one sentence answers to each of these questions, you will have the elevator pitch you need for this purpose. Now, try out your elevator pitch on 10 people you trust and respect to get their feedback and reaction to your well-formed business concept. This is the warm up for steps two and three.
Step 2: Talk to would-be customers to find out if there is a true need for your product or service. When you are thinking about starting a business, you obviously feel there is a void in the marketplace. Don’t wait until you open your business to find out if the need for another business is real or imagined. Armed with your elevator pitch, go have face-to-face discussions with future customers. You are not going to them to sell, or pre-sell. You are doing market research. After describing your business by generally following your elevator pitch, go into “ask and listen” mode. To get the information you are seeking, ask questions like, “How are you currently meeting your needs for (insert the products or services your company will provide)?” Listen carefully-this is the voice of the customer. In step one, you spoke to friends and respected colleagues. In step two, you are talking to people who currently buy products or services like those you will be selling. Select individuals who will be focused on the content of your ideas and less concerned about simply wanting to be encouraging.
Step 3: Become an expert on the competition. Identify 5 other companies that are already doing what you plan to do. Learn as much about them as you can. One of the best things to learn is if they expanding or shrinking. You want to …
The official definitions of entrepreneur generally come down to an individual who takes on the initiative and risk of organizing and managing any business. This is a pretty basic description, perhaps better suited to the definition of business owner. Successful entrepreneurs bring something more to the table than the average guy who works for himself. They are innovators, they are independent, and they are willing to live like most people won’t in order to live like most people can’t.
Article directories and business magazines are full of advice for would-be entrepreneurs that doesn’t really fit with that title. Some experts recommend that you outsource all “non-core” tasks related to your business idea. The argument is that you should reserve your efforts for the core operations of the venture and leave all other tasks (accounting, marketing, legal issues, IT) to other professionals to handle. On the surface, this sounds great – you get to do the “fun” part and leave the boring business stuff to someone else.
The problems come when you are faced with critical business decisions – should we expand? Change direction? Are there opportunities to exploit? Threats to counter? If you do not have a solid grasp of every aspect of your business, you will not only have trouble making these decisions, but may not even know the decisions need to be made! There are hundreds (if not more) of horror stories about business owners turning over control of one aspect or another to an outside source, trusting them to do things right, and paying dearly for not taking complete responsibility for every part of their venture. Of course, there is a time and place for outsourcing time-consuming tasks, but a true entrepreneur needs to retain control over how and when the work is done, and have the knowledge and an established procedure for understanding what it all means.
The business of entrepreneurship is business – many of the most successful entrepreneurs will tell you that the product or service you are offering doesn’t matter nearly as much as the fundamental business skills you apply to the venture. The basics of running a business are the same no matter what you sell, who you well it to, or where you are located. Accounting systems must be coherent and accurate in order to tell you where the business has been. The operations procedures must be well-established, consistent, and efficient to ensure the day-to-day is being run correctly. The financial and strategic planning must be based on a balance of knowledge of the past, present, and future of the business as well as fundamental business principles. Whatever field your company is in, you success or failure will all come down to business.
Nearly every definition of entrepreneur includes a reference to risk-taking. Actually, the most successful entrepreneurs avoid risk like the plague. They do so by working hard to learn the details of every aspect of their business, identifying areas of potential risk, and doing everything they can to mitigate …
All too often online entrepreneurs start their business intent on learning as they go. They have a mindset that if they are going to be successful online then they have to learn everything themselves from scratch – Wrong Mindset:
There is a right way and a wrong way to develop and grow an online business. The right way is to find out who in your niche is currently successful and mirror what they are doing.
You must not copy what they are doing word for word but you must firstly:
1. Adopt their mindset – what do they focus on, who do they focus on? how much time do they invest in their business? who are they in business with? what are the names of the people that you associate with and who can really challenge you and help you?
2. Work on your own mindset – Be focused on achieving your success and you must be specific in order to do this,. Make sure you have committed yourself to the success of the business. You must be committed to working on your online business every day for an extended period of time – Are you prepared to make the necessary sacrifices. Make sure you understand the time it will take.
Many of the online scam businesses claim that you can make thousands of dollars from your first day in business by working only 1-2 hours per day. Most of the truly successful online entrepreneurs who have built sustainable, ethical, online businesses for themselves will have invested their time, their efforts and 100% of their focus to ensure success in their online venture.
If you are serious you will treat your business seriously.
On each of the Online Business Training courses that I have given and attended over the past few years, Mindset features on each and every one of them.
Being an online entrepreneur can be difficult to explain to people who have never operated online. They will however be experts in online scamming and will have heard all the stories!
Its important for both you and your own mindset to be very clear to these people that you are working on a serious business and that you are committed to its success and that you are working on yourself all the time.
You must make sure that you are spending as much of your time as possible speaking with and mixing with like minded success orientated people. This works if you want it to work.
Watching the news and TV and reading the daily newspapers will not help you to become successful online. Cut the time you spend on these activities to a minimum.
3. Find a proven system that works online and that has worked online for for many people. Speak to these people and understand what they have done to make it a success. Its the quickest way to becoming successful online.…
If you are looking for financial independence, there is no better and low cost, sometimes free, way than starting an internet business. However, without the right plan and approach, you may not realize the financial freedom you are looking for. The plan below will help you be successful with your online business.
What type of internet business should you undertake?
There are many types of online business you can undertake. You can either sell your own product or sell someone’s. Selling your own product will take you some time as you will have to identify the product, have it developed, develop the shipping mechanism and initiate a marketing campaign.
On the other hand, when starting an internet business, you can decide to sell someone’s products as an affiliate. Here, you will only have to get customers to buy the products and for each sale, you will be given a commission. Starting and internet business as an affiliate is much easier than starting to sell your own products.
Is there a market available for the product or service you are offering?
When starting an internet business, find out whether there is demand for the product or service you want to offer. You can use various tools to know whether your offer has a demand in the market. Also, find out trends in the media on what people are looking for. The best way to get a winning product or service is to offer a solution to problems many people are facing.
Do you have the necessary equipment to carry out the business?
When starting an internet business, you will need an internet enabled computer. Apart from this, you will also need things like a phone for live support, different computer application software, a printer, web hosting company, domain name among others. Unlike traditional business models, you do not require an office as you can work from home. You will save a lot on things like taxes, rent, electricity and other overheads associated with traditional business models.
What is your marketing plan?
Starting an internet business also required you to think of your target customers. Your business will not survive if customers cannot find you on the web. You have to come up with a marketing campaign for your products or services. You can use a combination of free and paid marketing strategies to reduce your cost and increase your leverage.
Before starting an internet business, you should understand the importance of search engine optimization (SEO) to your online business. Adopt different SEO to ensure your target customers get to your website.
When starting an internet business, have the above plan at hand and you will be on your way to a long term recurring income and will be able to achieve financial independence.…