Many people rush into business for the wrong reasons. Running your own business can be very rewarding, but it ca also have drawbacks for the unwary. Here are questions you need to answer before making the commitment.
1. Are you prepared for the financial commitment of owning a business?
Buying your own business requires a serious financial investment. If you are the type who does not want risk, you might want to rethink owning your own business. Being personally responsible for the success of a business is not for the faint-hearted.
2. Are you looking for a specific type of business or are you open-minded enough to consider different opportunities?
Sometimes people start out looking for a specific type of business only to find something else they had never even thought of doing. Keep an open mind.
3. What do you really want? That question is at the foundation of all success.
Wanting it badly enough – that you will work through problem after problem and failure after failure, to get what you really want.
I have said it before and I will say it again – If you think you can, or you think you cannot, you are right!
It is best if you are open-minded, especially if you are a first-time buyer. There are all kinds of businesses available, and you do not want to limit your choices. Look for a business that will provide the income you need, (or has the ability to do so). Look for a business that you can realistically afford, one where the numbers add up. And, most importantly, a business that you can visualize yourself owning and operating.
Can you make the ‘leap of faith’ necessary to buy a business? A self-employed entrepreneur needs to focus on opportunity instead of security. This concept can be tough to come to grips with, especially if you have always worked for someone else. It is human nature – WE INSTINCTIVELY SEEK SECURITY. But, is there such a thing as security in the job world?
The days of giving your heart and soul to a big company are over – or at least they are for the thousands who lose their jobs every year through restructuring, downsizing, re-locations, takeovers etc.
In reality, real economic security is generated from within. It comes from knowing you are in control of your own destiny and having confidence in your own ability to create and capitalize on opportunities.
Many prospective business owners do their homework, do everything necessary to begin the purchase process, and then back out of the transaction. They just do not have the conviction to commit themselves or financial resources to business ownership. There is nothing wrong with that – not everyone is suited to running a business.
So, if you do not think you can part with your money and take over operating a business on your own, you may want to take a careful look at whether business ownership is really for you.…
1. Where do I want to be in five years. This is a good question to ask yourself. In today’s highly competitive world one must have a clear vision of who he wants to be and where he wants to be within 5 years. I often find people that are approaching their fifth year in business, making a reasonable income but utterly frustrated with the amount of hours that they have to put in or frustrated with the type of work that they are forced to do, others just feel trapped and are looking for change.
Decide where you want to be in 5 years, write down on a piece of clean white paper where you want to be in 5 years professionally, socially, emotionally, physically, spiritually and economically. You gotta do it, as they say, if you don’t know where you are going any road will take you. If your not good at this get someone to help you.
The Question: What do I want my life to be in 5 years?
2. Do I have the shear will to compete and succeed at the business I have chosen and furthermore do I have the shear determination to follow my 5 year vision. Most successful business owners I’ve met have above average abilities and that’s what allows them to leave the job market and set off on their own. Many unsuccessful business people I meet have average abilities and are better suited for employment of some sort. So make a honest evaluation of yourself, don’t get caught up in the romanticism related to business. Be realistic about your own abilities, it will save you much time and money.
The Question: Do I have what it takes to make it?
3. If you are having trouble with the question above maybe this will help. They say that failure is the path of least resistance. So going further in evaluating ourselves, lets look at our track record. If you are a constant procrastinator and rarely get things done right this maybe a bad sign. If you often fail, quit, give up on things, well that’s not a good sign either. But if you follow through and stick it out most of the time, there is hope.
The Question: Whats the rest of your life look like?
4. What type of team do I have to make this thing happen? Throughout my professional career I have seen many individuals who claim to have a business but are actually self-employed. There is a big difference. Owning a business, you must have a team even if only one other person. Setting out on a mission alone is noble but hinders your growth and many times leads to failure. Working alone is a difficult prospect even for the most introverted of us.
The Question: Do you have a team?
5. Do I understand accounting is a very important question to ask yourself. People who do not understand the basics of accounting are detached from a …
I love entrepreneurs! Generally, I’ve noticed a drive and a determination that takes creative-minded, bootstrapping, do-it-yourselfers a long way. Those who show true ingenuity, persistence, and resilience inspire us all to have a brighter attitude.
I also love entrepreneurs because they ask me to help them with things like logo and graphic design, social media strategy, and web-based user experience. Oh, and I charge for those things, so it’s doubly-nice.
One thing I’ve noticed, however, about super-entrepreneurs is that their minds tend to race about 10,000 RPMs with cool, new ideas. I really wonder how many ideas are eventually left laying in the dust, not because they weren’t good ideas, but because not quite enough thought and planning went into them.
Having received tons of emails with ideas from entrepreneurs hoping to take an idea big-time, I thought I’d throw together this list of the six things I either say, or want to say in response. They are mostly questions, not recommendations, but the questions themselves are often overlooked.
Is it possible?
I know this one sounds obvious. If it weren’t would I be asking about the idea to begin with? And aren’t all things possible to those who believe? Certainly, but quite a few great ideas are laying in graves because the technology was either not ready, or too expensive.
Who else is doing it?
Use search engines and social networks to scout out the potential competition. Sometimes you wind up jumping into an arena filled with insurmountable competition. You’re probably not going to start the business that will topple an Amazon or Apple.
Can it be done well remarkably?
Doing something well doesn’t make it successful. Doing it well enough to get noticed does. Can you execute the idea in such a way that people will buy into it?
Do I have accesses to the resources to get it done?
This thought may sound strange, but some ideas are good (or noble) enough that you should consider handing it off to someone who can get it done. And every good entrepreneur knows that “resources” aren’t limited to the money in your pocket. It includes the money in other people’s pockets as well!
Is the idea something I’m passionate enough about to stick with over the long haul?
Pretty self-explanatory. Most of us have been there, burying an idea for which we had great enthusiasm, but didn’t see the gap between enthusiasm and real passion.
Can it be monetized?
This is the slimy question nobody thinks anyone should ask, but it must be faced. Why? Because if it can’t be monetized, it can’t be sustained or expanded. Sometimes that’s okay. Sometimes a good idea needs to piggy-back some other more profitable concept. Sometimes, the idea needs to go back into the incubator though.
These questions are seeds. You may have more to face. But at least face these and use them as a filter for every new idea. Let your genius lie asoak in the probing process. If an …
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, …
Do you know how to find a locksmith your can trust? What qualities should you be aware of? What do you need to avoid? There are many things to figure out with regards to finding a good locksmith, but many people are unaware of what they need to know. This piece should provide a useful guide.
You do not necessarily need to replace a lock just because you are locked out. A well-qualified locksmith should have the ability to open almost all doors without needing to replace the entire lock. It is more expensive to have a new one installed.
It is advisable to be prepared even if you never think you will need a locksmith’s service. Research locksmiths before you have need for them, and you will have a reliable person you can call if there is an emergency. You can save the locksmith’s phone number so you have it ready to go if there is an emergency.
Avoid extra expenses by calling the locksmith in his business hours. The price a locksmith charges goes up after hours. During the day you may pay under $50 for a locksmith to come out, but at night it is hard to tell how much it can cost. If you have few locksmiths in your area the price can be doubled or even more.
If your locksmith charges you more than was quoted over the phone, don’t use their services ever again. There are plenty of honest locksmiths out there, so you shouldn’t deal with one who is not.
Before you allow someone like a locksmith to enter your home, you should get references and a professional recommendation. Call the references before hiring them. Naturally, you want a skilled technician, but you also need to be able to trust this person.
Call local locksmiths and identify the one’s that are well established, long-term businesses because these tend to be more stable and trustworthy. In addition, ask how long they have been in business at their current location. Companies with many years in business in a location are usually reputable.
If you have a chance, do a quick search online for any locksmith you are thinking about using. You can find lots of good review websites online. Just make sure the website you’re looking at is not affiliated with that or any other locksmith. You should also check the Better Business Bureau too determine if the locksmith you are thinking of hiring is in good standing.
Check the credentials of a locksmith before you let him inside your house. This will prevent you from getting ripped off. The Internet has made it simple to find out about a person and see how trustworthy they are. Go on and do it!
This information has been presented so that you will easily be able to find a good locksmith when you need one. It still won’t be a fun process to deal with, but you’ll at least get it over with quickly thanks to preparation. …