Start Your Own Business (3 page)
Read Start Your Own Business Online
Authors: Inc The Staff of Entrepreneur Media
The business resources and tip boxes (see examples on the next page) are also all updated for the fifth edition. Plus, the “Buy” and “Engage” chapters have been written and updated by new business experts, who are regular writers for
Entrepreneur
magazine and have generously offered to share their insights and expertise with you.
Entrepreneur
magazine and have generously offered to share their insights and expertise with you.
Finally, there’s an appendix that’s chock full of resources with contact information. We list business associations, federal agencies, books, magazines and other publications in areas ranging from advertising and marketing to accounting and taxes. We even provide internet resources and equipment manufacturers.
AHA!Here you will find helpful information or ideas you may not have thought of before.
TIPThis box gives you ideas on how to do something better or more efficiently, or simply how to work smarter.
WARNINGHeed the warnings in this box to avoid common mistakes and pitfalls.
e-FYIThis box points you to the treasures of the internet for more information.
SAVELook for this box to provide valuable tips on ways you can save money during startup.
Starting your own business isn’t as frightening or risky as some would have you believe. But it’s a journey that shouldn’t be taken alone—and that’s why you bought
Start Your Own Business
. We’re glad you’ve chosen us to take this exciting journey with you—you’ll be a smarter traveler for it. Let the journey begin.
Start Your Own Business
. We’re glad you’ve chosen us to take this exciting journey with you—you’ll be a smarter traveler for it. Let the journey begin.
chapter 2
TAKING THE PLUNGE
Get Ready To Be an Entrepreneur
B
efore they get started, some people worry if they have what it takes to be an entrepreneur. If this is you, stop worrying. We firmly believe anyone with the desire and the initiative can be an entrepreneur. And since you purchased this book, it’s likely you have both the desire and the initiative.
efore they get started, some people worry if they have what it takes to be an entrepreneur. If this is you, stop worrying. We firmly believe anyone with the desire and the initiative can be an entrepreneur. And since you purchased this book, it’s likely you have both the desire and the initiative.
But just because you can be an entrepreneur doesn’t mean that now is the right time to take the plunge. This chapter will help you determine if you’re ready for entrepreneurship right now or if you should hold off for a bit.
The Entrepreneurial PersonalityEvery year, hundreds of thousands of people start their own businesses. But while most succeed (yes, that’s the truth!), many do fail. Why? One of the common causes of startup failure is lack of preparation.
People come to the entrepreneurial path from different directions. Increasingly, some start fresh out of college or after a stint at home raising their kids or simply because the idea of actually retiring is abhorrent to them. Most, though, come to entrepreneurship straight out of the work force. Quitting a full-time job to start a business isn’t something to be taken lightly. You should be sure now is the right time to get started. First, you need to ask yourself some questions: Do I have enough money? If you have a family, are
they
ready for this? Is there a need for a product or service like mine? Parts 1, 2 and 3 of this book will help you answer those questions.
they
ready for this? Is there a need for a product or service like mine? Parts 1, 2 and 3 of this book will help you answer those questions.
WARNINGIf you have a family, make sure they understand the emotional and financial sacrifices business success requires. When your family doesn’t support your business—if they’re always saying, “Can’t you leave that alone and come to dinner?” —it’s going to be tough to make your business work. If your family isn’t ready for you to become an entrepreneur, this may not be the right time to do it.
Many successful entrepreneurs say a sense of urgency that made starting their businesses not just a desire but a necessity was their driving force. One entrepreneur’s advice: “You’ll know the time is right when you can honestly say ‘I’ll put my house, jewelry and other personal collateral on the line to attain the startup money I need for the long-term rewards I deserve.’” We’re not recommending you put up your home (though more than a few entrepreneurs started that way). But that willingness to risk everything likely means you’re ready to start now.
What motivates potential entrepreneurs to stop daydreaming about business ownership and actually do something about it? While many people think one single incident—such as getting fired or being passed over for a promotion—is the impetus for becoming your own boss, most experts agree it’s usually a series of frustrations that leads to entrepreneurship.
A fundamental desire to control their own destinies ranks very high on most entrepreneurs’ lists of reasons for starting their own businesses. This need is so strong that entrepreneurs will risk family, future and careers to be their own boss. Unable to feel truly fulfilled working for someone else, these individuals cannot be happy following someone else’s plan or taking orders from a boss.
But opportunity comes in many guises. It might be when potential customers start calling you, or perhaps a business in your area is failing and you know you can make it work. Or maybe you feel as if you’re underemployed (working below your potential salary or your skill level) or not putting your skills and talents to their best use. Perhaps there’s a need for the product or service you want to provide. Or you’ve simply figured out a better or a new way to do something.
Reality CheckOnce you’ve made the decision to break away, there are several things you should do before taking the next step. Conducting thorough market research is a must. Make sure you have enough cash—not only for the business, but to sustain your life—and discuss the decision with your family. (You’ll find out more about all these steps in Parts 1, 2 and 3 of this book.)
Remember, the rewards of small-business ownership are not instantaneous. You must be determined, patient, persistent, and willing to make sacrifices to ensure those rewards eventually do come.
e-FYINeed inspiration? Check out
Myprimetime.com
, which offers ways individuals can empower themselves to live the lives they desire. While the site’s subject matter covers everything from fitness to raising kids, its target audience is anybody with an entrepreneurial spirit—and numerous quizzes and articles are geared toward entrepreneurs.
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