ENTERPRENEURSHIP

Do you have what it takes?
There are some basic skills that you, as a potential business owner, should have. If you don't have them then you need to at least have a friend or family member who does or be willing to hire someone or consultant to do these things for you. These skills include (but certainly aren't limited to):
* Financial management and accounting - If you don't have the skills now, you either need to take the time to learn, or have someone else you can depend on to handle this side of the business for you.
* Marketing - You have to be able to sell yourself or your business. If people don't know about you then you won't get any business, and if you don't have any business then, technically, you aren't really in business. So, marketing is a very important part of your skill set. Fortunately, it is also an easy skill to farm out to experts.
* Management skills - You must have the management skills and organizational skills to man the challenges of running your own business. If you have no management experience at least start reading management books of all types that would apply to your business.
* Determination, enthusiasm, energy - No one ever said being your own boss was easy! In fact, you'll probably work harder than ever --you'll just get to reap more of the benefits. You have to have the energy to make your business succeed. If you have any doubts then maybe you should rethink the idea. If you read the success stories behind many businesses, you'll see the recurring theme that the business owner had no doubts that he or she would succeed, or that the thought of failing never entered their minds.
Identifying your talents.
For some, coming up with the business idea is the easy part. They simply turn a hobby, or something else that they love doing, into abusiness. In some cases, this works great. In other cases, it doesn't work so great. Why the difference? Because you can't just try on the trousers when you want to buy the whole suit. In other words, there are a lot of different things to consider when you're trying to come up with an idea for a business that will fit you. Those people that have made a go of it by converting their hobby into a business were lucky in that there was a market for their business in the first place. It doesn't matter how skilled you are, if there aren't people who want to buy your products(i.e. a market) then you're not going to be able to support yourself doing it. It will still be a"hobby." It still makes sense, however, to start a business that is based on things you know and are good at. You just can't stop there. It is also possible to start a business based on something you know nothing about. In this case, however, you probably should try and learn as much as you can before you get in too deeply. Or, consider buying a franchise that offers training, or an existing business from someone you can give you adequate information. You can also try working in the industry for a few months to pick up information. You may be surprised at how much you can learn even in low level positions.
Where are your strengths
Finding your strengths will involve more than just naming off the things you know you are good at. Sometimes your own mental images ofyourself aren't really as on-target as you might hope. So, in addition to some self-study, you'll also need to ask your friends, family, or current co-workers to tell you what they see as your strengths. If they consistently say you're a real "people" person then you might want to explore businesses that will make use of that quality. If they consistently say your strength is in problem solving then maybe some type of consulting would be the best route to go.Here are some questions to consider in this time of self and peer-based evaluation.. .
* What do you like to do?
* What do you have experience doing?
* What do you think you are good at?
* What does everyone else think you are good at?
* Do you have special education in the area(s) you are interested in?
* Do you have the right mindset to run your own business? (i.e. Doyou have expectations of challenge, hard work, long hours, and littlemoney to begin with?)
* Are you willing to put in 60 hour weeks to make your business work?
* Are you resourceful?
* Are you a high-energy person?
* Are you a dreamer or more down-to-earth?
* Can you bounce back from criticism and rejection?
(More thanjust a few times?) Simply write down your answers to the above questions.
Finding business ideas that fit your talents
If you answered these questions, then you should at least have an idea of the direction you should take. What I want to do is help you discover and evaluate the ideas that appeal to you and best fit you as an individual. Any list of business ideas you find will basically boil down to three types of businesses. Those business types are:
1. Manufactured products that you build and sell yourself
2. Distributed products or services that you buy wholesale and thenresell at a higher price
3. Services that you provide
For those three business types, there are typically four possiblestrategies. The strategies you might use include:
1. Inventing a completely new product for a completely new market
2. Inventing a completely new product for an existing market
3. Improving on an existing product and selling it to the existingmarket
4. Selling an existing product to a completely new market
Coming up with an idea for any of these areas requires some observation skills and creative thought. Start with the things you know about and enjoy and look for ways to make improvements, or sell them to new people. Be observant everywhere you go. Look at how existing businesses operate and make note of the problems you see.
Can you come up with a way to eliminate those problems?
Can you see a wayto improve the service, product or marketability of it?
Do you seetrends in the market such as larger retired or unemployed populations?
Are there special products or services that that increasing marketwill need?
Brainstorm with friends, write everything down, and study your list often. Make notes as you think of them. Ideas multiply into lots of new ideas. Evaluate these ideas based on what you like and what you know about. Once you've narrowed the list down to the finalists, readon to find out how to evaluate those ideas. Evaluating those ideas
Now is the time for a little market research, investigative study, and general digesting. A view from above. Begin with a bird's eye view of each idea. Remember what we saidi nitially about not just trying on the trousers if you want to buy the whole suit? Well, now's the time to try on the whole ensemble. Here is what you have to look at:
* Is there a market for your idea?
* Does the market have money?
* Is there a lot of competition?
* Can you come up with the funds it will take to get the businessstarted?
* Do you know how to market and sell the produce/service?
* Can you easily get the product or service to your customers?
What is the best way to get it started?
You have the general idea of the marketability of the idea, but whatis the best way to get the business started?
Can you begin as apart-time home business, or does it require more manpower and space?
Is a franchise possible or can you buy an existing business?
What is the income possibility for the idea?
Can you estimate the amount of income you can expect from eachbusiness idea?
In order to do this, you have to have a good idea of the level of demand for the product or service, as well as a good feel for what the competition is charging. You also have to realistically estimate your production capabilities.
Are there additional needs and costs related to the idea?
Do you know enough about the type of business or will there be a significant learning curve? How much time and money will be devoted tolearning about the business?
Can you afford to take that time?
If youare starting the business as a part-time business from home, you mayhave the luxury of trying some different businesses. If you'requitting your day job and are looking to replace that income then you need to make sure you do all of the home work to make the best decision possible.
Other deciding factors
There are few more things to consider when thinking about starting your own business. They include:
* Your own level of commitment - Consider the extent or length towhich you would go to make your business work (i.e. travel, commuting,relocating, etc.)
* Your family's support and approval of your idea - Having thesupport of your family is very important to the success of yourbusiness, as well as the stress levels you endure in working to makingit happen. Make sure you have the support you'll need both emotionallyand from a work-load standpoint.
* Zoning restrictions for the location you are looking at - Makesure you know the restrictions on the types of businesses you intendto venture in (particularly if you are operating your business out ofyour home.)
* Your willingness to seek outside help if you need it - Don't hesitate to get professional help for your business. There are many resources that can provide you with great ideas and information that can help manage more efficiently and perhaps even find that "edge."
* The compatibility of the business with your life style - If you're a night person and hate mornings then you probably don't want to open a doughnut shop. Make sure your business idea fits theschedule you work best in.
* The level of personal satisfaction you will get from thebusiness - Sometimes you really have to think about what you wouldenjoy rather than what you can make the most money at.