Do I have what it takes to be an entrepreneur?
I am young but I still feel I have gained enough passion, knowledge, and experience to be an expert in my field (Health & wellness, beauty, and fashion). I'm also fortunate to have the funds to start my own venture. Is this enough to make it as an entrepreneur? How do I know if I will like it or if the path is right for me?
There are several absolutely great comments to your question. When starting your very first business what it takes is something you don't yet know you have: When you start you don't know anything about bookkeeping, taxes, hiring, firing, working with customers and clients (or friends), banks and partners, then long long hours, business ups and downs, those long periods with no paycheck, a couple of 'scrapes' an occasional 'broken bone', a lot of tears (and a lot of prayers), all with the never ending desire to keep on going no matter what while educating and improving your craft. If you love this idea then yes you will make a great entrepreneur and with a quality product and a lot of persistence you will succeed.
I always believe that a pound of passion goes further than anything else as it relates to entrepreneurs...My best advice is to try your idea out on a part time basis, work for someone in the Health and Wellness industry that you like and trust to teach you the ropes...Ask him or her to be your mentor (make sure they are successful), then work on accumulating capital before you launch big time...You mentor may become your partner in the future...It is important that you develop a stamina and are unafraid of failure...Just be sure to accumulate capital to start and develop a Business and Marketing Plan...Get know your own strengths and weaknesses, you really to understand you and how you communicate...
Everyone has what it takes to make it as an entrepreneur. They question is WILL YOU. Here are the 4 things it takes to succeed. (each point of course ,have books written on them, to explain more and give more details)
1. Show up. (it's too easy to not work when there is no time clock to punch)
2. Bring a great attitude. ( this requires constant good input into your brain to counter negatives you'll experience)
3. Know your stuff. ( will you study to become a recognizable expert in your field, it's ok to start at the bottom and know nothing...as long as people understand you're studying...unless you're a surgeon)
4. Work it long enough to succeed. (here is the main place most people fail. In sales most people quit after they get 4 no's...in a business like a restaurant you might have to work for 5 years before you show a profit)
If you love what you do your instinct will guide you. You do need many other essentials that you already mentioned. Determination, a clear vision of what you would like to accomplish and an insanely amount of faith.
Good luck on your new endeavor.
To be a successful entrepreneur requires a passion for your idea, time, sufficient funds, and a well done business plan. Most new businesses fail due to the absence of a plan. Anybody starting a new business needs to think through all that is involved in making that business a success i.e. making a profit. Developing a business plan before you start makes sense and can be done on paper, or a computer. An even more rudimentary break-even analysis for the first year of operations is invaluable. That is: who am I going to sell what to, and in what quantities every week and month, to cover my start-up and operating expenses to make a profit? Then the question is - can you do it? Developing a business plan can save many entrepreneurs from themselves. Nobody plans to fail...they just fail to plan.
You never know unless you try! I did the same thing with a company that I started. But my advise to you is try to stay open minded and when you see the writing on the wall make sure to get out. The business that I was in was fuel driven so when the prices started going up I started my exit plan. I was able to get out before I went into debt with no way out but to file bankruptcy. So good luck and know when to say when. Then you can say 1 of 2 things. Look at me I made it I am living the "American Dream" or I tried my best an it didn't go as planned so I had to back up and punt. Good Luck!
I answered the question "What is the worst thing that can happen?" when I started my business. It has helped me to handle the situations where I had no clients, business didn't go well or I had to sell my expertise for a dime. Go ahead, if I can do it, anybody can. Over time you will realize this is the only way for personal growth and high motivation towards your work.
Juke from Finland
There is no correct time in life to be an entrepreneur.. Experience as an employee is completely different to the experience as an entrepreneur.. As an entrepreneur its about prudent decision making, employee management and broad understanding of every aspect of the business which includes legal, finance, marketing and all.. You are your boss that means you have to do what your mind and heart says.. Get on the bandwagon and do something good .. All the best
It is a good that that you know your capabilities and you have goals, to me that is a first start but to answer your question i would recommend you to read a bit about the Golden Circle theory. It is then that you will know all the answers
If its what you want to do and can answer these three questions ...Why ? Why not ? Why not now ? then you are on your way. To save you some heartache on your journey,hire a good accountant and use an attorney you trust.
Any venture you would like to start should make you excited and happy.Study the market,your strengths and advantage you offer to the buyers in this venture over your existing friends in business.may be you can ask " if I am a buyer,what firm will I choose ? Always love the job you do and success coupled with happiness is yours for sure
You can absolutely make it...The only prerequisite is believing in yourself and wanting to succeed more than breathing.
Being a successful entrepreneur requires a certain mindset. There is a saying about entrepreneurs working 80 hours a week to avoid a 40-hour work week. There's lots of hard work and sacrifice and you must be self-motivated. It's great that you have the money, but do you know how to spend it? I'd recommend getting a mentor or business coach to start.
My friend the biggest quality that an entrepreneur must have is the ability to survive extreme conditions. In other words to face the unexpected. In my opinion you can start a venture with the experience that you have but should stay calm and quiet with the unexpected falls and growth. Always trust yourself and never believe in others.
I would be looking for the following qualities in a successful entrepreneur: curiosity, determination, honesty and passion for the area of business you enter into. Furthermore, you need to be able to network and to have an true interest in your customers business. If you do not see yourself as a customer servant for your customers, do something different than starting your own business.
Good luck! Peter
For starting every business you will fill following Sagheer Business Plan:
(0) Market re-search………………………….why?
(1) Market re-search……………………………what?
(2) Market re-search…………………………..How?
(3) Title or name …with respect to name, with respect to business, with respect to location, with respect to era.
(4) Motto…with respect to business.
(7) Mission Statement.
(8) Vision Statement.
(9) Location……with respect to positive and negative aspects.
(11)Finance……..Fix and Running.
(12)Finance Management……with feasibility report in the form of chart.
(14)Business Flow…with the help of flow chart.
(15)Mathematical Model of Production…with cost estimation method.
(16)Promotion Strategy ……..with Probability or regression model.
(17)Risk factor…with your weak points (S (strengths) W (weaknesses) O (opportunities) T (threats) Analysis).
(18)Role of Technology.
In my opinion you need answers to just 3 questions to become an entrepreneur. They are:
1. What to sell (product/service)?
2. Whom to sell (target buyers)?
3. Where to find them (place where the target buyers are present in large number)?
The only other thing you need is 'marketing'. You must go out and do anything (ethical of course) to get buyers' attention. That's all.
"All our dreams can come true if we have the courage to pursue them" Walt Disney
Walt Disney was someone with dreams that people thought could never come true. He was a visionary and he had dreams that only he could make reality. Any of us with the dream or vision is an entrepreneur and you can do whatever you want as long as you have the strength, courage, and the wisdom to make it happen.
Ideally you should venture into a business which would leverage your strengths and your background. Once you have got that right, it is easy as you ultimately end up doing something you enjoy
I believe that if you have the grit, passion, and experience, then you sure can start your own business. The one thing you haven't mentioned if you have a string of clients ready when you start your business as you need to start making money in order to keep the business running. If you're currently freelancing or consulting, let your clients know you plan on establishing yourself full time. I wish you the best of luck!