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What do I need to know in order to become an entrepreneur?
(Picture of a couple gazing longingly at a brand new Mercedes)
This question is often asked by persons looking for change either in their
career or in their lifestyle. Those who are seeking a new career, those who
feel that their career is going nowhere, those who are seeking additional
sources of income, or those who wish to improve their lifestyle by being
able to earn more income.
The first thing to keep in mind is that as a general rule of thumb, over 80%
of those who venture into the world of entrepreneurship are not successful
and this is mainly due to the fact that they either did not do their
research thoroughly before starting out, or that they did not take the time
to assemble their personal and financial resources before taking the plunge.
Or that they did not take the time to consult with others.
Of course, there are other factors such as: Not enough of a market
analysis, not enough time devoted to the development of a business plan, not
enough commitment, and a decision based on emotion rather than on logic
With regard to decision making any perspective entrepreneur needs to ensure
that if they decide to become an entrepreneur, their decision is going to
affect their family as well. In other words, their decision will affect
both them as well as others and this is very important to keep in mind
during the decision making process.
Another important concept to keep in mind is that not everyone’s luck will
be your luck. Of course, there is always going to be an element of luck in
anything that you do but do not fall into the trap for example that you can
easily be the next Steve Jobs or Bill Gates. Sure! These two men in
question started out as entrepreneurs but hard work, a tireless drive, and
total commitment helped them to get to where they have ended up. They were
also very astute economic watchers.
One of the worst pitfalls that many perspective entrepreneurs fall into is
the belief that if a friend or family member can do it then they can as
well. Or that in order to keep up with the life styles of their friends and
family they should become an entrepreneur. This will not work very well.
I am going to give you a short list of questions that you can use to help
you decide whether or not entrepreneurship is for you. You can use this
list to form a base for your decision and you can add other items as you go
1. Do you feel that your career has reached a dead end?
2. Do you feel a sense of not being appreciated by your manager?
3. Would you rather be your own boss as opposed to working for someone else?
4. Do you feel that you need to earn more income in order to maintain your
present life style?
5. Do you have a desire to enhance your present life style but alas! You do
not presently earn enough income to do this?
6. Would you rather work at a job that is close enough to your home so that
less time is spent traveling and more time is spent with the family?
7. Are you willing to learn new things and keep up with the continual
evolution of technology as well as with changes in the marketplace?
8. Are you prepared to face continuous challenges, road blocks, and to try
and try until you succeed?
Here are some useful links to help you get started with your research.
This is a great resource for you to get your feet wet. Lots of advice, some
sobering truths, and up to date info.
A great resource that gives you an overview of what you need to know before
starting off as an entrepreneur.
Mark Cuban is a no nonsense man who tells it like it is.
Steps that will help you to separate yourself from those who are not
successful. This resource will help you to stay ahead of your competition.