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Will I be a good entrepreneur?

We all want to do what we love. Starting a business is not a bad idea and enjoying the same is all the more important. You need to devote quality time and energy to be a successful entrepreneur.

It is not possible to eliminate all the risks associated with starting a small business. However, with good planning and preparation there is a good chance of success. A good way to start is to assess your strengths and weaknesses as the owner and manager of a business.

You are your own boss

The overriding reason for setting up own business is that it gives an opportunity to be your own boss. It calls for a combination of hard work, skill and perseverance. The thought that I will make money for myself rather than for someone else may be a valid reason to go for this. You will be able to participate in every aspect of running a business and attain experience in various disciplines.

Financing the business start-up

Raising capital to start a business is the most basic of all business activities. A new entrepreneur may think that setting up capital may not be easy. It can be a complex and frustrating process for him. However, with proper information and an effective plan, raising money for your business will not be an atrocious experience.

There are several sources to consider when looking for financing. It is important to explore all of the possibilities before you take a decision.

Credit from banks: If you make sound business proposal you may get credit from banks and credit unions.

Savings: The primary source of capital for most new businesses comes from personal savings and other resources. Credit cards are often used to finance business needs but there may be other options for small loans.

Private sources: Many entrepreneurs look to private sources such as family and friends when starting out. Funds may be available interest free or at a lower rate, which will definitely help during the initial stages of business.

Venture capital: Firms offering venture capital help in expanding business in exchange for partial ownership or equity.

Some adjustments

The initial stages of business can be hard on family life. Financial difficulties may seep in until the business is settled, which could take some time. You may have to make some compromises with the standard of living. You will need to reprioritize your schedule, work and personal life. The situation may demand performing more than one function and working at odd hours.

Assessing your skills

Evaluate yourself and make a list of what you like to do and what you don't. It's a simple approach, but it should help you start to focus on your venture. While evaluating yourself, be honest to yourself and don't panic if you discover that you have weaknesses.

Business Plan

Take time beforehand to explore and evaluate your business and personal goals and build a comprehensive and thoughtful business plan that will help you reach your goals.

Developing a business plan will make you to think through some important issues that you may ignore otherwise. Your plan will become a valuable tool as you set out to raise money for your business, and it will provide milestones to gauge your success.

You may want to start on your own, as it will lead to financial independence, creative freedom and allows full use of personal skills and knowledge. Think on what business is right for you and what technical skills have you developed in life. Try to identify your business niche. After you devise a complete business plan, review it with an experienced person in the business arena. Your business plan is flexible it may change as your business develops.

Some characteristics of a successful entrepreneur:

Willpower

An entrepreneur needs to maintain his calm even in face of hardship. He should keep in mind that losing temper will not help in any way.

Living healthy life

Entrepreneurs should keep themselves in good health. They need to work for extended periods of time, and while they are in the process of building their business, good health is a necessity.

Problem-solving approach

He should possess the ability to identify problems quickly in the midst of complex situations. Ambiguity and uncertainty should not be allowed to come in the way.

Self-Confidence

Most are at their best in the face of adversity, since they thrive on their own self-confidence. Before anyone else you have to believe in yourself and your product or services. It will help in your approach with your future customers and suppliers.

Emotional Stability

Entrepreneurs should have a considerable amount of self-control and should be able to handle business pressures. They should learn to relax in stressful situations and are challenged rather than deterred by failures.

Be realistic

Entrepreneurs are realistic, they accept things as they are and handle them accordingly. They will change their direction when they see that change will improve their prospects for achieving their goals. They will verify any information they receive before they use it in making a decision.

The above are some of the characteristics, which may definitely help you to be a successful businessman. The list is endless and you may not possess all of them. If not all, even if some of the above will help you to reach your goal.

In a nutshell: Some steps to start your own business and make it successful

Try to be a professional from the start. Let everyone know that you are a true professional running serious business. Get all accessories such as business cards, a business phone and professional email ID

Deeply enjoy what you do, whether it is selling textiles, consultancy services or a cosmetic agency.

During initial stages have back-up income, i.e start your business while you're still employed. This will help you in your initial Ďhard daysí, when profits donít start flowing in.

Don't start a business and then think about the finance part later. Make proper calculations and get the money lined.

Make your customer database. Do the networking and make contacts as much as you can. You can't start marketing too soon. Getting customers is very important.

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