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Are You Sure You Want To Start Your Own Business? Part Two of a Series
Why, exactly, do you want to go into business for yourself?
It is amazing how creative, resourceful, and innovative you can be when, finally, you reach the edge and find yourself in a survival situation professionally. In times like this, the entrepreneurial spirit comes alive and you figure out that you can simply do it on your own.
Does dissatisfaction alone in some area of your life constitute reason enough to venture into business and the life of entrepreneurship? Many potential entrepreneurs get to this bridge and never cross because they do not know how to discover and unleash the entrepreneur within himself or herself.
Many people resist giving credence to their entrepreneurial tendencies no matter what the circumstances, ignoring the potential for self-expression, independence and the fulfillment of their dreams. Herein resides the real tragedy. Many people experience paralysis from fear of the unknown and fear of failure. Consequently, they never pursue entrepreneurship and the potential freedom that it can bring to their lives.
Although entrepreneurship appears to offer many advantages for personal and professional growth and accomplishment, why is it that so many new entrepreneurs fail? In fact, studies have shown us that out of every 100 entrepreneurs who start their own businesses, 14 will succeed and a whopping 86 will fail in the first five years. The odds, so to speak, are stacked against you as a nascent entrepreneur. Therefore, if you are contemplating starting your own business you should take it very seriously.
The two biggest reasons people fail in a new business are:
In order to improve your chances of beating the odds, what is important is that you educate yourself about business development. There certainly is enough information out there on how to start and run a small business. For instance, if you go to Amazon.com and type in a search for books on 'Entrepreneurship'' alone, you will have over 21,000 book choices. Nevertheless, where does one start in deciding what to read, who to listen to, and what to implement?
In the more than 55 years of combined experience in the world of business that my wife and I have had, and working with hundreds of hopeful entrepreneurs, we discovered four basic stages to business development that every entrepreneur must go through to enhance their chances for business success.
Well, statistically we know that not everything is all right and it does not work.
About The Author
Charles and Holly Egner are veteran entrepreneurs. They have trained, coached, and mentored hundreds of aspiring entrepreneurs. Their last entrepreneurial venture sold for just under $400 million in 1999. BuildOnYourDreams.com was founded to help promising entrepreneurs to build the business of their dreams. For their free Life Strategy Planning Teleseminar, visit http://www.BuildOnYourDreams.com today.
Entrepreneurship Story; Over Regulation in Franchising Part I
Jim and Sally run a successful auto business, which they have built up over two decades and have expanded to three stores and many of their friends keep saying, "You should Franchise." They think about this for about five years read a few books, like "Franchising for Dummies," The "E-Myth", "The Franchising Bible" and many others on the shelves of the new big book store in town with the coffee shop inside.
Six Steps to Guarantee Your Business Success
Many of us slave away for years for one uninspiring company after another and dream of the day when we can sack the boss and go it alone.If you're contemplating starting your own business then I'm here cheering you on from the sidelines because the best decision I ever made was to walk away from my well paid but oh so frustratingly boring job and start my own business from scratch.
Start a Business Selling Government Surplus
Did you ever wonder what happens to all that government equipment that is purchased each year by federal, state, and local governments? They don't just throw it away! By law, all unused and out-dated equipment must be sold back to the public at a public auction! That's right. Everything is available to you and I the American taxpayer.
The New Paradigm for Entrepreneurial Success
Entrepreneurship is a great magnet to deliver new ideas, unique approaches and innovative technologies. When conducted in a proper way, turning people into entrepreneurs improves a country's economic situation and aids sustainable progress.
Starting Your Business By The Book
I've gotten several questions recently about the legalities of starting a business. So, this week I thought I would address a few of the more common legal issues most new businesses face.
Will Your Business Survive Without You?
I had a health scare in December.As it turns out, everything's perfectly okay.
Focus is the Key to a Successful Startup
The definition of a startup means you have very few resources to employ and little time to get them to do something valuable. The clock is always ticking, and the money (if you even have any) is running out by the day.
Are You an Entrepreneur That is Starved for Time?
Being an entrepreneur and running a successful home-based business is stressful at times, and can be hectic. Success within a home-based business though, absolutely demands time management skills, or the chores that need to get done will be left undone, and procrastination, as well as a serious "personal time deficiency" will occur.
Why I Should Go In To Business
Rohit Kochgaway was very upset with his boss for his rebuking him today in office. He was very upset with his job.
From Bank Clerk to Entreprenuer
What seems like a century ago, I left school and joined a well-known High Street Bank. In those days working as a bank clerk was a well-established route for many school leavers and perceived to be a proper job with prospects.
Rambling Confessions of a Recovering Entrepreneur
I told my family that I finally accepted that my passion had become an ob- session, and you could even call it an addiction. They all laughed.
Raising Entrepreneurs: What to Do When Your Kid is Born to Think Differently
Adolescence brings with it many challenges - for both parents and kids. Young people, still new to the world, are embarking on a journey to discover their passions, joys, and authentic self-images.
Isnt it Time You Started to Fly?
I am going to begin this article by sharing a shocking fact..
10 Secrets of Successful Entrepreneurs
Running a one-person business is a creative, flexible and challenging way to become your own boss and chart your own future. It is about creating a life, as it is about making a living.
At an International Franchising Symposium in London, Peter Holt made the bold statement to his audience of Franchisors that they needed to understand that their business would fail, and in fact all businesses are bound for failure. Needless to say, there were a few shocked faces in the crowd.
A streak dating back more than three decades came to an end at midnight on New Year's Eve. For the first time since 1972, as America rang in 2005, "America's Oldest Living Teenager" was not in Times Square to count down the dropping of the giant ball.
Differentiation Strategies for Franchise Companies
With the growing number of franchise offerings recently it is difficult for the smallest franchise companies to compete. They generally do not have the advertising budgets to pick and choose which markets the franchise prospects will be calling from.
Communication is the key to vendor relations. In your small business, you will be in need of many products and services.
100% of Nothing
What would it be worth to you to receive a steady stream of new customers with little or no effort on your part? Would you be willing to pay 10% of the revenue they generate? 20%? 50%? Or do you believe that you can't afford to pay anything?During a recent discussion, I was surprised that people said they could not afford to 'give up' 20% in commissions to reach new customers. If you have more work than you can handle, that makes sense.
Raising Capital for Your Business - How Long Does it Take?
Most companies vastly underestimate the time commitment necessary to successfully complete a financing. In actuality, a company seeking financing needs to budget between 500 to 1000 work-hours to the capital-raising process, spread out over a 6-9 month time period.
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