Be your Own Boss
You are probably thinking about starting or growing your own business. So, what is an entrepreneur, and what does it take to start your own business?
Business entrepreneurs are people who own their own business. They frequently work in their own firms themselves, but usually employ others to work in the business for them.
Many small business enterprises begin by relying on family members as the employees. Stories have become business legends about young computer entrepreneurs such as Bill Hewlett and David Packard who started a business in their garage and created a worldwide, global company, Hewlett-Packard (HP). Steve Jobs and Steve Wosniak share similar modest beginnings and became business revolutionaries, and wealthy, as a result of Apple Computer.
Although they are literally self-employed, entrepreneurs are not the same as people that are self-employed.
Entrepreneurs create value in the economy by providing jobs, and investment.
Sometimes people start a business out of necessity as a result of being out of work, or being dissatisfied in a current job. For the immigrant community, another impetus may come from over-qualification for the work available, or the non-acceptance of academic or professional credentials.
Why You Should Become an Entrepreneur...
- Be your own boss. You chose who you sell to, who you buy from, who you work with. Including how much you work and how much you spend on promotion, production, and overhead.
- Opportunity for greater financial success. When you work for someone else, you are contributing to their financial future all of the time, and to your own financial future only to the extent that they decide.
- Opportunity to build equity. When you own your own business, you also own the means of production, which can develop into substantial value. This equity represents assets that can be sold to someone else or passed on to your heirs.
- The opportunity to have control over your life and job. It is not just the ability to say what hours you will work but it also involves every step in the operation of a business. When you are the boss, all decisions from design concept to job creation, sales, business operations, and customer relationship management ultimately circle back to the boss and his or her philosophy and motivations.
Successful Entrepreneurs â Are You Like Them?
Entrepreneurs must not be afraid of failure. Thomas Edison is said to have commented about his many scientific experiment failures as not failures at all, but thousands of ways that he learned to not do something.
You must begin with a strong desire to start a business, combined with a good idea, careful planning, hard work, and the commitment to stick to it. A supportive family or social network has also been shown to be a contributing success factor.
Entrepreneurship will stimulate economic growth, create job opportunities, and change societies. In the developed world, successful small businesses are the primary engines of job creation, income growth, and poverty reduction.
Successful entrepreneurs have come from all elements of society. They include people of different ages, different income levels, both genders, and all races. Entrepreneurs may be very educated or have little formal education, but most share certain personal attributes, including: creativity, dedication, determination, flexibility, leadership, passion, self-confidence, and street-sense or knowing what works.
Creativity is the spark that drives the development of new products or services, or ways to do business. Entrepreneurs are usually innovators thinking of alternative and better ways to do something. It is the push for innovation and improvement that drives many, along with continuous questioning of the status quo. It is thinking outside the box that must be combined with self-motivation and hard work. Dedication makes it happen.
Business instincts are important. Instincts combined with acquired knowledge, and experience related to the business will result in success.
Although not all start-ups are successful, entrepreneurship offers the potential for great rewards at a personal, community, and society level.