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Wednesday, November 12, 2008

The Roller coaster ride of your life, Starting your own company

Life as an Entrepreneur is an everlasting roller coaster, it oscillates around:

  • resources,
  • time,
  • products/services,
  • people,
  • market,
  • manufacturing/production,
  • competition,
  • suppliers,
  • family,
  • friends,
  • politics,
  • health and emotions,

I would class this list as the tier 1 off building blocks of your business, it is easy to get swamped when all of these are running against you, or even just a couple, you are usually dealing with these challenges alone or just a couple of you, and it is hard to get clarity and the big picture of the business. I do not have an answer to this problem, but I have my own ways of dealing with it, focus and purpose, what is my vision, and how do we get there, you don't eat an elephant in one sitting, you take it in small bites, you have a critical list prepared before you start and when you feel that you are loosing it, you look at the challenges and match it against the critical list, will the business crash and burn if I don't fix this now, tomorrow or next week. They you look at the key objectives you have set and make sure that you are only tackling those. There is a military formula for identifying risk level during an incident:

  1. Did anyone die
  2. Was anyone hurt
  3. Was there anything damaged

The answer dictates the response.

Some characteristics of the Entrepreneur

Have a look at these statements below, there are 10, if you can't say yes to more than 7 of them, then I would say , find another career, if you still want to take this adventure, then work on filling the gaps. There is one last thing I would say, if deep down you find you are struggling and lost your passion for your enterprise, then look at moving on to another one that will reignite that passion. The most successful and sought after Entrepreneurs are serial ones. They have the scars and hard earned wisdom.

Entrepreneurs are careful about money.
Entrepreneurs are competitive by nature.
Entrepreneurs believe in the old adage, "the early bird gets the worm."
Entrepreneurs have a "head for business."
Entrepreneurs are usually loners rather than joiners.
Entrepreneurs are usually honorable people who do business based on a handshake or a promise.

Entrepreneurs are Risk takers - this is a very important characteristic of an entrepreneur. If you're not willing to take any risk, then you will not succeed as a businessperson. In the everyday course of the business, you will encounter a lot of problems and challenges which you need to decide the soonest.Some risks are worth taking after careful evaluation especially if it's for the good of the business. If you're not a risk taker, then you're not an effective entrepreneur and you're bound to fail in your business undertaking.

Entrepreneurs are Smart - being smart is another characteristic of an entrepreneur. You have to be clever, keen, and witty in all your business dealings. You have to show mental alertness and intelligence so that you can win the respect and trust of customers and other clients.

Entrepreneurs are A leader - leadership is a characteristic that is hard to find among individuals. Not many individuals have the nerve to take the lead. To become a good entrepreneur, you must be a leader. Some say that this is a born characteristic but if you don't possess it, you can also learn to become a leader.You're quite lucky if you're a born leader because you only have to develop your other qualities and use them when you choose to become an entrepreneur. As a leader, you should be able to guide, influence, and direct people. This way, you can handle all your business activities with ease and fewer worries.

Entrepreneurs are Inner passion for business - another important characteristic is having the right passion for business. You have to maintain your enthusiasm and interest in the business. As long as you have the right drive and passion, you can run the business for a long time. 5. Honest and trustworthy - some say that eighty percent of an entrepreneur's time is dedicated to pooling and attracting customers. This may be true because without the customers, the business will not exist. You have to be honest and trustworthy so that you can develop good will.

I conclusion starting your own company can be the blast off your life, it can also be a nightmare, it is not for all, but if you are up for it, then go for it 100%.


1 comment:

Teens Make Money Online | Zulhusni said...

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