Thinking to start your own business? The education system in most countries usually prepares the students for working life by getting them to go through primary education, secondary education and tertiary education. Majority of the institutions of higher learning usually geared their syllabus and training of the students based on the requirements of the employers. As a results, many students have a narrow mindsets of the employment market.
Many are conditioned to work for organisations once they graduated from their field of studies. Not many have the training to be entrepreneur in starting up their own business.
Fortunately, all these are changing and we are beginning to see more students who are part time entrepreneurs, employees who quit their secure jobs and launched out on their own, and many others who are taking the bold step to be their own boss.
Starting your own business has its advantages. One of them is that once your business becomes successful, the profit that comes along with it will be yours. If you are under employment, you will be paid a fixed salary plus some bonus at the discretion of the boss based on your contribution to the company.
Why not try to carve a business of your own and reap the success for yourself? Some of the disadvantages of being an entrepreneur is that you are on your own which requires you to come up with your own capital as well as making critical decisions that affect the financial standing and direction of the company.
You may not have the necessary paper qualification but that is not required for you to start your own business. Many successful businessmen do not have any college degrees. Some only have high school education and some primary education.
What does it take to start your own business? Some of the traits are....
Hardworking Starting out on your own requires you to put in more than 9 to 5 job. You will have to count the cost of starting a business in evaluating your other priorities. In order to have more time and effort focused in your business, you may have to sacrifice your leisure time, hobbies, social life and other activities that prevent you from giving your best in your new business.You may even have to work during the weekends when others are having holidays and other recreational activities. This is the entrepreneurial spirit that most successful businessmen has.
Knowledge Do you know the nature of the business you are venturing into? One needs to have a basic knowledge of the business that you are going into. It is a high risk of investing ones capital without any knowledge of the business that you intend to set up.Though the risk of starting a business is there, making calculated risk and analysis of the market potential are required. Going through the SWOT(Strength, Weakness, Opportunities, Threats) analysis will help to crystalised the thinking process.
Resources Do you have the financial resources to start your own business? Is your business model enable you to get a loan from the financial institution? If you are serious in your venture, you may need to sell your car or mortgage your house to get capital for your business. Always start small if you are not able to afford it and then when the business prospers, you can pumped in more capital. Many big business starts from small investment.
Perseverance Perseverance is needed as you will most probably face obstacles in the new start up. Building a business is a long term process and will require you to stay on with it until it becomes successful. There may be failures and disappointments along the way but perseverance will sustain you through difficult times.
Networking Networking with various people in the business world is also critical to the success of your company. Let others know what you are doing and always be on the alert on new business opportunities as you mingle with various businessmen. Propose win win solutions to your potential business partners or clients. Be proactive all the time.
New Skills Running your own business requires you to have knowledge in finance, managing people if you have a team of people, investment skills and other know how when you start your own business. You must be keen to learn new skills and move on from there. Many self made successful businessmen do not confine their knowledge to a specific area but are all rounder with knowledge ranging from marketing to finance to managing people.