AN ENTREPRENEUR START UP GUIDE

What You Must Know As A Young Entrepreneur...
 

“NINE FACTORS TO CONSIDER”

You have been working for someone else for a longtime now and you now have had enough; you would like to be an entrepreneur. But as an entrepreneur start-up, you face many issues that must be carefully considered before you take the decision to strike out your own.

Let us see the top nine factors you need to consider;

1.       WHY YOU WANT TO BE AN ENTREPRENEUR: Are you doing this because you’re sick of your boss or is this something you really want to do? Starting up your own business is not something you do because you had a bad day at work. You need to plan this and get it up and running before you thing about leaving your job. You need to sit set up your plan in such a way that you must have put in place all that you need for your business.

2.       HEALTH AND MENTAL CAPABILITIES: Depending on the type of business you are starting, you might have to do a lot of travelling, wheeling and dealing; are you up to it? Can you handle the pressure of landing that potential client without causing any damage to your reputation?

3.       YOUR FUTURE GOALS: Do you want to do this part time or full time? Longtime or short? In conjunction with your job or as your job? You need to decide on those things now so that you can then put together your plan. You must not forget to consider the progress of the business in the future.

4.       YOUR FAMILY AFFAIRS: Will this take up all your time and leave you with no time for family? Work out those periods in your day when you are going to work and stick with this plan. Then you can have scheduled time with your family. You must not forget to consider your family affairs when putting down a business proposal.

5.       DO YOU HAVE THE SKILLS REQUIRED: Being an entrepreneur demands a certain amount of skills. You have a lot to be in control of. Everything is riding on you, so you have to be at the top of your game. You should at least acquire a very good knowledge of your business or you employ a professional who will be willing to work with you.

6.       TIME:With your work and family responsibilities, are you going to be able to start up a business too? Keep it simple at first. Only do what you can handle and then go on from there. You can achieve everything accordingly when you set up a time table for it.

7.       THE LONGEVITY OF YOUR INDUSTRY: Is the type of business you’re planning to start just a fad or will it be around awhile. You could have a business that takes off quickly and then turns suddenly once the trend changes. Be careful in the choice of the type of business you start up.

8.       FINANCIAL CONSIDERATION: Do you have enough money to start up your company? You don’t always need a large amount of money that depends on the business you start. However, if you are going to have employees, then you may need to borrow some money to pay them until your business begins to show a profit.

9.       PERSONAL CASH NEED: Along with company costs, you need to make sure that you still have enough money left over to cover all your household bills. This is very important if your business is going to be the only source of income.

So there you have it.

An entrepreneur has a lot on his or her plate. Think long and hard about these issues before you start up your business. You want to get everything right the first time to give you the best chance for success.