Do You Have What it Takes to Be a Home Based Business Entrepreneur?

Almost everyone thinks at one time or another about running their own business! Perhaps we see ourselves as the next Richard Branson or Donald Trump! Being an entrepreneur can be very appealing but not everyone is cut out to become one. This article asks the question: do you have what it takes to run your own successful online business?

One of the great things about the internet is that you start a business with very limited funds. For under $50 you can get a business set up and running – this provides a quick and safe way to see if you have the necessary skills to become a successful online entrepreneur. The beauty of this approach is that it can be started part-time around your regular work and family commitments.

Running an online business is not really about the product or service you provide. Far more important to your eventual success or not, are the attitudes and characteristics you bring to your business. Most business owners are taught to do a SWOT analysis on their business. The initials stand for Strengths, Weaknesses, Opportunities, and Threats. Unfortunately, very few owners actually do the same analysis on themselves! This can be a very enlightening process!

The first thing I recommend to all my clients is that they honestly evaluate their own strengths and weaknesses. Are they disciplined enough to get up early and work late? Do they see tasks through to completion? Are they prepared to take responsibility for their own success?

These are all important questions to ask before you spend any money! You must know how to plan, organize, and control every aspect of your new business. It is hard work and the buck always stops with you!

Organizing your time is a difficult task but if you want to run a successful home-based business, you must be able to do it. That may mean negotiating with children and partners, as well as keeping up with your regular commitments. You should also be able to work alone because now you’re the boss and all business decisions will be made by you! Kind of scary isn’t it?

You must also learn to be bigger than the problems you encounter. Even with an online business, you will have to deal with certain business problems and risks. You can’t eliminate such risks because they go hand in hand with running any business, whether online or offline. You must develop the resilience to overcome any challenges that you meet on route.

Running your own business will still mean that you will have to deal with all sorts of different kinds of people. You will encounter demanding customers, moody vendors, and some very sharp business practices that will happily drain your credit card if you allow them! To become a successful home-based business entrepreneur, you should know how to deal with all these situations.

Another ability you should possess is being able to make quick and accurate decisions. There is something called “the paralysis of analysis”, where we are so concerned about the possible consequences of our actions that we freeze the decision altogether. It is actually nearly impossible to know the full outcome of any decision we make – there are simply too many unknown variables. I have always followed my intuition and adopted the Nike philosophy – Just Do It! The more decisions you make the better you will get at them!

To be an effective online business entrepreneur, you must have lots of energy and superior work ethic. Owning an online business may mean working longs hours, usually late at night when the family has settled down, and on the weekends too. All of these sacrifices become worthwhile when the profits start rolling in!

Many of the risks we have spoken about can be reduced by choosing your home-based business carefully. There is a great deal of hype on the internet that may lead you to believe that money will come quickly and easily and without too much effort! These “instant wealth” opportunities should be avoided like the plague! Choose a reputable business with a proven track record and follow the system they teach.

Once you understand the responsibilities of an entrepreneur, then you can better assess if you have what it takes to become successful in an online business. Working at home with your own home-based online business requires dedication and hard work, but it can be done! Thousands of people just like you and I earn their living this way every day. You could be one of the success stories too!

Copyright (c) 2009 Steve Cowley

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Accomplish Something As a Small Business Entrepreneur

The idea behind the small business opportunity is usually the first place a person looks towards to find an additional form of finance. In the past the first place a person would consider to develop extra income was with the search for a second job. The evolution of the internet has placed a stop to the idea of the second job in favor of the generation of the small business entrepreneur. The internet is the new source of residual income business that most of the small business entrepreneurs look towards. There are many opportunities available to the new small business entrepreneur and the following covers only a few of the many avenues available for a residual income business.

The most popular form of small business opportunity comes from generating an online store to sell multiple items to consumers all over the internet. This is a model of comfort based on the physical stores in existence that survives every year through the profits of selling multiple small items and accumulating a profit. Some individuals have found success with this strategy when they find a demand or niche that can be filled, however most fail. The theory is good for a residual income business opportunity but it requires the backing of a major company or the financial stability to wait for a business to become established with brand recognition. A residual income business of this nature is a long term investment of time and possibly money that may pay off in the long run if a person can survive that length of time.

The creation of a new small business from a company that already exists is an additional form of residual income business opportunity. You see advertisements on a regular basis for a small business opportunity to generate an at home business based on an existing program. The small business entrepreneur can receive help form these companies as they receive assistance with website development, product identification and sales processing options.

If you are selling a large number of smaller items then the establishment of a company such as this will only assist your residual income business opportunity. There is a catch though when you are creating a residual income business with these companies. The assistance offered with these companies often require that you find methods to generate traffic to your developed site. The drive to create online traffic is another way of phrasing that you will be responsible for the advertising of your site, a concept that can be quite complicated online. Choosing not to pursue advertising will ultimately lead to the destruction of your residual income business opportunity.

The last small business opportunity is finding a company that offers the “Big Up-front Profits and Residual Income” system. The high generation of profit from the results of selling big ticket goods is what this system offers an interested individual. This is due to the fact that the profit from the sale of one of these big ticket items is equivalent to the profits of many smaller items. In addition, finding a company that will not only help you design your sight but offers advertising assistance is gold in this type of market.

Why Small Business Entrepreneurs Need a Mentor

A mentor is a must for the success of your small business. Do you have one as yet? A mentor is a person who has more entrepreneurial business experience that you and he or she is someone you learn to trust over a period of time.

However, you might be wondering why a small business mentor is important for the development of your business. After all, you have friends and family you trust and whose opinions you respect. The reason is that a mentor can guide and nudge you towards the right business direction.

If you are an entrepreneur and dream of running a highly successful business, you should go out and find a mentor immediately. It is definitely not easy to find a good mentor but they are out there waiting for a mentee who is willing to work hard to build a successful business. When I found my mentor (Charlie Schaivo), it made a world of difference to the way I approach my dental practice.

It made a huge difference to my success. He instilled confidence in me and taught me without even me knowing about it. So, when you find your mentor, you too will start having the successes that you have always wanted for your business.

When you want a small business mentor, you should look for a few characteristics in him or her. It is important that you and your mentor share the same values; you should have a good rapport with your mentor; you should be always willing to listen to him or her even it is something you do not want to hear; your mentor should have goals lined up for you; and he or she should be willing to use their time and energy, assuming that you do not waste their time and yours.

The advantages of having a small business mentor is that he or she has already achieved what you want to; your mentor provides you this experience for free; and he or she expands your network by putting you in touch with other experienced people. All these advantages result in you having a highly successful business. There is absolutely no doubt that a mentor is essential for all small business entrepreneurs.