Anyone with a pinch of creativity and even just a small urge to acquire wealth has tossed around the idea of giving up the 9 to 5 job and starting a business. Entrepreneurship has become ingrained in the way of life and has spurred on new innovations. The ability to create and start a business out of thin air has led to the creation of many new jobs in many different sectors and industries. Businesses are born from creative individuals and continue on through determination. However, the vast majority of ideas and businesses die out over time. Only the strong survive because business truly is a “winner take all” kind of game. Fortunately, the entrepreneurial spirit and creativity of people never dies and, of course, people always love making money.
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Careful Considerations
There are a variety of reasons why someone would desire to start a business. It could be the idea of not having to work for anyone else. Many people are passionate about a certain subject or area and are able to turn that into a business. And some people simply want to make lots of money and look to become an entrepreneur to obtain that wealth. Whatever the reason may be, starting a business is a thrilling venture, but a risky one at that. The majority of people have an idea and a dream to start a business, but only a small amount of people have the drive to accomplish it. Before diving into entrepreneurship, you may want to see what it takes to become an entrepreneur before fully committing to one idea or opportunity.
What’s the Big Idea?
Your big idea might be photography? If it is, do you have your photography portfolio? Is it selling sports memorabilia? Is it starting a hot yoga studio? Is it building a bar, a coffee shop, or both? Whatever it is, the specific idea is unique to you. It is easy to formulate an idea of how to make money and grow a business, but it is much more difficult to actually implement the idea and make it happen. One of the first decisions that need to be made is to decide whether or not it is worth your time and effort. What is the risk/reward profile? One must consider if the risk involved in an investment is worth the potential reward on the other side. Better to avoid a failed business now, than to go all in, only to find there is no market for your product or service. Decide if your idea is in demand and marketable. Next, decide if you are able to sow the risk that is necessary to reap the rewards later on.
Don’t Be A One-Man Band
The idea is there. The reward is worth the risk. And people are just waiting to buy your hot, new product or use your amazing, new service. So, now what? It is important to not only rely on your own expertise and intuition. Networking and finding resources outside of yourself is one of the most important steps before starting a business. There are many different levels to a business and most people cannot do it alone. Look first to others to find the skills in areas where you may be lacking. If you are great at marketing things, but not so great with numbers, then find yourself an accountant. If you can work a cash register, but do not know how to make coffee, then find a barista. The obvious point is to surround yourself with individuals who are interested in your business and can help you grow it effectively. Thankfully, we now have something called the internet that makes this easy and efficient to do. Make a profile on LinkedIn, if you have not already, to network and connect with professionals in any field. Or use a website such as Zip Recruiter to find skilled workers that you may need. No matter where you are at in your adventure of entrepreneurship, it is always a good idea to look outside yourself and find advice from other professionals who have already been through the wringer.
About Carson Derrow
