May 2010 Archives

Become an entrepreneur and be your own boss

Choosing to start your own business enterprise can be the result of a number of reasons, one of which is the opportunity to reap the personal and financial rewards of an idea for yourself.
Entrepreneurship is for those who wish to be independent, to achieve something personally and also for staving off unemployment. Most often, entrepreneurship is motivated by the drive to meet personal, emotional, or financial needs. Home-based businesses allow people to balance work with family commitments.
Entrepreneurs can come from virtually any walk of life and go down a variety of paths. The one common bond they share is that they have an idea that will fill a niche in a market.
An entrepreneur is someone who organises, manages and assumes risks of a business or enterprise. Anyone who runs a small, medium or large business is an entrepreneur. Today it isn’t tangibles of land, labour or capital that count; increasingly, ideas and knowledge translate into cash in this changing world.
Plus & minus
A formal job comes with a regular salary, defined by the terms of employment, supervision, structured job profile, paid vacations, sick leave, scheduled work hours, co-worker interaction, use of company supplies and structured work environment.
With entrepreneurship, your remuneration is defined by the job, there is unlimited earning potential, you get to define your job, you are your own supervisor, you pay for sick days and vacation, schedule your own time, deal with isolation, you organise and pay to supply yourself and you design/define your own work environment.
Viability
To assess whether self employment is a viable option, the most important thing to do is to examine your own character/personality.
Innovation or the idea isn’t enough. You must be able to cope with the initial insecurity, the long hours, being your own office assistant, working in a make-shift office and frustration or disappointment.
You must not underestimate the cost of setting up a business, office technology and equipment such as fax machine, copier, and computer, will drain your finances, patience and technical knowhow. Promotion costs are high, and there is a time-lag between the work being carried out and the payments received.
The rags-to-riches story of entrepreneurship also has the rags-to-rags dark side. Do not try to run before you can walk. Consider gaining experience in the field from another employer before setting out on your own.
Article excerpts courtesy of Economic Times.

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