Entrepreneurship,Right,for,You business, insurance Is Entrepreneurship Right for You?
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Entrepreneur: "A person who organizes, operates and assumes therisk for a business venture. [French, from Old French, fromentreprendre, to undertake.]" There are many ways to become an entrepreneur, from inheriting a business or buying a franchise to marketing aproduction or invention you've developed. But no matter how you getthere, consider the following three criteria proactively before youmake the leap to business owner:1. Is there a need in the marketplace?2. Do you have the skills to meet that need?3. Do you love what you will be doing?Assessing the MarketplaceIf you're considering launching a startup, the first question you haveto answer is: Do enough people or businesses need what my company willoffer to make it worthwhile to start and grow this business?If you live in a small town with four gas stations, and gasconsumption is decreasing because of high prices and increasinglyfuel-efficient cars, you're looking at a business with a difficultfuture no matter how wonderful your customer service is.However, if there are no child-care facilities within 10 miles thatoffer quality programs, healthy meals and fun activities forpreschoolers, you might have found a market that needs to be served andwould be willing to pay the fees you need to grow a solid business.In addition to simple observation, excellent places to assess themarketplace are the reference area of your library, your local SCOREoffice and your chamber of commerce. Each will give you a differentperspective in your quest to decide whether your concept is viable, andeach can point you to additional resources.Evaluating Your SkillsWhen we're honest with ourselves, we know our strengths and weaknessesboth personally and professionally. If you're not sure of yoursuitability as an entrepreneur, find out where you can take theMyers-Briggs personality test and receive a comprehensive explanationof your results. Once again, talking with a SCORE counselor can behelpful.Joining a professional association related to your area ofinterestwill introduce you to people already doing what interests you or whoare engaged in a similar business. You'll quickly discover whether yourskills are similar to those of the successful members around you.Youcan also set up an informational interview with someone who'ssuccessful in your intended field. That will provide you with a wealthof information to help determine whether you're a good fit for thebusiness you're considering.Sizing Up Your HeartItmay sound strange to talk about love and what your heart tells you whendiscussing entrepreneurship, but this may well be the most important ofthe three assessments. Starting and running your own business is not a9-to-5 proposition. The early stages of a business--which can last agood, long while--can easily consume nearly all your waking hours,challenge established relationships and change many life patterns.If the product or service you are bringing to market is one youfeel deeply about, you'll be more willing to make the necessarysacrifices. The commitment of energy and finances can be enormous. Ifyou know you might not be willing to make this commitment, it's best tobe honest with yourself at the outset and consider another path.Starting and leading the growth of a business is one of themost rewarding endeavors we can undertake. We vastly increase thelikelihood of overcoming the inevitable challenges if we've assessedthe marketplace, our skills and our heart.Suggested reading:What Color is Your Parachute? By Richard Nelson BollesI Could Do Anything If I Only Knew What It Was By Barbara Sher
Entrepreneurship,Right,for,You