Entrepreneurism,Are,You,Ready, business, insurance Entrepreneurism: Are You Ready?

As we all know to live in this world we have to perform some activity by which we can earn money. There are many activities by which we can earn money and meet the standards to live in this society. And from one of them is franchise.  Franc Small offices have unique needs, and thatincludes document shredding. Designed with the smaller business inmind, the Dahle 20314 is a cross-cut shredder that offers Level 3security and brings you into compliance with federal regulations. The

800x600 Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable{mso-style-name:"Table Normal";mso-tstyle-rowband-size:0;mso-tstyle-colband-size:0;mso-style-noshow:yes;mso-style-priority:99;mso-style-parent:"";mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-para-margin:0in;mso-para-margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:10.0pt;font-family:"Times New Roman","serif";}I was asked to speak at asmall business event about Entrepreneurship:Are You Ready?  My experience inworking with Small Business Development organizations and projects and doingconsulting and training for Woman/Minority Owned Businesses has shown me thatwhen people talk about becoming (or being) an entrepreneur they primarily meanthey want to start a business (or have one). With that in mind I prepared a list of important questions for myaudience to ask themselves.  Following arethose questions along with the supplementary questions and points. Definition of Entrepreneur(according to Wikepedia http://en.wikipedia.org/wiki/Entrepreneur): Termapplied to the type of personality who is willing to take upon herself orhimself a new venture or enterprise and accepts full responsibility for theoutcome.   Here are some importantquestions to ask yourself whether you have a business, are starting one or arethinking about starting one.Why do I want to start this business? (Or why did I start it?)Needs to be more than: “I didn’t want to work for someone else anymore.”If X can do it, so can I, may or may not be trueRemember having a passion for something is not enoughBe careful of: “So I can be at home with my children” or “So I will have more control of my time”.Do I know what my product or service is (will be)?Be sure you are clearDon’t try to be too muchDon’t group things that are differentToo much and too different make you look as if you’re not good enough at something specificCan you translate your product or service into a benefitWho are my customers, clients, prospects?If this is not clear you will be wasting time, effort and money marketing and sellingEveryone or anybody are not good answersBanks say this is the number one question loan seekers cannot answerIt takes research to truly answer thisDo I understand what makes my prospects spend money?Your product/service doesn’t make them spend money; their need or desire doesIt takes research to know what makes them spend moneyNot understanding this will cause you to waste a lot of time and money and possibly to failDoes it matter to my prospects that my business is Minority or Woman Owned?They must have a reasonTypical reasons are social consciousness or moneyIf they do not care, use another marketing angleResearch is necessary to know thisAm I prepared to spend the time and money necessary to market/sell my products and services?Because research is necessary, you must do it or have it done to be successful Marketing and sales must be done whether you like it or notYou must do it or pay someone to do itWhere will I get money to start/run my business?First, do you know how much you need?If you plan to start part-time or on a shoestring, be sure you can be successfulIf you go to a bank you must address the other questions in this listRemember that with investors of any kind you lose some controlPassion and Good Ideas are not financed, potential profit is financedDo not expect to receive grants to start or run your business – they do not existDo I understand the difference between should and will?Just because prospects, banks, investors, employees, etc. should doesn’t mean they willBelieving that people will because they should sets you up for failure or at the least disappointment and frustrationResearch is vital to know if prospects and banks/investors will do what you think they shouldWho are my competitors and how many of them are out there?  Are they succeeding?  How many have started and closed in the last 5 years?Don’t start a business in a field that is already crowdedunless you have something very uniqueDon’t start a business in a field where people are not succeeding unless you know why they are not succeeding and you know (not think) you can do betterIf you do not know your competition how will you compete?Be sure you have enough money, time and people to competeResearch is necessary to understand the competitionDo I have enough time, energy and money to run a business?A good question is “Do I have the stomach for it”Another good question is “Do I have the stamina?”You must do the research, understand the situation and develop the plansso that you know what it will take to start and run a businessThe research will also help you put passion and expectations in perspectiveDo I have a clear understanding of the obstacles and pitfalls of starting and running my business?  Do I have a plan to deal with them?This is very important, but is specific to your business type and your situationThe need for this understanding is why research is vitalThe need for planning is why you hear “Do you have a Business Plan?” all the timeHow thick is my skin? (Or how sensitive am I to these words: “NO”, “You’re too small/new”, “We already have a supplier.”)Can you hear these words and move on to the next loan officer or prospect?Can you use these words to help you decide if you need to modify, redirect or fold your tent?Can you take these words as opportunities and not obstacles? How prepared are you to follow direction and jump through hoops?If a prospect has a process can you accept the fact that you must follow it, will you allocate the time to do so?Do you understand that the directions or hoops are part of the “test”?Do you recognize that the directions or hoops do not have to make sense to you?Remember that the customer is always right