Enterprise – Page 22 – TP Javeton WebNet

Getting-started resources

Very few people ever got rich by working for someone else. Puttiing aside popular musicians, sports stars and gifted people, the only way to acquire wealth through working for it is to build a business of your own. Be an entrepreneur! The type of business you decide upon will most likely depend on three factors:

How much money you have available for start-up and capital working capital;
Your business idea; and
Your confidence level.

Types of businesses at your disposal:

The Traditional – a brick and mortar in which you will rely solely on your own efforts;
The Franchise – where you follow a proven idea and receive considerable training and back-up from the franchise company; and
Web Marketing – which encompasses Network Marketing, Multi-level Marketing and a whole slew of different niches you can explore.

Pros and cons of each business type

The traditional business requires considerable financial input, either from your own resources or part-funded by your bank. You may need to rent premises; buy equipment; hire staff; pay for advertising, brochures, stationery, and stock. A frighteningly high percentage of this type of business fails in the first year. To succeed you need: a good idea, considerable financial backing, good health, an understanding spouse, and stamina. If you do succeed you will own the business outright and benefit from all the profits.

Franchises have a high success rate. Banks like them because each franchise operation has a proven track record; thus the banks can accurately judge the risk and consequently will lend money for this kind of start-up. However, all the support and training comes at a price: the initial entrance fee is likely to be very high, and a percentage of the business’s turnover has to be paid to the franchise company.

Web marketing which encompasses Network Marketing, Multi-level Marketing, to name a few, has many advantages and few disadvantages. The entrance fee is low and the ongoing expenses are even lower. A Web marketing business can be started in your spare time. In fact, that is the best way to approach it. Start small, and keep at it. The secret is perseverance! Get past the first year and you should find this type of business has a sound foundation from which you can build a serious income. It is said that 95% of those who survive ten years in Web marketing become wealthy beyond their wildest expectations.

Decision time

So which type of business is a good fit for you? If you wish to provide a service or product where you have previous experience from a former employment, the traditional business will be probably be the best choice. However, if you are just tired of working for someone else and making them rich and wish to venture out on your own, then a franchise or Web marketing business just might be the preferred option.

The choice then is determined chiefly by the funds you have access to, and the time and effort you wish to put into your enterprise. A franchise will require substantial funds and 100% commitment. You are jumping in at the deep end, although the franchise company will provide training and support to help keep you afloat.

On the other hand you can ease yourself gently into Web marketing by starting part-time while you continue with your current employment; building your business by throwing profits back into it if necessary. Persevere and there will come a time when the income from your own business will be sufficient to support you financially. You will then be able to leave your employment and concentrate on your business, which in turn will pay dividends. One such dividend (an important one) is enjoying considerable free time with your family.

Over the years countless institutions and individuals have asked the million dollar question. What makes an entrepreneur an entrepreneur? What traits or characteristics are inherent to a successful entrepreneur and is one born with those traits? There’s great news! Successful entrepreneurs are born every day!

Some people believe an entrepreneur is born while others believe an entrepreneur can be taught. Some believe an entrepreneur is like an artist – either you have it or do you don’t. Some see entrepreneurs as leaders that are focused, disciplined, competitive, and charismatic, while others see them as huge risk takers. And all of these analogies are right to some degree.

It’s true all successful entrepreneurs share a few qualities and skills that allow them to be successful. These inherent qualities can be taught; but they often seem to be an inherent driving force that sends individuals down the path of being in business or formally training for a career in business.

Entrepreneurs see the world differently. They have the ability to see the world as a system. They have the ability to see something in its entirety and as an integrated unit, and they seem to possess the ability to see opportunity within the global picture. They are what is called a system thinker.

There are other characteristics they possess. Entrepreneurs possess an overpowering need to achieve and tend to be very competitive against themselves. They are continuously trying to outthink themselves and others and they are constantly looking for the edge. This is a process that occurs as naturally as breathing and is a driving force behind most entrepreneurs.

They have the determination and dedication to follow through with commitments and they always appear confident and in control. You’ll notice they also possess a positive aura. They are of the mindset “I can,” and “I will.” They are not afraid of failure because failure is not in their vocabulary nor is it an option.

They are objective but have the ability to weigh risks realistically within the big picture. They have an uncanny ability to anticipate developments which gives them the edge on many competitive situations. Entrepreneurs seem to feel right from their gut, call it instinct. They are a resourceful group that possess excellent problem-solving skills and are able to diligently work through obstacles as they occur.

Entrepreneurs are excellent communicators and recognize how important clear and concise communication is to their success. They also possess a sound working knowledge of the business they are involved in.

When it comes to successful entrepreneurs it’s a question of what came first, the chicken or the egg. Is it inherent qualities that entrepreneurs are born with, or is it that we choose to become entrepreneurs we therefore develop the skills and qualities of success? That’s a question we shall leave to the great debaters to resolve.

What is for certain is that successful entrepreneurs are born every day and that you too can be a successful entrepreneur by developing the skills needed for success.