Most People Have A Reason
Why do people set up business? There are many reasons for people setting up a business. It could be losing a job, developing an unexpected disability, hating their bosses, or even coming into some money. However, the underlying factor is a strong desire for freedom.
This may mean freedom from the corporate world; to do something you enjoy or use the money and time it provides. There is also a certain appeal to being your own boss. Previously learned skills can be applied and performing well means you can pick and choose your own clients.
What Kind of People Start Businesses?
The stereotypical image of business start-ups is to appear on Dragon’s Den pitching your idea to hardcore “dragons” while begging for thousands of dollars of investment. Furthermore, we think of entrepreneurs as slick, overconfident, fast-talking extroverts. This leads many of us to believe we don’t have what it takes to start a business.
Nothing could be farther from the truth. Most small business owners go about their work quietly. This is especially true today in the world of solopreneurs. A new term coined for online entrepreneurs who are the sole employee. All sorts of folks with varying backgrounds can and do have companies.
Have You Got What It Takes?
There are certain qualities that successful business people tend to have. The good news is they are not uncommon and all of them can be learned along with whatever skills you may need to acquire. I think you know that a wise person once said, “practice makes perfect” and that certainly applies here. The following are qualities to keep in mind.
The king of character traits. You need to be determined to finish whatever you start. This is a large part of the battle because the majority quit before seeing a single penny. You have the greatest chance of success by finishing.
Decisions need to be made whether right or wrong. It’s fine to research in order to make well-informed choices but do not dawdle. You need to keep moving forward. Learn from your errors. Indecisiveness is devastating for business.
You need to recognize that you don’t know everything. Keeping an open mind and remaining flexible will allow you to move in new beneficial directions in response to evidence. Keep learning. Humility is business gold.
Analytical In Nature
Evaluating every facet of your business and market is essential. You need to know whether things are working and how to improve them. This goes back to open-mindedness. A good business owner does the analysis and makes decisions that may require radical changes. Most people do this quietly with very little fanfare.
Is There A Right Time to Start?
There is no right time to start. It doesn’t matter whether the economy is doing well or poorly. Some wealthy people take advantage of recessions to increase their fortunes. The key, is are you ready? There are always opportunities to make money. Sure 50% of new businesses fail within 3 years but it doesn’t have to be you.
These days the internet world is still in the early stages of developing its full business potential. You might feel the competition is tough. However, there is plenty of room for growth in a market of millions with billions being spent by consumers. It is all about your approach and the market you tap into.
What If I’m Strapped For Cash?
The safest way to start up a business, especially if you lack the capital, is to keep your day job. This will give you the time necessary to develop the biz and make sure it is profitable. Financial pressure from debt shouldn’t be a problem which is often the case carrying over into private family life.
Starting small allows you to analyze and make improvements until you are making a sufficient amount of money. At that time, you can continue to do it as a sideline or turn it into a full-time venture. Once again, these days one can begin an online business with as little as a few hundred dollars and eventually earn thousands in income.
A Business That Makes Perfect Sense
There are many kinds of businesses you can start both offline and online. A close friend of mine has a roofing business. He has very little desire to use technology with his company. Tim is very good at what he does. He is able to manage employees, organize tasks and even sell his product to customers.
On the other hand, he is in his 50s with very little time left to set aside enough money for his retirement. The physical side of the job is also taking its toll and he is constantly worried about paying his bills. My answer to this is to have a backup plan. Move to a model that will provide passive streams of income.
This is a business model that makes perfect sense to me even if you are young. Of course, we must work hard at first like with anything in life but the beauty is the revenue will keep coming in for years later. Excellent for spending time with family or having a secure old age.
I believe the internet is the best vehicle for setting up a low-cost business that can succeed way beyond our wildest dreams. No matter what your passion or interest there is a place for you. It’s changing many lives by providing folks with the time and money to enjoy a lifestyle of their own choice. Starting a business means freedom.
The next article in this series will discuss some of the reasons why having an internet business is a good choice for many to make. In the meantime, if you are already interested in doing something online please feel free to read my review of a favorite community I belong to.
All Comments Welcome!
Do you have a business? Are you thinking of starting one? Do you have any tips for newbies? Please share your thoughts below and if you have any questions at all we’d more than happy to answer them.