Entrepreneurs start businesses at any time, regardless of the state of the economy or opinions of others. They are driven by a dream and desire to bring something of value to the market and society. And, are not afraid to experiment and fail along the way.
We are fascinated with people who make something out of nothing, invent products and show us new ways to use well-known stuff. There are individuals who are driven by grand ideas and have vision to do great things. Others are modest in their undertakings and have a simple desire to provide for their families.
Most of us have entrepreneurial qualities but for different reasons do not find ways to utilize them. The first question that comes to mind of any aspiring entrepreneur is "Is starting a business for me?"
This is a great question and deserves an honest answer. Most individuals can own and successfully operate a full-time or part-time business. Being a business owner is rewarding but a challenging endeavor.
The aspiring entrepreneur would like to know what it takes to start a business from the ground up and be a business owner. Business ownership offers many benefits such as being able to full fill a dream, seeing the fruits of your labor and directly benefiting from it, not being dependent on capricious bosses and the latest corporate restructuring. You have more control of you destiny by owning a business than working for someone else.
However, business is like a living thing and needs constant attention. In a start up stage it requires a lot of creativity, dedication and total commitment. It requires significant amount of energy to take off the ground and face the challenge and ambiguity. Even though people often are aware about the difficulties they may encounter still, tens of thousands of business are started every year in the US alone.
It is helpful to introduce some streetwise wisdom: It takes three to six months to test a business idea to find out if it is worth pursuing it and make it a business. After you successfully test your idea, it takes about three years to find out if you have a truly good business concept. And takes over ten years to become truly profitable.
Most start ups require full-time commitment. However, in many occasions a part-time business may be a better route to follow. Often family, career or civic commitments limit the time available for entrepreneurial ventures. In this situation individuals can embark in a start up as time permits. Part-time businesses it still require regular effort. For example, a hobby is suited become a part-time businesses. It requires minimum learning and can quickly produce results. However, usually would have limited market and is difficult to grow.
Another way to enter business ownership is to buy an existing business. It allows instant access to established operation, owner expertise, customers and income. However, you are buying someone's dream. Each business reflects owner personality, desires and values. Buying an established business is less risky but, does not diminish the need for commitment, effort and dedication. There is no guarantee that you will enjoy higher rate return on investment than staring your own.
Only, one that absolutely loves to work for large organizations or for others and always avoids any form of risk should not try to start or own a business. Such individual may not be able to condition his mind to small business dynamics. It is better to look for a new job, not wasting time and resources starting or buying a business.
Starting a business from the ground up needs considerable effort and resources but, is exciting and potentially very rewarding endeavor. It attracts young and old, people who want to fulfill life long dreams and ones that are looking for income to support their families. Most start ups and small businesses fail but they always allow us to gain valuable experience and help us learn a great deal about ourselves. It is worth starting a business before you are restructures out of a job or being old and never tried to fulfill a dream.