Why consider entrepreneurship?
Becoming a successful entrepreneur requires business planning, innovation and risk-taking. It is a lot of work, but there are also many benefits to being your own boss.
Put your own ideas to work
Being your own boss can allow you the freedom and independence to use your own ideas. As an entrepreneur, your time and energy can be spent creatively by putting these ideas to work for you and the future success of your business.
Decide what type of business you want
Your business should complement your experience, interest and knowledge. Before you put too much work into planning your business, make sure that the industry you choose is the right one for you. You may want to consider what hobbies or interests you have, as well as what experience and skills you could apply to a new venture.
Make the decisions for your business
Starting your own business can be risky; however, desire, persistence, and innovative thinking can work in your favour. Believing in yourself and basing your decisions on knowledge and experience can lead to the success of your business. However, knowing the limits of your own abilities and not being afraid to ask for help from others will help you make informed business decisions.
You have the ability to establish the policies for your business and to set the tone for its culture. You can build a business that meshes well with your own personal values, rather than working for someone else whose policies or values may differ from your own.
Choose the location for your business
You can choose a location for your business that suits your needs, whether that means working from home, working close to home, or taking the opportunity to travel and see different places. You might choose a trendy downtown office, or a place outside the city to avoid traffic or a long commute. While you have a lot of flexibility in choosing a location, you should take into account access to customers, employees and suppliers.
Have the potential to earn more
As an entrepreneur, you have the luxury of working your own hours and stretching your earning potential. Usually, this success comes with real hard work and long hours. If your business is successful, you could potentially make more money than you would working as an employee. However, the downside is that there is no guaranteed paycheque and your hard work can cut into time for personal and family obligations.
Have the freedom to work less
While some people go into business to make more money, some people go into business for themselves in order to work less. When you are your own boss, you have the flexibility to decide how much vacation time you want, to delegate responsibility to others and to work part-time, if you wish. Of course, you need to ensure that you are making enough money to support yourself; there may be times when you will need to invest more time and effort into your business, particularly in the beginning. However, in general, being self-employed gives you more flexibility to set your own schedule.
Be involved in the total operation of your business
Running your own business can provide you with a tremendous source of satisfaction and pride. You will be able to see your business grow from the ground up.
However, you will also be responsible for the initial capital that will be required for your business and the costs involved with the day-to-day operations. There are tasks involved that you may not be trained for, such as purchasing, inventory management, or accounting. It never hurts to get professional help with the running of your business. Focus on the areas where you can provide the most value.
Turn the business into a family asset
Owning your own business sometimes means providing your children and other family members with a place to work, and a way to finance their future. It is an opportunity to teach them valuable skills and spend more time together. Depending on your children's career aspirations, you may be able to pass the business on to them when you are ready to retire.
- Business start-up checklist
When you're setting up your business, you need to ensure that all of your bases are covered. Consider the following steps as you navigate through the business start-up phase.
- Succession planning
Find the right strategy for selling your business or handing it over to someone else.
- Developing your ideas
Make sure you can turn your idea into a profitable business model.
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