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Several Real Facts About Being An Entrepreneur

Taking the plunge and becoming an entrepreneur is akin to making a giant leap into the abyss. You might be the most orderly, anal-retentive organizer or logistician and may have a clear picture in your head about how you are going to achieve independence and satisfaction. Do you know how to make God laugh? Tell him you have a plan and in this case tell him that you are going to be a successful entrepreneur! You undoubtedly have a lot of adventure ahead of you as many of your predecessors will testify. Just remember that there is no such thing as a final plan and you will have to keep amending it, even as you find some emotional and psychological strength and have to put up with developing a business during all your waking hours.

Whatever idea you have for a business, think really long and hard. If you think that you can just expand your hobby and make some money from it, without really thinking if you are creating a solution to a real problem, you might be in trouble. Unless you’re able to solve the problem and have some kind of unique approach as well, the sad truth is you are probably going to get swallowed up among the competition. What is your unique selling proposition?

Aim to always give more than you get back when you start off, as part of your creative interpretation of your business environment. People are always wary about doing business with someone or some business that they do not know and are looking for social proof. Understand that customers should be treated like the gold that they are when they finally come along and you should solicit feedback as often as possible. Always over deliver when it comes to giving value.

Unless you have the luxury of a lot of time and a pot of money behind you, the sad truth of being an entrepreneur is that you’re going to have to be head cook and bottle washer, becoming adept at everything. During the early days you will not have the luxury of being able to outsource and must be very careful when it comes to time management. There are certainly not enough hours in an entrepreneur’s day, so be prepared to work at a minimum 60 hours a week. Don’t be surprised if your business demands your attention seven days a week. Due to time constraints, you will soon find that each hour is worth more than money and you have to be careful that you do not spend too much time on operational issues, while devoting too little to onward development.

So long as you have come up with a realistic business model, stay on course and you will be able to document the allocated time, the return that you are currently getting and a common-sense projection for the future. You need to be brutally honest with yourself and don’t underestimate the issues and problems that take up valuable time and eat into your productivity ratios.

Anchor yourself well and remember that there are always ups and downs in the business. You know what they say – if it were easy, everyone would be doing it!

Adam Toren, Co-Founder of Young Entrepreneur, specializes in improving the profitability of under-performing businesses with a unique and ‘bottom line’ program. Adam, along with his brother, have started, bought and sold several companies over the past years. They currently own and operate a successful publishing company and several online companies.

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(posted in Uncategorized | tagged business, entrepreneur, internet business, online business)

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