Saturday, February 26, 2011

Starting a Business

Part 1 of 4 Mini Courses: Guide to Starting Your Own Business.
In this edition we are going to assess whether you are ready to Become Your Own Boss.
A: Your Own Business
If you are reading this post because you have a burning desire to start your own business, you are in the right place. This post is aimed at inspiring you to take control of your destiny, find your purpose, passion and profits.
When you are bitten by the entrepreneurial bug, several ideas rush through your mind and you become excited about the businesses of many other successful entrepreneurs. Their successes are uplifting and you feel as if you want to follow in their footsteps.
 But this excitement brings us to an important point when you think of starting a business: whatever business you decide to start, make sure you are passionate about the service or product you offer. Otherwise you will not succeed. I have stuck with what I love –sales & marketing and teaching.
Everyone on this planet has a purpose and once you find it, you will see your life change dramatically.
We shall journey together to find your purpose and turn your burning desire into action.
There is the Own Boss Profile Quiz below, which is highly recommended you take. It will help you determine whether or not you are ready to be your own Boss and also identify the right business for yourself by finding what you are passionate about.
Are You Ready to Go It Alone?
You have been dreaming of owning your own business for quite some time .You have been employed for a number of years and promotions and pay hike’ s have not been forthcoming. If you have experience and expertise in your field, then the timing is right.
You realize that the job market has also changed and jobs are not as many as they used to be. This is the time to take advantage of the rebounding global and local economy to help you to become self sufficient through self employment.
Do You Have What It Takes?
Starting a business doesn’t happen overnight .It requires careful planning, well thought out strategies, confident skills and the strength to succeed .First and foremost you must have a strong desire and motivation to succeed in your own business. Without these qualities in place it will be very easy to give up when the going gets tough. Stamina and ability to multitask are other important skills you will need to have in running your own business.
Set aside some quiet time and take this soul searching Own Boss Profile Quiz. Look over your answers .Do they discourage or motivate you? Are there more yes’s than no’s? Compare your answers with the score sheet below to begin your journey towards self empowerment.
If you have some doubt after taking the test, don’t become discouraged .Feel free to expand on the yes/no answers .Continue reading the subsequent posts and take the quiz again at the end of the mini course. You will find that your answers change once you have a better understanding of how to start your own business.
Own Boss Profile Quiz
1.      Do you believe you can earn money in your own business? Yes/No
2.      Are you an independent person, and not afraid to go in one direction while others go in the other? Yes/No
3.      Do you believe your past failures will not prevent success in your own business? Yes/No
4.      Do you believe in yourself?
5.      Does the cost of starting a business scare you? Yes/No
6.      Do you know how to set goals and persist until you have achieved them even if you make mistakes along the way? Yes/No
7.      Are you an organized person? Yes/No
8.      Do you have knowledge or experience in the business you are thinking of starting? Yes/No
9.      If not, are you willing to take time to learn what is necessary to succeed?
10.  Are you willing to make changes in your lifestyle? Yes/No
11.  Are you willing to network and learn from other entrepreneurs? Yes/No
12.  Do you have some ideas about where to go to obtain professional help to get your business up and running? Yes/No
13.  Are you a good money manager? Yes/No
14.  Are you willing to take your time start small and expand as you go along? Yes /No
15.  Do you have the desire, motivation, drive, energy, and patience to make your business work even if you are earning less money initially? Yes /No
16.  Do you have an optimistic attitude? Yes/No
Profile Score Sheet
1.      Yes, without a doubt, I feel like I can earn money in my own business.
2.      Yes, I am independent and also like taking unbeaten paths.
3.      Yes, my past failures are behind me .I will not allow them to stop me from succeeding in my own business.
4.      Yes, I do.
5.      Yes, like most people I am afraid to lose my hard earned money.
6.      Yes, I have set many and I am proud to have accomplished them.
7.      Yes, when I set a goal, I make detailed game plan to help me stay focused.
8.      Yes, I have worked in this industry for quite a while.
9.      Yes, I will seek business advice from successful entrepreneurs.
10.  Yes, I am.
11.  Yes, I am.
12.  Yes, I will seek mentoring from other successful entrepreneurs.
13.  No, and I will seek outside consulting.
14.  Yes, I understand in the beginning there will be challenges
15.  Yes, I will do whatever it takes.
16.  Yes; I always see the glass as half full instead of half empty.
This quiz is the first of a series of action steps designed to get you into the entrepreneurial mode. You will be asked to take similar action steps after each mini course.
While you may have the personality to be your own boss, let’s see if you have what it takes to succeed .In the next post I will explain the traits and skills that are advantageous for a successful business owner.
Action Steps
1.      Take the Own Boss Profile Quiz: assess whether you are ready to become your own boss.
2.      Determine what your best skills are and consider partnering with someone who has skills you do not have.
3.      Begin immediately, put yourself into a business mode. Envision yourself owning a successful business.
4.      Learn not to take rejections personally. Just remember when one door closes, a bigger and better door will always open.
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