INTRODUCTION
I write this piece to discuss my personal and professional knowledge about all of you aspiring entrepreneurs in available regarding conditions that you will likely need to face when starting your own personal business. Please note that a number of the legal topics in this particular piece pertain to someone starting and operating an organization in Ontario, Canada.
DO YOU HAVE WHAT IT TAKES?
Experience and education
You have to have the technical education and experience with your area of great interest to provide a great goods and services, whether you’re a los angeles accountant, a furniture salesman or possibly a web-designer. But if you’ve got only this, it only qualifies you to definitely be great employee. It doesn’t mean you’ll be able to run a company.
To successfully attempt a small business, you have to be a “jack of the trades” that has a working knowledge inside the areas of sales & marketing, accounting & finance, business law, and hours management.
No one expects you to definitely be a professional in these areas becoming a successful entrepreneur, and you should know enough to distinguish potential problems or issues in order to hire a professional to deal with them quickly before problems worsen. If you cannot even identify problems, you happen to be setting yourself up for a few major trouble.
If you’ve considered starting up a small business, you ideally should first get a job having a successful employer inside the industry that interests you and learn each and every of how the organization is run. You should also become a member of some introductory courses in accounting, finance, business law and marketing for a local university.
Personality traits
From our experience, most successful entrepreneurs possess the following personality:
- They are highly organized
- They love their work – they may be truly obsessed with what they do knowning that gives them a good edge over their competition. This means a strong work ethic, and also the best entrepreneurs are viewed “workaholics”.
- They have a broad range of interests and talents. In the context of running an organization, they may be good at selling, financial management and dealing with people. This goes back in being a “jack-of-all trades” so that you can succeed in business.
- They can tolerate risk but carefully assess risks before you make any major decisions.
To become more specific, you will find people who are highly intelligent and educated, but require emotional security blanket of experiencing a job that has a steady paycheque. At the other end on the scale are business owners who will make decisions recklessly without first getting facts, analyzing them and after that weighing the potential for loss. Neither of those types could be successful entrepreneurs inside the long run.