The following is a guest post from Patrick Mackaronis, director of business development for New York City social network startup Brabble. For further reading on Pat’s ideas, please check out Home Business Mag’s piece Patrick Mackaronis Reveals Six Options for Ideal Startup Investment.
Why would anyone want to become an entrepreneur is beyond me. Working at the beckon call of your clients, putting in late hours, accounting and other tasks you wouldn’t have to do working for someone else, Why in the world would anyone wish this upon himself or herself?
The list I mention above contains issues to become an entrepreneur. There are good and bad things to consider. For some, the benefits to become an entrepreneur outweigh the bad. For instance being free when you want, going where you want and when you want, and choosing your place of work, dictating your own hourly wage, being your own boss and being creative and opininated.
The question is, are YOU ready to become an entrepreneur?
If you want to become an entrepreneur, here are some things to consider:
Passion – What do you want out of life? Will working for yourself or having a business match your goals and dreams? If your dream is to enjoy the rewards of working your way up the corporate ladder, entrepreneurship may not be for you. However, if you want to feel the accomplishment of building a business up from nothing, then entrepreneurship would be perfect for you.
Time – Do you have the time to commit to a new business? Alternatively, if not would you be willing to sacrifice some time each day to become an entrepreneur? You will need time to build a business. Nevertheless, if you have spare money you can pay some one else to use their time to help you. This is leverage.
Money – Although you may not need any money to create a business, some money may be needed. This will depend on what type of business you want to start. An internet business could be started with no money or a business with direct selling of another company’s product can be started with a couple hundred dollars.
Support – Do you have supportive friends and family? Again, this is something that you may not need but it is helpful. If you have family that will be discouraging you, you can still find support through joining industry groups and associations.
Discipline – This is something that you cannot do without. You must be disciplined if you want to be successful. You must be disciplined to take action. Without action, there will be no movement towards advancement. I will say it again; discipline is something you cannot do without.
Humility – I mention this because you will have customers that will beat you down to get what they want. Some of the customers I would recommend you fire; however, some may have paid for the advantage of bossing you around. It really depends on how you set up your business to decide the best way to handle these types of customers.
Ethical – You must be ethical to run an honorable and successful business. Customers will trust you to follow thru on your promises and you must abide. This is a trait that you should have whether you decide to become an entrepreneur or work for someone else.
Determined – There will be good times and bad times, as always in life. When you are an entrepreneur, the bad times seem more magnified. Even though the bad times may happen just for a little while when the good times last longer, people will point out your down time and not remember your good times. This will hurt you and make the bad times seem worse, but you must stay determined. The bad times always become good times. If you cannot stay determined to succeed, then it will never happen.
There are many more things to consider when deciding to become an entrepreneur. This will give you a good start. It is a personal decision and is not to be taken lightly if you want to succeed. Entrepreneurship is not for everyone, but the ones who choose to become an entrepreneur, and are determined to make it work, reap many rewards.