Things To Consider Before Starting A Business

Things To Consider Before Starting A Business


Getting free from dominating bosses and the possibility to make your own decisions is one of the lures of starting your own business. As attractive as it looks, not everyone is suited for self-employment. Before you go ahead with any plan to start a business it is important to take a close look at yourself and ask yourself some important questions.

1. Do you have enough start-up capital and a back-up income?
It takes money to make money, even if it is only a home business. Make sure that you have enough funds to equip yourself and begin marketing before taking the plunge. Also, don't expect to make a lot of money in the early stages of your business. You will need to set aside enough money to provide for you and your family during the initial start-up period for your business. Consult with other similar businesses and find out how long it took them to become viable.

2. Are you a self-moving person?
This is the key quality that separates an employee from and entrepreneur. If you need to wait around and be told what to do, then you would find it easier to get a job with a company rather than to launch your own business. On the other hand, if you are able to think of an idea and carry it out without prodding from someone else, then you may be able to succeed in your own business.

3. Are you willing to work more than a standard 9-5 day?
When you work for someone else you are contracted to work a certain schedule. At the end of the day, you can often able to just forget about the job, go home and relax. When you have your own business you carry a load of responsibility on your shoulders and you will often end up working longer hours than a normal salaried employee. If you like what you are doing and if your business is financially rewarding then you may not mind putting in a lot of extra hours and working when other people are resting. Once again, there is no "right" or "wrong" here. It is just a question of looking deeply at yourself and finding out what you are best cut out to do.

4. Is your family ready to back you up?
You may have a great idea for your own business, but before you begin you have to see if your family is ready to support your ideas. If you start your own business there may be an element of risk and an increased demand on your time. Owning your own business and having a lot of responsibility can also be very stressful. It is crucial that your closest loved one, the ones who share your life, also share your vision and will provide the emotional support and understanding that you need in order to be successful.

5. Are you passionate about the business that you want to set up?
In order to be successful in your own enterprise you will have to be self-moving and you may have to work harder than an employee in someone else's firm. If you do not really like what you are doing you will find it hard to get the inspiration and drive that is required for such a task. Choose an activity that you know something about and choose an activity that you enjoy doing. The ideal business would be one where you have some prior knowledge and something which you enjoy doing.

One thing to remember, there is nothing wrong with being an employee and working for someone else. There are a lot of advantages in terms of job security, steady income, standard hours and other benefits. It is just a question of looking at your total situation and making the right choice. On the other hand, if you do possess the qualities of an entrepreneur and really have a good idea backed by adequate capital and expertise, then starting your own business may be the best thing you will ever do.

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Things To Consider Before Starting A Business

Teen Entrepreneurs: Be your own Boss!

Teen Entrepreneurs: Be your own Boss!

Do you want to earn your own money but you are too young to qualify for a part time job? Do you have the drive to earn money through hard work and perseverance? Would you rather prefer to be your own boss and earn your own money? Then you surely have the raw ingredients to become a successful entrepreneur. These are the beginnings of an entrepreneur: a good business idea, a desire to make good money, an aspiration to become your own boss. Successful businesses grow from these seeds. If you have these, then you should consider becoming an entrepreneur.

Steps to becoming a Teen Entrepreneur

Entering the world of entrepreneurship is not an easy endeavor. It requires a lot of thought and careful thinking. The first step is very important: you must understand and know yourself and what kind of entrepreneur you can be. Evaluate yourself and find out what interests you; what are the things that are most fun to you; what stuff do you know most about. From your answers to these questions, you can find many excellent ideas to start your own business. You should also ask yourself how hard you are willing to work to make your business a success.

Great Ideas for a Teen Entrepreneur

Being a teen doesn’t mean you can not think up a great idea for business. Think creatively and innovatively, explore different possibilities and solutions to problems, observe the latest trends – from these you can surely spot an excellent business idea you can start on. You can also get great entrepreneurial ideas from friends, family, teachers, library research and the internet. Afterwards, you can start researching about your business idea. Strive to know and understand the ins and outs of your prospective business. You should understand that business essentially involves “buying” and “selling”. Some understanding of the law of supply and demand will go a long way.

Got a great business idea! What now?

Now that you’ve found an excellent business idea, ask yourself the following important questions: Is it practical? Will people take notice of it? Will it fulfill a need? Do you have the capability to realize this business idea? Can you deliver high quality products or services? Is there a substantial demand for your business? If not, can you create that demand? Where will you get the capital to finance your business? All these questions must be addressed before you start establishing your business.

Business Ideas for Promising Teen Entrepreneurs

With the huge array of business ideas that are available for the budding teen entrepreneur, finding the one right for you may be a daunting task. Here are some promising business ideas that promising teen entrepreneurs like you may find interesting.

Teen Entrepreneur Idea # 1: Candle Making

Candles are very popular as home décor and accessories nowadays. You probably have a decorative candle in your bedroom or living room. Why not create your own personalized candles and sell them to your friends and acquaintances. Learning how to make candles is actually quite easy. This makes candle making an excellent idea for money-making. You can start by learning how to make candles and where to buy your materials.

You can find candle making resources and materials from craft stores, community centers and candle-making studios. If you already have family and friends who make candles as a hobby, you can ask them to teach you the basics of the craft. Just be creative and display your artistic nature in the candles you make. Afterwards you can sell your personalized candles to your friends, family members, neighbors, flea markets, bazaars, farmers’ markets, etc. You can also sell your candles through internet malls and eBay.

Teen Entrepreneur Idea # 2: Run Errands

If you like moving around, keeping busy and multitasking, then running errands for other people for a fee can be a good idea for business. As we all know, today’s fast paced lifestyles means that many of the people you know might not have the time to do simple chores such as buying groceries, walking the pet, mowing the loan, washing the car, etc. Why not start your own service business by offering to do these errands for a fee. Ask around your friends, neighborhood and even family members to see if they need someone to do their errands for them. You can also post brochures and flyers that advertise your services.

These are just two of the many business ideas that teen entrepreneurs like you can consider. Just remember that any business endeavor requires hard work and perseverance to be successful. With the right mindset and the right dose of enthusiasm, you can surely start your own business and make money in no time at all.

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Teen Entrepreneurs: Be your own Boss!

Typical Stories of Successful Filipino Entrepreneurs

Typical Stories of Successful Filipino Entrepreneurs

Reading the life stories of successful entrepreneurs anywhere in the globe will almost always have that charming element. Building something out of obscurity, the initial success, problems encountered and the person sticking to it trying to overcome the hurdles, (sometimes at the point of giving up), and then an unknown force from somewhere pushes the entrepreneur up slowly and steadily.
For some it is the failing in a business or two and then, finding the vein – so to speak- sticks it out and eventually succeeds.
For those who succeeded, however modest, there is also always that factor of relentless pushing forward. It is the ability to maintain focus even when faced with hard work and discouragement.
I too found these tales a little mushy at times, too romanticized and often over stretched until I failed in four businesses big time and found out that the same principles work for me.
Whatever your views may be, there is an undeniable over riding characteristic in most entrepreneurs and that is enthusiasm, and the desire to keep on. I don’t believe in the Midas touch either, that is bull, a showing off if you will. Aptitude yes, acumen yes, but just the same, every success has a history of hard work behind it, A kind of preparation.
This is almost the same everywhere. Even in third world countries where the economy could sometimes be so tangled up.
Let us have the Philippines. Successful Filipino entrepreneurs would have done a greater effort here than in many of their counterparts in some places of the world. You may disagree, that is fine. But you see business people thrive on predictability and stability that could result to margins. On the other hand, fluctuating economies would give you a different result. Couple that with a colonial mentality that until today has not yet been totally forgotten and you are in for a sanity check especially when trying to compete with a European or American brand. No way could it work.
But it did. Take for example Tony Tan, a Filipino entrepreneur who started his way, washing the dishes and waiting on tables in his fathers’ small restaurant. In 1975, with the help of his family this Filipino acquired an ice cream franchise. Ice cream parlors were popular then and it was supposed to be a decent and proven formula. But like most popular businesses that are copied, the Ice cream parlor has eventually to be given up. After a good start, the Ice cream business failed. Tony Tan has to start all over again this time it was not ice cream but selling hamburgers. He gave the hamburgers his own twist, and with the help of family members, tweaked on other fast food items and that was supposed to be the story of it. Obscure beginnings from a country that was supposed to flock to Mc Donald for hamburgers. No one could, in a sane mind, hope to compete with Mc Donald’s right? Correct. But this successful Filipino entrepreneur is selling today double than that which Mc Donald’s does in the Philippines. The company has, in 25 years expanded to more than 400 branches in the Philippines alone with branches in many parts of the hamburger-loving world.
And then there is Antonina Cesario of Mila’s Lechon.
Lechon for those who wonder is a whole suckling pig roasted over an open pit.
A fresh graduate of Pharmacy from the University of Santo Tomes, one of the more prestigious schools in the Philippines, one would wonder what Antonina Cesario was thinking selling lechon at a time (1968) when a college diploma was a decent way to start a more prestigious career. But I am jumping too fast. Antonina started out not even with a lechon but hawking boiled corn in the streets. After a while, she opened what is termed in the Islands as a Sari-Sari Store which are actually holes in the wall stores that are popular in any typical Filipino neighborhood. It was not enough. In the Philippines, there is about one sari-sari store for every 600 population. Just imagine the competition that one is about to go through.
And so with a few pesos saved, and with a leap of faith, she bought a pig, made a lechon and sold it. No dice. The lechon did not sell at all. The lechon though is a very popular fare in the Philippines. A feast is never complete without it. So the idea persisted. She did a twist to it, selling it by the kilo. From then on, Filipinos does not have to wait for fiestas and other affairs to have lechon on their tables. They can have it any day they want it. Mila’s lechon turned out to be very popular. So popular in fact that the district where Mila’s lechon originated is now termed as the lechon capital of the Philippines. The family then started venturing out to other businesses like restaurants and the selling and distribution of sauces that could be found in any supermarket in the Philippines.
Many more Filipino entrepreneurs have made it. One that makes it more amazing though is these entrepreneurs could thrive even in very difficult circumstances, even when their nations economies are often in the doldrums. Hard work, preparation, persistence; name it, It varies in different people but sustained enthusiasm counts for most.

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Typical Stories of Successful Filipino Entrepreneurs

Tips on How Entrepreneurs Start Home Based Small Business

Tips on How Entrepreneurs Start a Home Based Small Business

There are many ways by which entrepreneurs get on the road to success. Some entrepreneurs choose to take advantage of franchise opportunities and from there, move on to greater glory.

There are a lot of things that can be said about franchising. For one thing, franchise opportunities let you penetrate the market with an already-established brand name. People already know the product or service so you won't have to go through the trouble of making a name.

Of course, you have the responsibility to make a name for your business and not just the product. This means you'll have to sell yourself. After all, people can get the product or service from other franchises, so what makes you any different? You'll have to show them that you are different from other businesses even if your products are the same. You'll have to do your best to convince people that getting the product from you is the best decision that they can make.

If you don't think that taking advantage of a franchise opportunity is the thing for you, maybe you should consider starting a small, home based business.

A lot of budding entrepreneurs put up small home based businesses for different reasons. Here are some of them:

1) Lack of funding - most entrepreneurs have small home based businesses because of the simple fact that, as a beginner, most do not have the funding to rent office space.

When you think about it, a small home based business is perfect for a budding entrepreneur. He or she actually gets to save money on the rent of commercial space. We all know how hard it can be to manage finances when you are starting a business, so saving all the money you can is a very good idea.

2) Convenience - for entrepreneurs, small home based businesses can be very convenient. When you think about it, they can stay at home all day and still make a living.

Entrepreneurs find small home based businesses convenient in other ways as well. Much legality is eliminated when you base your venture at home. Getting a lease on a commercial space may sometimes prove too complicated, as compared to having your business at home.

3) Customer base - some entrepreneurs start small home based businesses because of the fact that they may already have an established client base there. Some restaurants, for example, get started because of a person noticing that his or her cooking is very popular around the community.
Now, by starting a restaurant in the home, he or she would already have a customer base, willing to pay her for her cooking.

Many people know just how hard it can be to start your business as an unknown. By basing your business at home, you know that you will already have established connections and you know that people will find it more convenient to go to you for their needs.

Remember that you need to plan properly. Most entrepreneurs' small home based businesses fail because of poor planning. You need to learn how to separate your business finances from your home finances, and learn how to record each correctly.

In order for you to be able to properly handle your business, you might want to consult three people: an Accountant, a lawyer, and an advisor. Between these three people, you can get the big picture of what to expect when running a small home based business as an entrepreneur.

You have to be strong. Many people can tell you that business and personal life don't mix very well. But history has shown that entrepreneurs with small home based businesses often succeed at becoming globally competitive.

Three nerds in a garage have as much chance at succeeding in a business venture as an executive in an office with a view. Technology today has made possible that all resources be within your grasp. All you actually need to do is find the will to take the first step.

There you go: those are just some tips to get you started on that first step. By remembering to take calculated risks, you should be fine in getting your small home based business of the ground, entrepreneur.

What are you waiting for? Go!

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Tips on How Entrepreneurs Start Home Based Small Business

Peter Burns Entrepreneurship in Action

Peter Burns Entrepreneurship in Action

Have you heard of the name Peter Burns? If you are familiar of him as one great entrepreneur, then your guess is right! Peter Burns is an acclaimed millionaire and entrepreneur who also teaches the subject Entrepreneur 101 in ASU’s Barret Honors College for over a year.
There are likewise news that circulates that he may team up with the Grand Canyon University this coming May for its launching of the College of Entrepreneurship. Asked as to why he preferred to team up with another school instead of ASU, it appears that Peter Burns first suggested the idea to the ASU but the school seemed uninterested. It was Grand Canyon University who took interest to launch the said proposed degree program.
It appears that Peter Burns is not at all disappointed with ASU’s decision but who knows what really plays on his own mind? He further stressed out that ASU’s decision is right. After all, he knows for a fact that it is not the sole endeavor of a business school.
Out of the reputation harnessed by Peter Burns pops up several other endeavors from other colleges to particularly enhance the students’ capacity to do business. More and more trainings and seminars on entrepreneurial management are coming out here and there in the whole of America. This only shows that the Americans have finally realized the value of molding a potential entrepreneur. And they have visualized that it may be started upon within the confines of the schools.
Imagine yourself being the boss. You control the business. Moreover, you own the business! In fact it is everybody’s dream—to be the owner of the business and to be your own boss! A lot of American people do not want to be lorded over by somebody. And throughout the crowd of college students, being one great entrepreneur is one of their wildest dreams ever.
Being an entrepreneur yourself will allow you to bring into your own pockets tons of handsome income. More than ever, incoming college students already foresee themselves as successful entrepreneurs in the future that is why when they step into the portals of the university, they often take up business-related courses as one stepping stone towards their dreams.
It is without a doubt that Peter Burns’s entrepreneurship ideas are influencing the minds of the college students. More so, the schools administrators have already awakened to this kind of scenario and benefit for their students.
So why are students more inclined into becoming successful entrepreneurs in the near future? Among the reasons are as follows:
There are several colleges that now offer programs which are related to entrepreneurship whether inside or outside of the business schools so as to achieve the goal of preparing their students in their dreams of starting their very own companies in the near future.
More and more students are getting serious with their chosen fields as inspired by personages such as Bill Gates, Walt Disney, and Michael Dell who are all successful businessmen in their own rights.
There are a lot of people who are surrounded by family members who are business owners themselves therefore all the more motivating them to become one.
The students of today’s generation are more conscious that wealth can only be gained if you know how to work with investments and profits.
They are likewise very much aware that with only a little capital, business can already be put up and just to be expanded when the fruits seem to be advantageous.
To date, the number of enrollees in entrepreneurial degrees is escalating and is foreseen to still commit to a higher growth in the coming years. When asked about the factors that influence them to become entrepreneurs, students make mention of their parents, relatives, idols, and mentors. That is why in these days, it is no longer a shocking news to know that students immediately start building their own companies right after graduation. Some of them even team up with pals and former classmates in getting on with the business.
The education about entrepreneurship that is inculcated into the young minds of the students motivate them to always strive for the best and be open to all the angles and possibilities of the business industry.

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Peter Burns Entrepreneurship in Action

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How Peter Burns Inspires Entrepreneurs All Over the World

How Peter Burns Inspires Entrepreneurs All Over the World

The story of entrepreneur Peter Burns is a remarkable example of how entrepreneurship works. You see, many people nowadays think that you need to finish a degree in order to become successful. What they fail to realize is that the richest man in the world, Bill Gates, was a college dropout.

Of course, education is very important in the development of a person. It can help you get a great job and a high salary. However, there comes a time in a person's life when he or she has to make a choice. Entrepreneurs often face this decision in life. They encounter great ideas, but they are faced with the choice of risking it all for their great idea or ignoring the urge and continuing on a safe path.

Peter Burns discovered entrepreneurship while he was on his first year in college. He enrolled entrepreneurship at the University of Virginia. Entrepreneurship classes are supposed to encourage the growth of the entrepreneur in you.

The course sure gave life to the entrepreneur in Peter Burns. One assignment that they always give you in entrepreneurship classes is to seek out a potential business and try to form a feasible plan.

This assignment is actually supposed to train your entrepreneurial instincts and allow you to closely observe your environment for any opportunities. Peter Burns, future entrepreneur, thought of doing a business plan on renting mopeds at US vacation spots.

Peter Burns' instructor found the plan simply brilliant and encouraged him to try it out during the summer vacation. Now, many people do not realize the effect entrepreneurship can have on the college student.

You see, even in the world today, college students aren't so sure that their parents' advice about getting a degree actually holds water. When you take a look around you, you'll probably see a lot of people with all sorts of initials and letters after their name suffer the world of unemployment.

You see, we live in a world where connections often matter more than degrees. This world really does not allow employees to rise to the level of success. We live in a nation where the word "employment" means that you're underpaid, overworked, and you work under a person who is always dumber than you.

Kids hear their parents complain about their work all of the time, so why should they believe them when they say that getting an education is the key to a great future? These are the thoughts that enter a young person's mind when they think about their futures.

Now, Peter Burns became an entrepreneur at the encouragement of his teacher. He tried out the business he presented and found that it was actually quite profitable for him. Plus, he was doing what he loved. He was his own boss. What more can a 19 year old ask for?

You see, in the four months of summer vacation, young entrepreneur Peter Burns was able to make 50 thousand dollars.

When you think about it, minimum wage just seems so lame compared to that figure, right? So, young entrepreneur called up his instructor and said the inevitable: he already got started on his road to successful entrepreneurship.

Of course, tourist season was soon over and Peter Burns had to find more customers. He took his business on the road. He started traveling to different tourist spots to find more customers. He had a pretty clear view of his target market. He went to places with plenty of scenery, a long tourist season, and slow traffic. These, according to him, are the best conditions for moped rentals.

Now, the business of Peter Burns has grown to a point where he actually franchises. It just goes to show you that there are things you can learn about business outside school. In fact, entrepreneur Peter Burns' rentals now gross over 1 million dollars a year. You want to hear the good part? It's all in cash.

The success story of entrepreneur Peter Burns doesn't stop there, of course. He may now be thinking about real estate holdings. This just tells you how sheer talent can really compensate for a college degree. Peter Burns got to this point in life all because he made a choice and stuck with it.

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How Peter Burns Inspires Entrepreneurs All Over the World

What Are True Entrepreneurs Made Of?

What Are True Entrepreneurs Made Of?


Does firing your boss and starting your own business equate to entrepreneurship? Or does it just mean that the status quo has just changed from you being an employee to you being "self-employed"?
Quoting Michael Gerber of "The E-Myth Revisited" fame, entrepreneurs "invent organizations that work without them. Technicians create businesses who work because of them. The entrepreneur is liberated from what I call the "tyranny of routine," and the technician becomes a slave to it. In the entrepreneur's case, the business works. In the technician's case, the technician works." The above few sentences capture the essence of true entrepreneurship.
Well, to paraphrase, one cannot claim to be a true entrepreneur if you merely jump from being an employee to starting your own business but continue to use your own time to do exactly the same things you used to do as an employee. ie. you are basically still exchanging your personal time for money. Instead of freeing yourself from the slavery of your ex-boss, you have evolved to become a slave to your own business.
To be a true entrepreneur, value has to created, predominantly in the form of a scalable business example that are based on rules, systems and processes, that ultimately frees the entrepreneur from having to micromanaging employees or firefighting. Instead, the true entrepreneur should be focused on steering the business towards his dream and vision, to plan, organize and direct instead of getting stuck managing routine work. Instead of letting the business run you, an entrepreneur runs the business!
Being an employee, you are given a job. By starting your own business but doing the same thing as you did as an employee, you become self-employed and own a job. But as an entrepreneur, you captain a self-sustainable business system that is profitable, creates value, and gives jobs to some people while freeing your own time . Who would you rather choose to be?

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What Are True Entrepreneurs Made Of?