Saturday, 30 April 2011

How to become an entrepreneur - The abbreviated guide

Step Three: Quit your old job with a steady pay, reasonable hours and a company health care.

Most experts might recommended not be obnoxious about handing in your notice however tempting it sometimes might be. It is considered bad manners which isn't good for business, and perhaps one day you would appreciate the same courtesy should one of your own employees decide to become an entrepreneur, too. Once the decision has been made and you are out of your old job, enjoy the freedom and happiness while it lasts, the real hard work is just about to begin.

If at all possible try completing Step Two before Step Three: Make sure you will have a sufficient cash flow to support your entrepreneurial aspirations.

For example, secure a work contract or get support from an investor. Life will be so much easier when you can purchase the necessary tools of the trade and perhaps even pay little something for yourself and keep the family well fed, which can do wonders to any entrepreneur's morale.

Although many would-be entrepreneurs tend to skip Step One it doesn't mean that you should do it too: Come up with a good business idea, find one or more reliable partners that you can get along with well and have the support of your spouse (should you have one).

All entrepreneurs have strengths and weaknesses so having partners can help to balance the negative while enhancing the positive. You should try to do the same to them, too. Another good thing to remember is that nobody can do everything alone so a good core team of partners will be the corner stone for success. Yes, and a good, realistic business idea is also a corner stone - a solid house usually benefits from having several solid corner stones.

Step Four: Be prepared to work hard, shoulder your responsibilities and never, ever give up without giving everything you got and them some.

If Step Four sounds like too much, please reconsider whether or not you should go through with Step Three. There are many good reasons why most people never complete Step Three.


Coming up next: How to become a successful entrepreneur (still working on it...).