Entrepreneur?
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Do you want to buy a franchise, buy an existing business or start from scratch?
What is your area of strength? These tips will help you get started.
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Career Catalyst So You Want to Be an Entrepreneur? Nancy Passow, NRP Associates, Inc. Thinking of going into business for yourself? These tips will help you get started. n this age of downsizings, mergers and acquisitions, new does, its reason for being and its objectives. These three state- career options are needed. One career alternative to con- ments together provide the basis for your business. You should Isider is starting your own business. revisit them periodically to make sure your business is still fol- Here are some things to think about and questions to lowing them. If there is a difference, you must decide what ask yourself before you decide to be an entrepreneur, and needs to be changed — your business or your statements. some guidance that will help you establish your business. Communication skills are very important. Letters, propos- The article first looks at characteristics of an entrepreneur, as als and reports will be a part of your daily business. Speaking well as the pros and cons of running your own business. and listening skills, whether one-on-one or with groups, are Next, it covers some of the initial steps involved in starting a also very necessary. An entrepreneur must be a leader, a ne- business, including the paperwork and the physical necessi- gotiator and a team builder. Networking is another important ties. It then discusses two important road maps for en- skill — this is where new business, as well as your support trepreneurs — a business plan and a marketing plan. Finally, services, will come from. it lists some resources, both online and printed. As an entrepreneur, you must have high self-esteem — no This should be considered only an introduction to the re- one is going to tell you “job well-done” except you. You must quirements for setting up a business. Particularly for the tax be willing to be a risk taker — can you live without a steady and legal issues, appropriate experts must be consulted. paycheck? Do you have some financial resources to fall back on until your new business makes a profit? Do you have the Do you have what it takes? support of your family or close friends? Certain skills and characteristics are necessary to be a Some of the pros and cons of being an entrepreneur are good entrepreneur. An entrepreneur is considered a “practical listed in Table 1. visionary.” You need to have dreams and visions for your business, but you also need to be able to translate these vi- The first steps in setting up your business sions into practical applications. As you decide on your busi- The first thing to decide is what type of business you ness, develop a vision statement, a values statement and a want. The options include manufacturing, consulting and mission statement. other services, and retail. Do you want to buy a franchise, The vision statement describes your vision or dream of buy an existing business or start from scratch? What is your what your business is going to be. Imagine that your business area of strength? What do you like to do? Do you want to is successful — what will it look like? The values statement is continue doing what you did in the corporate world? Or do the code of ethics for your business, based on your values and you want to do something completely different? Do you have beliefs. The mission statement describes what your business any hobbies or interests that are marketable? These are some 90 www.cepmagazine.org March 2002 CEP
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