Drug testing

Surviving the Three Pitfalls of Business Ownership


The morning sun sheds its brilliance and warmth on your sleeping face. 10:00 a.m. 10:15 a.m. 10:30 a.m. Finally, after half an hour of lying in bed, you decide to get up and start your morning routines. Your work day officially starts fifteen minutes later as you stumble to your computer, still wearing what you woke up in, coffee in hand. And so goes the life of the entrepreneur. You get to decide when, how long, who with, where and what you work on. No boss. No politics.

While this idyllic life might be the reality for some entrepreneurs, it certainly isn't guaranteed. In reality, every entrepreneur has a unique experience depending on their decisions and plain, old luck. And while good luck may be hard to control, making good decisions isn't.

To maximize your decisions, you have to understand that entrepreneurship has its shadows-unforeseen challenges you may not learn about until you're deep in the trenches of operating your own business. The good news is that by becoming aware of these shadows as early as possible, you can structure your business for success. Let me then shine some light on the major challenges entrepreneurs face so that you can confront and effectively navigate them.

  • "I have not failed. I've just found 10,000 ways that won't work." As Thomas Edison found, if there's one thing certain about entrepreneurship, it's that things never go as planned. No matter how much market research or planning you do, or how certain an outcome seems, you can never eliminate uncertainty. This means that if you choose to start a business, thinking that it would be a good source of funds, you could very well make less money than your friend who works a minimum wage job.

    Think of your business as an experiment where the outcome is uncertain, but where you'll be sure to gain valuable experience no matter the results. Beware of betting the farm when you don't have to. In entrepreneurship, you create a hypothesis (that is, a product), and you test it by marketing it to a potential market. As you continue to experiment with different business strategies, you'll be able to create better products and a better business.

  • Once you're in, you can't get out. When the clock strikes 5:00 p.m., most entrepreneurs, unlike their peers with a 9-to-5 job, have trouble forgetting about what happened during the past eight hours. In other words, an entrepreneur's business becomes a core part of their life, not just a time segment in it. This is because entrepreneurs aren't paid by the amount of time they work, but by the results they create. And with the large amount of uncertainty that comes with the territory, you may not know when or even if you're going to get paid.

    Since it's going to become such a huge part of your life, be sure to choose a business idea your passionate about, one that gives you a lot of enjoyment, one that you might even do for free, given the opportunity. Think about partnering with good friends. Pick an industry and business structure that fits with your desired lifestyle. If you're doing something you don't enjoy or that's terribly stressful, you may end up thinking of it as a chore, especially when times get tough.

  • If half the journey involves taking the first step, the other half entails persistently following your chosen venture through its ups and downs. Your parents and friends want you to succeed-there's no doubt about that. However, to them, success often doesn't mean taking the risk of starting a business. What it really means is getting good grades, going to a great school, getting a job, and then working your way up the proverbial ladder of success. In addition to the internal challenges you might face as an entrepreneur, you'll also face pressure from your family, who may think of entrepreneurship as a distraction and discourage you from attempting it. Your friends may wonder why you're not hanging out with them as much and get angry at you.

    Without the support of your friends and family, it will be that much easier for you to throw in the towel if the going gets tough. To help you find the resolve to continue, be sure to set realistic expectations and be prepared and committed to continuing on your entrepreneurial journey, no matter what. Reprinted with permission from Entrepreneur.com. Copyright ? 2005.

    Michael Simmons is the author of the best-selling book, The Student Success Manifesto: How to Create a Life of Passion, Purpose and Prosperity and an award-winning entrepreneur. He is also one of America's top youth motivational speakers for college campuses. Read his online journal at young entrepreneur journey or click on the following link to download his free success ebook.

    limousine chicago service
    In The News:

  • Questions For The Entrepreneur To Be

    Entrepreneurial e-gnorancePart 1: Questions for the entrepreneur to beIf you... Read More

    The 7 Major Reasons Businesses Fail and How to Overcome Them

    This year, over 800,000 of the approximately 2,000,000 start up... Read More

    An Entrepreneur Is

    An entrepreneur is an innovator. She sees a need in... Read More

    Have You Been Thinking About Owning Your Own Business? Or Becoming An Entrepreneur? Part 1

    Almost every day, I talk with people who want to... Read More

    Preparing to Outsource

    It's important to understand when to add individuals to your... Read More

    The Entrepreneurs Dilemma

    In business, you plan to protect your inventory, your unique... Read More

    How You Can Earn $1000 A Week Part Time

    About 6 years ago I started to notice that certain... Read More

    Franchisor Sample Grand Opening Launch for New Franchised Outlets

    It is paramount that all franchising companies work hard in... Read More

    Profile of Women Leaders

    Leadership is based on two words, "pressure and support"and that... Read More

    Staying Ahead of the Perils, Excerpt of Entrepreneurial Motivation Speech

    Running a business is not an easy endeavor, it takes... Read More

    Before the Business Plan

    Purveyors of conventional wisdom would have you believe that the... Read More

    Increasing Business BIGTIME with a Successful Referral System

    What I've discovered from most of my small business clients... Read More

    Entrepreneurs, Are You Hauling Buckets?

    Once upon a time, there was a village on the... Read More

    Definition of Entrepreneur

    EntrepreneurAn entrepreneur is a man who organizes and manages the... Read More

    10 Essential Tips for Starting Entrepreneurs - Ignore these at your Peril!

    1. Do What You LOVE: If you've chosen your business... Read More

    Double Your Income Automatically

    It is a common known fact that it is far... Read More

    The History of the Franchise Business - Learning about Business Opportunities by Looking at the Past

    Hair care has been around as long as humans have... Read More

    Starting Your Business: It All Boils Down To Making Money and Saving Money

    Bootstrapping in the context of business start-ups refers to the... Read More

    Is Running a Business for You?

    Not everyone is cut out to run a business. Not... Read More

    Lets Not Forget About The Little Guy

    Every business has to start somewhere. What truly makes this... Read More

    The Deal is in the Details

    What Startups Need to Get a Business Loan, Part 2In... Read More

    A Startup Never Closes

    When it comes to a startup, the luxuries shared with... Read More

    Top 10 Business Plan Myths of Solo Entrepreneurs

    Don't let these stop you from having a business plan... Read More

    PTO; Justification of the Means and the Ends

    Some would say about certain issues that the means do... Read More

    Outcomes - Thats What You Need to Focus On

    Successful business owners and managers need to be very clear... Read More

    commercial led lighting fixtures ornamental street lighting Pete's produce ..