So the difference that exist between a business owner and an entrepreneur is their knowledge and innovation. I just want explain what’s you really need to know before venturing into any business. I have lived with good and successful business men and these are what I learnt why serving.
This article will help and assist you to access your personal readiness to go into business as well as examine certain factors that can affect your decision to be self employed. Remember our lord Jesus Christ asked this question over 2000 years ago. He said “if one of you want to erect a tower. Won’t he estimate the cost?” (Lk – 14 :28).
This Question Is so important that no serious person can ignore it in his bid to embark on a worthwhile venture. There are costs that must be paid. You must pay a dues for what you want in life and you must pay it Upfront.
The general idea of any worthwhile achievement being easy does not exist in real life. A popular Nigerian Musician once put the following words into song “Nothing Good comes easy, Yes I know“. Therefore if a prospective business man knows this, it will go a long way to help them in their preparation to go into business.
Consider these FACTORS before going into Business
1. Your Motive or Reason for Going into business:
Some persons go into business for the wrong reasons which may be making quick money ; to become one’s own boss : To be recognized as Chief Executive Officer of an Organization: etc. But it should be noted that going into business is not a guarantee that money will come. Instead, you have to work hard for it before it will begin to come. If your motive is to be your own boss, remember that faithfulness as another’s employee is often a prerequisite for having your own business. If you are not Ready to take orders from people, who is ready to take orders from you? If you meet the required need, then you will be rewarded with profit.
2. Consider that being an employee in an organization has alot of benefit
The following are some of the benefits of being employed
- Your are assured of regular paycheck thereby eliminating the uncertainty that hangs over self employed persons. Atleast at the earlier part of your business.
- Your evening and weekends may be free to enjoy with your family and friends in leisure activities.
- Your work hour will be more or less regular with provision for overtime pay.
- You can expect regular pay increases as well as promotions at your work place.
- There may be a profit-sharing plan you can participate in.
- Since you are not the owner of the business, the ultimate responsibility of its survival rests on someone else.
- You may he entitled to a paid annual leave.
- Medical benefits may be provided.
3. The Necessity of a business calling
But nothing of the above should scare you of you have a business calling. According to McAfee, The following are some evidence of a business calling calling.
- You have an unshakeable inner sense that God has called you into business.
- You experience frustration when your ideas are ignored or if someone else takes credit of them.
- You have an inner dissatisfaction about your job and uneasy feeling that your future is in someone else’s hand.
- You have a dissatisfaction about being an employee
- Your are convinced you can be an effective servant of the Lord by doing business for yourself.
4. Potential Positive Return
Despite all the above checks, if you are willing to pay the price, The potential positive returns can be enormous. Of the 200 largest American companies back in 1990s, 197 could be traced back to entrepreneural founders. ( Purrington and Bettcher 2001). Most of them began their businesses in their car garage but they later metamorphosed into giant corporations.
Your income limit is directly related to what you do to earn it by providing products or services for climbing into the higher realms of income usually require some internal adjustments. You must believe the pathways is always open to you, and believe there are no barriers such as heredity, race, gender, or class restricions . You must have an unflappable “knowing” that success will be yours.
5. Stop Thinking Ordinarily
Many are content to stick with the status quo. But the path to wealth and achievement is not found with the status quo. The cutting away of the status quo has to begin in the mind and from the mind. And find expression in the attitude. For instance, You must stop thinking in ordinary ways. You are always moving on the direction of your dominant thoughts. You will ultimately become what you think about. Think Positively ; think creatively and think big. It’s the only way to break through your desire.
6. Negative results should be in mind
For you to succeed, you be prepared to accommodate the following
- You will have to forget about working the regular working hours.
- The ultimate responsibility of ensuring the survival and progress of your business rests squarely on your shoulders.
- You should be ready to do without a regular income especially at the initial stages of your business. You will have to make all the decisions and bear all consequences that will follow.
- You Will have to perform duties you may not like.
- You will have the responsibility of funding negative cash flow.
If the above guide, procedure, mentorship and steps is carefully considered before starting a business, be rest assured that success is inevitable.
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