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In this period of job cuts, downsizing and an insecure economy, many people are thinking of starting their own business. If you are thinking of getting out of the rat race, tired of working from a cubicle or would prefer being your own boss then maybe you should consider becoming an entrepreneur.

Many people today are thinking about becoming an entrepreneur and starting their own business. The way to become wealthy is through ownership not income. If you own a business then there is no limit to how much wealth you can accumulate. Employees on the other hand get the same year in year out with only minor increases if they are lucky.

Another reason some people look to become an entrepreneur is that they want to have personal freedom. Instead of having to take orders from a superior, have a yearly performance review, have a limited number of days off and work whatever hours a company decides an entrepreneur only has to answer to themselves. It allows you to set whatever work life balance is best for you. Increase your work hours to generate more income or reduce them to have more time to relax or do more non-work related activities.

Entrepreneurs need to be more accepting of risk than most people. Although the rewards are greater so are the risks.

Starting a business takes a lot of planning, effort, resources and time. Then it will take a long time to build a sufficient client base to provide any level of security. Many businesses never reach that stage and fail within the first few years. You need to be able to weather the ups and downs and be able to cope with not knowing how much income you will have from month to month.

How to succeed as an aspiring entrepreneur?

There is no magic bullet or shortcut that will make you successful. Here are some skills you will need to maximize your changes of being successful.

Networking

You will have to be prepared to network to begin with. For small companies referrals is still one of the main ways of getting new clients. I wrote about some networking events in Singapore you can attend. Learn who your customers are, what interests do they have? What events do they attend? What social media accounts do they regularly use?

Make sure your customers can find you online

It’s difficult to grow your business if the only way a potential customer can learn about you is through word of mouth. Make sure you have an online presence – at the very least a website with your name, address, phone and a contact form. Ideally you should consider blogging for your company to increase the amount of search traffic your website will get. I wrote an article on some of the reasons you should blog.

Oh, and don’t forget your website must be mobile friendly. Approximately half of all search traffic is now from mobile phones and that figure will only increase with time.

Hard Work

Being an entrepreneur is not a 9 till 5 job. You will spend a lot more time on running your own business than you would spend in an office as an employee. Evenings and weekends are likely to be filled with work as well.

Ensure you are well funded

New businesses do not have steady cash flow so you need to ensure you have other sources of income or at least plenty of money saved up before starting your business. Otherwise you will end up working on projects you don’t like or working for a low rate because the only other choice is to go bankrupt. Don’t put yourself in that situation, make sure you have carefully planned out how much you need to run your business until you can establish it as a going concern.

Keep learning

Never stop learning. To stay ahead of your competitors you need to keep learning new skills and techniques that will make you a better entrepreneur.

Final Thoughts

Although there are many risks involved with becoming an entrepreneur the upside can make it worth while. From having the freedom to decide when, where and who you work with to having the knowledge that your ability to grow your business and wealth is limited only by your potential and desire.


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