There is no easy money on the internet. In
the 1990’s potential entrepreneurs neglected the very
basic rules for starting a new business and sped ahead to set
up new online ventures without doing their homework. The consequences
were there for everybody to witness.
This article will help you determine if you have what it takes
to be a successful entrepreneur and give you some tips along
the way.
1. Do you really have what it takes to be an entrepreneur?
Not everyone is fit to run a business. If you are unhappy with
your current job, then you are better off looking for another
one. You must honestly and thoroughly assess your strengths
and weaknesses.
2. Starting and running a new business is not for the faint
hearted. If you are too feeble to walk again when you have
fallen, then you probably already know your fate. Being able
to recover quickly from misfortunes and unpleasant surprises
while learning from any mistakes will increase your chances
of success. You must be determined and relentless in your quest
to succeed.
3. Cut down on luxuries, holidays and nonessentials for a while.
New businesses have numerous expenses that may come as a surprise
to you, freeing up much needed financial resources will increase
your chances of survival.
4. You need to have substantial savings to pay your bills for
three full years because most new businesses take that much
time to break even, and that is if they manage to stay afloat
that long. You may not see any profit during that period.
5. Before hiring people to work for your business, you had
better be prepared to do the donkey work, like answering phone
calls, going to the post office, updating company records and
etc... This will not only reduce your expenses but give you
a better understanding of your business. If your computer system
crashes and you lack the technical expertise to rectify it
or a similar problem arises, then you need the services of
a local and reliable expert who will only be a phone call away.
6. You must be a good salesman to succeed as an entrepreneur;
you are in BIG trouble if you are not. Some businesses fail
because the owners have come from a corporate structure were
sales was someone else’s job.
7. The ability to create and manage a network of contacts and
connections with vendors, suppliers, potential customers and
financial backers is essential.
8. Even if starting a business is your own decision, you have
to discuss the idea in detail with your spouse or family. Opposition
from your life partner or children can strain your business
severely. They may not like the idea of coming home late as
a result of long working hours or could have other reasons
to hate your new venture.
9. It is wise to hire an experienced accountant to handle special
and complicated tax issues for small businesses. Trying to
figure it out on your own could lead to costly mistakes. Get
references of good accountants and let them guide you through
everything from depreciation to writing off bad debts.
10. Don’t expect quick riches even if you have the most
brilliant business plan. It takes many years of hard work and
patience to achieve success. Maybe it is better to first secure
survival of your business then go for success.
11. To succeed in online retailing you need to subscribe to
a reputable directory that lists genuine factory authorized
suppliers who may also be drop shippers.
12. Get the right credit card processor so that you are able
to accept online payments. If you live outside the USA, you
may need a processor that will remit funds to a foreign bank
account. There are a handful of such companies if not only
one, and that is the only one that I found after an extensive
search, it is reliable, well established and reputable worldwide.
13. Choose the right company to host your website and online
storefront. There are companies such as Vstore.ca that provide
you with the tools to setup, customize, run and maintain a
professional online store effortlessly, without cost and in
minutes. Some also have a promoters forum were you can learn
the best online marketing tricks and get an advantage over
most online marketers.
Article
Source: http://www.articlecube.com
About the Author. Kristie Tamsevicius, is the author of "I
Love My Life: A Mom's Guide to Working from Home"! Thousands
of aspiring entrepreneurs have used her step-by-step home
business system to earn money working from home.
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