2 Entrepreneurship : Do You Have What It Takes Part II

and have a firm grasp on what things
cost and their value to the business.
This allows them to recognize a true
bargain when they see one.

=> Started earning at a young age -
entrepreneurs commonly displayed
entrepreneurial leanings as a teenager
seeking out entrepreneurial activities
such as babysitting, lawnmowing and

lemonade stands.

=> Competitive - entrepreneurs are
naturally competitive and don't let the
grass grow under their feet.

=> Time conscious - entrepreneurs
know the value of time and how to
make the best use of it. You won't
find entrepreneurs spending much time
on nonproductive activities. That said,

entrepreneurs typically also recognize
the value of downtime and time with
family and will factor these activities
into their schedule.

=> Risk takers - entrepreneurs are
not afraid of taking calculated risks.
They typically trust their hunches and
act on them.

=> Usually loners - entrepreneurs
generally prefer a solitary work

environment as opposed to
teamwork.

=> Professional - entrepreneurs are
professional in their approach to
work. They operate as they would in
a corporate environment and don't
allow themselves to be distracted by
outside influences.

=> High energy - entrepreneurs have
a plan and a vision and they work it.
Entrepreneurs are often health-
conscious too, recognizing that the
fitter they are, the better their minds
work. So entrepreneurs will take time
from their schedule to work out and
eat well.

=> Flexible - entrepreneurs are
nothing if not responsive to change.
Although they appreciate the
importance of having a plan and
working that plan, they allow
themselves room to react and respond
to opportunities that may suddenly
reveal themselves.

=> Nurture entrepreneurial spirit -
entrepreneurs seek out and nurture

the entrepreneurial spirit in their
employees and reward them

accordingly.

=> Confident goal-setters -
entrepreneurs are confident and set

long-term goals, both for themselves
personally and their businesses. They

view money and financial security as a
measure of accomplishment and a source
of peace of mind.

=> Persistent - entrepreneurs never give
up. They persist until they succeed.

=> Learn from failure - entrepreneurs
learn from their failures and those of
others. Failure to an entrepreneur is
nothing more than an opportunity waiting
to be discovered.

=> Self responsibility - entrepreneurs
take the initiative and personal
responsibility for their success or failure
(which is always a merely temporary
state).

=> Resource utilization - entrepreneurs
utilize ALL of their available resources.

=> Internal locus of control -
entrepreneurs don't believe in luck. They
firmly believe that success and failure lies
within their personal control or influence.

THE FUTURE OF
ENTREPRENEURSHIP

As we all know, increasing numbers of
people are electing to work from home
either through telecommuting or running
home businesses. While this trend has
commonly been attributed to the growth
in the number of working women wanting
to be home for their children, over half of
all people now working from home are
men.

A recent Purdue University study
concluded a number of factors seem

to favor continued high rates of new firm
formation:

1. Continuing high rates of change
(change creates opportunities for

new firms).

2. Continued growth of the service sector
(the highest growth area for

new firm formation).

3. Increasing number of virtual
corporations in which firms outsource
their functions, creating opportunities for
entrepreneurs.

4. Positive climate for small business - a
general perception that small

business is a positive influence on the
economic wellbeing of the

country giving entrepreneurs legitimacy
and respect.

5. Growth in international business
opportunities.

With the traditional corporate-
employment track seemingly on the

decline, the trend of forming
strategic alliances with other
businesses that are closely aligned
with yours or with someone who
can add value to your product is
emerging. In fact, futurists envision
a return to extended community
living with shared resources but
individual living and working
relationships with entrepreneurial
activities being the basis of these
communities. Strategic alliances are
a first step along this path.

So, if you have determined
entrepreneurship is for you, you can
be confident that you are part of the
wave of the future. But understand

what it will demand of you and
whether you are prepared to give
what it will take. The allure of
entrepreneurship is undeniably
strong for many but make sure
you're going into it for the right
reasons.

Being miserable in your job does
not automatically make starting your
own business the best idea in the
world. In fact, it could be the worst
reason of all to get into business for
yourself. The right choice may
instead be to find another job that
you won't be miserable in. But if,
taking into account everything that's
been said above, you're adamant
that you have what it takes, by all
means take the bull by the horns and
create something absolutely
fabulous.

_________________________

Elena Fawkner is editor of A
Home-Based Business Online ...
practical ideas, resources and
strategies for your home-based or
online business.
http://www.ahbbo.com