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Tuesday, July 22, 2008

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Fear NOT, Take the Plunge!

Being your own boss can be exciting and challenging, but you also have to be prepared for some sacrifices and a lot of changes

Your job may be interesting, but you may occassionally wonder whether you should look at alternatives.
Perhaps you would like to join another company or become an entrepreneur and do something on your own.
You may have thought about it before, but something always held you back.
Having spent over a decade working for large companies, you probably hesitated at the thought of getting out of your comfort zone.
Running your own business is like sailing into uncharted waters. In the end, you shelved the idea because the security of a job outweighed the risks of entrepreneurship.

Making the transition from a traditional job to working from home or starting your own business can be scary. Not all of us can become entrepreneurs.
Deciding to make the transition from being an employee to becoming your own boss can be one of the toughest things you will face.
A million questions will keep popping into your mind. What should I do? How will I start? Where will I raise the capital? What if things don't work? What will be the impact on my family? Is this the right time?
When you are self-employed, you have nobody to handle all the office tasks that someone in some department used to handle - bill payments, stock counts, maintenance, software installation, advertising, and so on.
These tasks are now your responsibility. You have to be a multitasker.
Suddenly, you are the receptionist, book-keeper, store manager, marketing executive and cleaner. And most importantly, you're the salesman - you have to get customers!

As an employee, you take instructions on tasks and assignments, but as an entrepreneur you have to be a self-starter. You have to motivate yourself to get things done.
The fear of unknown and the fear of failure are two phobias that grip many people when they think of a career change from employee to entrepreneur.
Change is often frightening and uncomfortable. Most people prefer to maintain status quo until events and circumstances force them to change tracks.
An entrepreneur's life is not easy. As in life, nothing you do can completely prepare you for the daunting task of being the owner and president of your own company.
While there may be support, you are ultimately on your own. Your money, time and energy are on the line.
The decision to be or not be an entrepreneur is an intensely personal one. It is one that needs to be discussed and debated with family and friends. It depends on each person's appetite for risk.
There is never a right or wrong answer, just as there is never a right or wrong time. The fundamental decision has to come from within.
Once you have decided to leave the world of employment and move to the world of entrepreneurship, you must let go of the former completely.
If you know that there is always the option of going back to the safety and security of the other world, it will be much harder making the entrepreneurial option work.
In a sense, as you close one door, other doors will open. But you have to close the door first. You have to fight knowing that there is no going back.

A start-up is exciting because the pace is so quick. For example, in the technology industry, products and players change rapidly, so quick decision-making, quick assessment, prompt resolution and immediate follow-through on ideas are essential.
You must understand the market, the competition, and, above all, define and reinforce your unique selling proposition.
A clear statement of purpose provides you with focus as you develop your business plan. Going back to it frequently will keep you from veering off course.
When you talk with clients, bankers, investors, and vendors, it will enable them to easily grasp what your aims and goals are.

No matter which option you choose, you will most likely be making a sacrifice of some sort - and taking a chance. Plan smart, believe in yourself, and resolve to do whatever it takes to make your dreams come true.

The Straits Times, CATS Recruit - Mon, Sept 24, 2007
by David Wee,]

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Harold Hill on July 30, 2008 at 2:41:00 AM GMT+8 said...

Great article. Thanks for posting that. I want to become an entrepreneur and start off with buying a small business. I know it will be tough, but I'm sure it'll be very rewarding. I'm looking forward to it. I've been reading up on everything, but I haven't been able to find any potential businesses. Any suggestions where to go? Thanks.

Patricia Lowell on July 31, 2008 at 2:11:00 AM GMT+8 said...

@Harold – Yeah, it’s going to be tough. I suggest networking with local small business owners. They can be valuable resources.

I also highly recommend It's an online global marketplace where you can buy, sell, and invest in a small business. There are a lot of great services made available to you, as well as a great selection of businesses to choose from. Check it out and good luck!

wandy on August 3, 2008 at 11:55:00 PM GMT+8 said...

Yep, you can start business with small risk by going to online business like internet marketing, etc. or any other business as long as you enjoy doing it and are ready for the worst to take its total risk. Try my recommended links/books on the right of the page to guide you.

Harold Hill on August 4, 2008 at 11:20:00 PM GMT+8 said...

Thanks for the help, guys. I really appreciate it. I checked out, and that was really helpful. I was able to find a business I like, and I'm going to inquire on it soon. It's a really good place to find a small business on the Internet.

I also plan on checking out some of the books on the right side of the page.

Thanks again

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